Update 2/24/08: This CD special has ended. Please check with the bank for the latest rates.
Valley National Bank is offering a 5.25% APY 7-month certificate of deposit. The minimum deposit is $500. A checking account is required. Without checking the yield is 4.75% APY. The money must be new to the bank.
This special is only available at the bank's new branch at 63rd Drive, Rego Park, in Queens, New York (718-332-2318). I called yesterday afternoon, and the banking rep said this special was still available. He didn't know how much longer it would last. A branch visit is required. The special doesn't seem to be listed at the bank's website. I saw it mentioned yesterday at FW.
This bank often has new branch CD specials. The last one I reported on was in September 2007 when they were offering a 5.75% 5-month CD at a New Jersey branch. The bank seems to be opening new branches every few months.
Valley National Bank is FDIC insured (FDIC Certificate # 9396).
Credit for this find goes to FW member OBender who mentioned this CD special in the FW CD thread.