4.65% 7-Month CD at a New York City Bank - and $150 Checking Bonus (Valley National Bank).

Update 3/24/08: The CD special has ended.

Valley National Bank is offering a 4.65% APY 7-month certificate of deposit. The minimum deposit is $500, and the maximum is $100K. A checking account is required. This special is only available at the bank's new branch in New York City (159 8th Avenue NY, NY 10011, phone 212-741-4690). It's not listed at the bank's website. A reader sent me an email on this, and I just called for additional info. The CSR did not know how long this would last.

In addition to the special CD, this branch is offering a $150 bonus on its Valley Perfect Checking Account. This requires direct deposit, debit card and online banking services. Required transactions must be completed within the first 60 days of account opening to qualify for the bonuses. Parts of the $150 are awarded after four separate requirements are met: $50 after 5 checking account transactions, $50 after first direct deposit, $25 after 5 debit card transactions, and $25 after 3 online merchant bill payments. Note, the reader mentioned that the bank charges a $1 service fee for each debit transaction (if you choose debit rather than credit during a purchase).

Every month there seems to be another new-branch special at Valley National. Last month I reported on this same special for a branch in New Jersey.

Valley National Bank is a member FDIC (FDIC Certificate # 9396).

Thanks to the reader who emailed me info on this special.

Tags: New York, Valley National Bank, CD rates, checking account