Dedicated to Deposits: Deals, Data, and Discussion

4.71% 12-Month CD at a New York City Bank (Savoy).

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Update 3/18/08: The special CD rate has expired. Please check with the bank for the latest rates.

Savoy Bank is offering a special 4.71% APY 12-month CD. The minimum deposit is $2,000. It doesn't seem to be listed at the bank's website. I called today, and I confirmed that it is available, but the CSR didn't know how long it would last. A branch visit is required.

The bank was just established this January. The office is located on 1675 Broadway at 52nd Street, New York, NY 10019 (646-775-4000). The bank is a member FDIC (Certificate # 58641).

Credit for this find goes to FW member FirstThird who posted it at this FW thread.

  Tags: New York, Savoy Bank, CD rates

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Comments
7 Comments.
Comment #1 by Anonymous posted on
Anonymous
Rates look really attractive. They have a high money market rate as well as high CD rates for lower terms as well as a high interest checking account and will refund ATM fees.

How do I fund a CD from an online billpayment only account? Just send a billpayment to myself then when I get it bring it to the bank?

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Comment #2 by Banking Guy (anonymous) posted on
Banking Guy
I believe when you send an online bill payment to an individual, they just basically send a check. So sending a billpayment to yourself would be like writing a check to yourself which should be able to be used for buying a CD. The only problem is waiting for it in the mail.

1
Comment #3 by Anonymous posted on
Anonymous
My billpayment service requires an account number for payees.

I wish I could go to the branch, open the account and fund the new account via billpayment or ACH transfer.

The bank appears to be a Greek American Bank.

http://www.estiator.com/Current_Issue/savoy/sovoy.html

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Comment #4 by Anonymous posted on
Anonymous
Hi Bank Guy,

I went to the branch and it looks great. One good thing about being new they said, they don't own any mortgage collateral. They said the rate should be good for awhile.

One thing they mention is this that can insure up to CD up to $50 million (http://www.cdars.com). I was wondering if anyone has experience with this. It seem to be good way to extend the 100k limit per person.

Thanks, great site.

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Comment #5 by Banking Guy (anonymous) posted on
Banking Guy
Thanks for the info. Glad to read they intend to keep the high rate for awhile.

The main catch with CDARS is that the rates are not the best. Some examples of current rates are available at GCF Bank. If you find other CDARS rates, please let me know.

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Comment #6 by Anonymous posted on
Anonymous
Was going to go to the bank to open such but the deal is now dead.

Savoy Bank, New York, March 18, 2008
Savoy Bank is now offering highly competitive and above market- rates on interest bearing accounts. Our current yields for Personal and Business Money Market Accounts are 4.08%; our Personal and Business Interest Checking yields 1.51%; the 6 and 9 Month Certificate of Deposit yields 3.56% and our 1 year Certificate of Deposit yield is 3.67%.


As of 3/18/2008, the deal has expired and the new rate tiers are in effect.

1
Comment #7 by Anonymous posted on
Anonymous
Banks are all entities designed to maximize returns for the few bankers while the mass whole gets ****ed.

Initial promo rates to get money into the bank and spread word of mouth can be high at times. Turns out when Savoy said awhile it was 4 days.

Would not recommend Savoy with the existing rate tiers in effect now. If you got in on the promo rate, then its all fine.

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