Update 6/07/08: The CD rates have increased from 3.65% to 3.75% APY for all 3 terms. The title has been modified to reflect this change.
East River Bank has a special certificate of deposit with a yield of 3.65% APY. It's available with terms of 10, 14 and 20 months. The minimum deposit is $2,000. The bank offers a 3% savings account for those over 50. It's their Celebration Club Savings account. The minimum balance to earn the 3% is $500.
The bank has two offices located in Philadelphia, PA. It's a new bank that was just established in 2006 (FDIC Certificate # 58171).
Other Certificate of Deposit Deals
For other high CD rates with terms around nine months, please refer to my latest rate summary. The ones in this list have nationwide availability. Only two have yields higher than 3.65%: 3.75% APY CD at E-LOAN (down from 3.80% on Saturday) and 3.70% APY CD at Imperial Capital Bank.