Dedicated to Deposits: Deals, Data, and Discussion

4.75% 3-Month CD at a New York Bank - $100K Min (Park Avenue)

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Park Avenue Bank has a special 4.75% APY 3-month CD. There's a high minimum deposit of $100,000. It doesn't seem to be listed at the bank's website. A reader commented on this, and I just called for more details. According to the CSR the special just started this week. It could end at any time, but she expected it to last for a couple of more weeks.

According to the CSR, a branch visit is required to open an account. Branches are located in Brooklyn and Manhattan.

The bank has been FDIC insured since 1987 (FDIC Certificate # 27096). It has a 2 star rating (problematic) at BauerFinancial based on 3/31/08 data.

Thanks to the reader mrthnman who commented on this CD special in the Finding the Best Deals Post.

  Tags: New York, CD rates

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Comments
9 Comments.
Comment #1 by Sree (anonymous) posted on
Sree
Glad to see the rates are moving up

1
Comment #2 by Anonymous posted on
Anonymous
Dang, $100K minimum? At a problematic bank? Who'd want to take that kind of risk? How big is the "I don't care about the FDIC" demographic that they're apparently going after?

1
Comment #3 by Anonymous posted on
Anonymous
A husband and wife could open up a joint account and have $200k in FDIC insurance on it (provided that neither spouse had any other joint accounts at the same bank).

Or they could use qualified beneficiaries to get more than $100k insurance.

1
Comment #4 by Banking Guy (anonymous) posted on
Banking Guy
I should have linked to my post on extending FDIC insurance past $100K.

I didn't ask about the POD accounts, but you should at the very least be able to open a joint account which would qualify for $200K of FDIC insurance (assuming what the previous commenter noted).

It would definitely be better if the bank had a smaller minimum requirement.

1
Comment #5 by Anonymous posted on
Anonymous
100k min and all interest will be lost when Park Avenue bank fails so someone can tap a VERY SHORT TERM TEASER RATE?

This offering sucks balls.

Wachovia has the best offerings now. Free Checking and high rate accounts. Way2Save is good for the 1st year as well.

1
Comment #6 by Anonymous posted on
Anonymous
I'm a former Park Avenue Bank customer. I had a regular checking account and two six month term CD's. My experience w/ this bank was mixed. They made some clerical errors w/ me. In addition, they had a poor internet online banking system. I closed my accounts because they weren't too reliable. However, I was treated with courtesy and professionalism. This bank has nice people working there. And they did correct the errors they made when I brought it to their attention.
I would't keep a large sum of money in this bank.

1
Comment #7 by bksavings (anonymous) posted on
bksavings
They are offering this 4.75% 3 month Jumbo CD again. I just opened one up, took about 10 minuted at the Manhattan branch. They also are offering a 4.25% 7m Jumbo and a 4.08% MM account, guaranteed for 90 days for $50,000+

1
Comment #8 by Anonymous posted on
Anonymous
excellent bank!!!!!!!!!!!!

good service..

1
Comment #9 by Bill (anonymous) posted on
Bill
4.75% jumbo rate has ended

1