4.75% 3-Month CD at a New York Bank - $100K Min (Park Avenue)
Jun 25, 2008 - 3:55 PM by Ken Tumin
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.
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.
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Sree (anonymous) - #1, Wednesday, June 25, 2008 - 5:36 PM
Glad to see the rates are moving up
Anonymous - #2, Wednesday, June 25, 2008 - 6:31 PM
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?
Anonymous - #3, Wednesday, June 25, 2008 - 6:59 PM
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.
Banking Guy (anonymous) - #4, Wednesday, June 25, 2008 - 7:05 PM
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.
Anonymous - #5, Thursday, June 26, 2008 - 1:02 PM
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.
Anonymous - #6, Saturday, June 28, 2008 - 2:50 PM
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.
bksavings (anonymous) - #7, Thursday, August 7, 2008 - 2:09 PM
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+
Anonymous - #8, Friday, August 8, 2008 - 11:37 AM
excellent bank!!!!!!!!!!!!
good service..
Bill (anonymous) - #9, Wednesday, August 13, 2008 - 3:17 PM
4.75% jumbo rate has ended
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