4.05% 9-Month / 4.05% 12-Month CD at a NJ/NY Bank (Valley National)

Valley National Bank is offering a 4.05% APY for terms of 9 and 12 months. The minimum deposit is $500. Please refer to the bank's rate table for more details. The 12-month CD is also available in an IRA.

It appears a branch visit may be required to open an account. Branches are located throughout northern and central New Jersey, Manhattan, Brooklyn and Queens.

The bank seems to be healthy based on its financial ratings: 4 stars (excellent) at BauerFinancial and 4 stars (sound) at Bankrate.com. Both are based on 3/31/08 data. The bank's health also seems to be supported by its holding company's second quarter profits (see article).

The bank has been FDIC insured since 1934 (FDIC Certificae # 9396).

Thanks to the reader who mentioned these CDs in the finding the best deals post.

Tags: New York, Valley National Bank, CD rates, New Jersey, IRA rates