Dedicated to Deposits: Deals, Data, and Discussion

4.75% 3-Month / 4.25% 7-Month CD at a New York Bank - $100K Min (Park Avenue).

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Update 8/27/08: A reader reported being told by the bank today that the 3-month 4.75% CD special has ended.

Park Avenue Bank is again offering a Jumbo 3-month CD with a yield of 4.75% APY. They also have a new 4.25% APY 7-month Jumbo CD and a money market account promo with a 4.08% APY guaranteed for 90 days. The Jumbo CDs have a minimum deposit requirement of $100,000. The money market requires $50,000 to qualify for the 4.08% APY. After the first 90 days, the yield returns to the standard tiered rates which are currently around 3% APY according to the CSR.

A reader mentioned these specials in the comments of my previous post on this bank. I just called for additional details. The CSR didn't know how much longer these would last. The 4.75% CD and the MMA special have been going on for around a month, but the 4.25% CD just started this week.

The CSR said that they do allow POD beneficiaries. She appeared to be aware of the FDIC requirements that allow you to be insured above $100K (see post) so you should be able to be fully insured with these Jumbo CDs even without a Joint account.

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 bksavings who mentioned this new special in the comments.
  Tags: New York, money market accounts, CD rates

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Comments
5 comments.
Comment #1 by Anonymous posted on
Anonymous
please post if anyone finds this can be opened online or on phone; thx

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Comment #2 by Ann (anonymous) posted on
Ann
I was able to use this site to ask IndyMac to match New York Bank's 4.75% 3 month CD. I just called 800-435-9792 and the representative set up my account for me after verifying the deal. He's calling me back in a few hours so I can let him know how much to fund.

I'm new and not sure where to post this question. I'm trying to keep under FDIC insured amount and IndyMac tells me I will be fully covered for:
Joint CD (myself and husband) 200K (but they can only do 100K ACH)
My CD 100K
Husband's CD 100K
Child's custodial account (w/me being the custodian) 100K
for a total of 500K coverage. Is this correct? They were not certain about the custodial account coverage. Also, I don't want to file taxes for my child so I want to keep the interest earned under the federal tax amount. Does anyone know how much he can earn without having to file - he's only two. :)

1
Comment #3 by Anonymous posted on
Anonymous
Called in the morning, got their call center in India, friendly and professional CSR took down info, spoke to supervisor who told him he could match the rates if it was on Bankrate.com. CSR was extremely apologetic and professional. Called again in the afternoon, got a CSR in the US. He called Park City Bank verified the rate and matched it. He insisted that on offerring the same terms, i.e., the CD be for an amount of $100K or more. I don't beleive they have the ability to phone the US from their India call center to verify rates.

1
Comment #4 by Ann (anonymous) posted on
Ann
I was able to open CDs for under 100K with IndyMac for the same 4.75% 3 month CD. It could be because I set up multiple CDs totalling over 100K.

1
Comment #5 by Anonymous posted on
Anonymous
Hello Ann:

Got home and called IndyMac again to make sure they had opened my 3 month CD at 4.75 APY. Got their India call center again. Lady CSR looked up by the account number US CSR had given me and told me the APY was 3.35. When I expressed suprise, she paused for a while and then told that in the notes there was an indication that the CD was to be opened with a 'negotiated' rate of 4.75 APY. Since the CD does not show on the web site, I will need to make sure they get set up at the 4.75 APY when they get set up. I plan to send my check in tomorrow's mail.

Anonymous 4:06 pm aug 11, 2008

1