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.