Dedicated to Deposits: Deals, Data, and Discussion

5.20% 18-Month CD at Park Avenue Bank in New York

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Update 10/30/08: A reader has reported that these special CD rates have dropped to below 4%.

Update 10/11/08: A reader has reported that the 6-month CD yield is now the same as the 12-month CD yield, 5.10% APY.

Park Avenue Bank has come out with another attractive CD special. This new CD has an 18-month term with a yield of 5.20% APY. The minimum deposit is $25,000. The older specials that I reported on last Thursday are still available. These include a 5.10% APY 12-month CD and a 4.80% APY 6-month CD. These also have a $25,000 minimum.

As is typical, this special isn't listed at the bank's website. Readers notified me of this new deal, and I just called to confirm that it's still available. With the Fed slashing rates yesterday, it's hard to know how long these deals will last.

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

Park Avenue Bank has a 2 star rating (problematic) at BauerFinancial based on 6/30/08 data. As I recommend with any bank, it's best to keep below the FDIC limits. The bank has been FDIC insured since 1987 (FDIC Certificate # 27096).

Thanks to the readers who notified me of this new special CD.

  Tags: New York, CD rates

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Comments
9 Comments.
Comment #1 by Anonymous posted on
Anonymous
Thanks for the post, scored two. Hope the bank last 18 months.

BTW, with 75K+, they give you a free GPS, worth about 100.

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Comment #2 by Anonymous posted on
Anonymous
For the GPS, you will get at 1099 from the bank.

1
Comment #3 by Anonymous posted on
Anonymous
I got a clock.

1
Comment #4 by Anonymous posted on
Anonymous
Which branch offers the GPS? I called the Bay Ridge Branch, they don't offer anything.

1
Comment #5 by Anonymous posted on
Anonymous
Asked in Park Avenue office in Manhattan if there is a special on new Money Market account (like the 4.00/4.08% for 3 months that was offreed in the summer). They said bring 50K new money and get special 4.02/4.10 rate BUT not guaranted for any length of time. ( regular rate 3.30%)

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Comment #6 by Anonymous posted on
Anonymous
I put in $75K today at the Manhattan branch for 18 months but did not get the GPS as the guy said it is only for 12 months CD. But with extra yield for 18 months and interest rate going lower still I figure it is no loss at all.

1
Comment #7 by Anonymous posted on
Anonymous
I opened a 6 Mo CD at 5.10% yesterday. The staff was quite courteous and they opened the account quickly. Looks like a good deal..assuming they stay in business.

1
Comment #8 by Anonymous posted on
Anonymous
I just opened 2 CDs last Thursday and was offered 5.10% on terms of 6, 7, 9, 12 and 13 months.

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Comment #9 by Anonymous posted on
Anonymous
just called - rates a lot lower now.
cdrates - 13months - 3.8 yeild 1year 3.75

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