Dedicated to Deposits: Deals, Data, and Discussion

4.30% 15-Month / 4.15% 9-Month CD at Flushing Savings Bank in New York

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Flushing Bank
Flushing Savings Bank has two CD specials with competitive rates: 4.30% APY 15-month and 4.15% APY 9-month. Minimum deposit is $5,000 with new money, and a new checking account is required. No checking account is required for IRA. These special CD rates are listed on the website as of 11/26/08.

This is a very similar special to what their internet division, iGObanking.com, is offering (see post). At iGObanking, the rates are the same, but no checking account is required and the minimum is only $1,000. If you're in New York and prefer opening accounts at a branch, these Flushing Savings Bank CD specials may be a better option.

Flushing Savings Bank also has a good deal on its BestRate checking account with a yield of 3.30% APY on balances of at least $5,000. Note, the 3-month rate guarantee apears to have ended in June based on the small print. There's also a special money market account with a 3.50% APY for balances of at least $5,000. iGObanking has a better deal on its iGOchecking with a 3.80% APY for all balances (see post).

For those looking for a strong bank, Flushing Savings seems to be in better shape than most. The parent company's stock price is still over $10 a share, and they have continued to report profits. It also has solid financial ratings for soundness: 4 stars (excellent) at BauerFinancial and 4 stars (sound) at Bankrate.com. Both ratings are based on 6/30/08 data.

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

Related Pages: New York, Flushing Bank, CD rates, IRA rates

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Comments
7 Comments.
Comment #1 by Anonymous posted on
Anonymous
Flushing Savings Bank is my new bank right now for all new money. I love this bank and its rates. This bank is a shining star in banking while other players are having troubles.

iGOBanking and Flushing Savings is excellent if you have a LOCAL BRANCH on the website.

Notice: If you deposit funds on a Monday for initial deposit you will get it 7 days later in the evening on iGOBanking Checking.

Deposit on 11/17/08, and full funds will be available in the evening on 11/25/08 with 1st $400 in the morning.

You must email to request a Debit Card.

Telephone banking is available for iGOBanking for checking transaction info and the like yet they will claim such service does not exist.

PIN # is set to the last four digits of your social security # and you will be asked to reconfirm the new PIN # you selected when you log into online banking.

Notice: ACH Service is VASTLY limited from usage with the bank's service. However there is no fee to use another bank's ACH service.

Can someone tell me if one can ACH full funds without transfer limit if the other bank ACH system allows for it? I am assuming this is the case, in which case one should just use the new bank's ACH system to push funds to.

However because of the local bank I use for local deposits, the ACH service is 3 day for unlimited transfers, so this bank is penalizing itself since they only have a 2,000 a month incoming 1 day limit so this will limit new money coming into the bank due to lost interest due to ACH delays. Maybe they will decide to up the limits in the future possibly.

1
Comment #2 by Anonymous posted on
Anonymous
To clarify: There are the same fund hold times for all money with this bank but interest accrue's from date of deposit.

Still a great bank even with these limitations. However if one places in new money after you pay a bill, I have a feeling that all the replaced money will not be at 3.80% for all new deposits since they use a figure of inflows vs outflows. So I will not be using this as a checking account at first since the 3.80% funds are too attractive for savings so this essentially encourages savings and not spending and then we will see what happens to the rate thereafter. For this account to be used as a checking account, the new money promo would have to expire and a fixed rate which was very high and higher than other comparable savings accounts would have to continue.

3.80% is a very high rate tier and so to keep it, I will use all the money at 3.80% and use another account to pay bill as long as the new money promo lasts.

No problems with this bank whatsoever however and policies are straightforward and fully disclosed so far. So far so good with them.

1
Comment #3 by Anonymous posted on
Anonymous
CD's are term deposits and dont have any iGOBanking type hold or ACH limitations on them.

Flushing Savings Bank is the bank with the highest deposit rates in town trying to drum up business right now.

1
Comment #4 by Anonymous posted on
Anonymous
I have many online accounts and IGO was the worst. They seemed to reset passwords for no ryme or reason. For an online account, it was way too much hassle. It seemed I was on the phone once a month trying to get access to my account.

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Comment #5 by Anonymous posted on
Anonymous
I have had access for weeks now and have no password reset issues.

A new CIO came to Flushing Financial right after I signed up who is extremely qualified. Yes I locked myself out, but it was my fault because I didnt enter in the verification password and didn't want to at the time I entered in the PIN. The platform is a stock Digital Insight platform from Intuit and this is the normal procedure for what should happen. I am well aware of how the systems work. It uses Intuit's Digital Insight platform and Intuit is a very credible player and very secure as well.

To boot, FFIC just filed a new 170 mil shelf registration. I am very happy with this bank from all sides.

1
Comment #6 by Anonymous posted on
Anonymous
"They seemed to reset passwords for no ryme or reason."

Not possible and they will not do this. System is very secure to boot. You can get locked out if you don't utilize the system correctly.

1
Comment #7 by Anonymous posted on
Anonymous
Update: Got my interest for the full 11 days that they had my money. They said deposit date and kept their word.

Very happy with Flushing Savings Bank. In fact, I plan on doing alot more business with this bank. This is the type of service I expect and they delivered.

Countrywide is losing my deposits now and funds are being migrated to Igobanking/Flushing.

Global banking I use HSBC
Local banking I use Flushing/iGOBanking

Best of breed combination. Kudos to this bank for doing everything right.

The problem is the ACH system is vastly limited and hopefully they increase limits in the future. If not, one needs a local bank with a top outgoing ach service with next day transfers to minimize interest loss. HSBC is 3 days with unlimited transfers on ACH. This bank has limited 1 day transfers and limited next day transfers.

Very pleased with Flushing and am staying with this bank. Very safe, secure and good interest to boot.

1