Dedicated to Deposits: Deals, Data, and Discussion

4.15% 12-Month CD at Park Avenue Bank in New York City

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Park Avenue Bank has come out with another attractive CD special. This new CD has a 12-month term with an APY of 4.15%. Minimum deposit is $25,000.

As is typical, this special isn't listed at the bank's website. A reader commented on this new deal, and I just called for additional details. According to the CSR, it just started yesterday (12/10/08). So it may last for awhile, but there's no guarantee. It does NOT require a checking account, and it's available at all of their branches.

A branch visit is required to open an account. Branches are located in Brooklyn and Manhattan.

Park Avenue Bank's rating for financial soundness at BauerFinancial has gone down. The new rating is 1 star (troubled) which is based on 9/30/08 data. It had been 2 stars when it was based on 6/30/08 data. The bank also has a 1 star rating (lowest) at Bankrate.com based on 6/30/08 data. The bank has been FDIC insured since 1987 (FDIC Certificate # 27096).

Thanks to the reader mrthnman who mentioned this special in the Finding the Best Deals post.

My last post on this bank was in October when it was offering a 5.20% 18-month CD. As you can see, the rate environment has worsened considerably for savers. A 4.15% APY is now close to the top 12-month yield for banks.
  Tags: New York, CD rates

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