Dedicated to Deposits: Deals, Data, and Discussion

3.50% 15-Month CD at Amalgamated Bank in NY, NJ, DC & CA

POSTED ON BY

Amalgamated Bank
Update 2/26/09: The special 15-month CD rate has fallen to 2.90% APY.

Amalgamated Bank is offering a 3.50% APY 15-month CD. Minimum deposit is $500, and a new checking account is required. This special is listed at the bank's front page as of 2/15/09.

The bank has an online application, but I'm not sure if this special can be opened online. In past CD promotions they allowed you to open special CDs through their online application. Update: 2/21/09: A reader reported being told by the bank that this special CD had to be opened at a branch. It's a good idea to call the branch to verify rate and availability before visiting the branch.

Branches are located in New York, New Jersey, Washington DC and in Pasadena, California.

The bank's ratings for soundness and safety are a little weak: 2 stars (below peer group) at Bankrate.com and 3.5 stars (good) at BauerFinancial. Both ratings are based on 9/30/08 data. The bank has been FDIC insured since 1934 (FDIC Certificate # 622).

Thanks to the reader who mentioned this CD in the comments
  Tags: New York, California, Amalgamated Bank, CD rates, New Jersey

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Comments
3 comments.
Comment #1 by Bill (anonymous) posted on
Bill
Anyone try their online application for the 3.5% 15 month CD? The online application says nothing about CD rates. When calling for help calls go to voicemail that does not work. I want to be sure I lock in the rate before proceeding.

1
Comment #2 by Shane (anonymous) posted on
Shane
I just opened this acct today at 3.5% for 15 mo. It does require you to open a checking acct with a $1 min deposit. You then need to make no less than 2 transactions on your checking acct in the 15 mo period to avoid your checking acct being closed. So I deposited $5 and will withdraw $2 2x during the year. Rep said this is fine. Max deposit is $99,000.

1
Comment #3 by Anonymous posted on
Anonymous
I just opened a 3.5% 15 mo. CD at a branch on 2/25/09. The bank told me that this is the last day for this rate. It will drop to 2.9% on 2/26/09

1