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3.05% 18-Month CD at NorthEast Community Bank in NY - Nationally Available

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Update 4/12/09: The CD rates have fallen, but they remain competitive. Please check the bank's website for the latest rates.

NorthEast Community Bank is offering several competitive rates on its CDs. The most competitive include a 2.79% APY CD with terms of 12 and 13 months and a 3.05% APY CD with terms of 18 and 24 months. Minimum deposit is $1,000 for the 12-month CD and $500 for the longer terms. These rates are listed in the bank's CD rates table as of 3/11/09.

The bank has an online application ("Open Your NECB Account" link on the left sidebar). I had emailed this bank last month about account availability, and according to the CSR, accounts can be opened without a branch visit:
we do open CD for customers via mail with a copy of a valid driver's license and credit card, rates lock in when the check is received.

Unfortunately, the rate doesn't lock at the time of the application. When I posted on a previous CD deal from this bank in February, the rate dropped on the Friday after my Thursday's post. If you live in New York, a branch visit would probably be the best way to ensure you receive the posted CD rate before it drops. Branches are located in Manhattan, Brooklyn, Bronx and White Plains, New York.

This bank has very strong ratings for soundness and safety: 5 stars (superior) at Bankrate.com and 5 stars (superior) at BauerFinancial. It's very rare to see 5 stars at Bankrate. The bank has been FDIC insured since 1934 (FDIC Certificate # 29147).

  Tags: New York, CD rates, NorthEast Community Bank

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