Dedicated to Deposits: Deals, Data, and Discussion

2.90% 15-Month CD at Amalgamated Bank in NY, NJ, DC & CA

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Amalgamated Bank
Amalgamated Bank continues to offer a competitive 15-month CD special with a rate of 2.90% APY. Minimum deposit is $500, and the maximum deposit is $99,000. A new checking account is required. This special is listed on the bank's front page as of 4/10/09.

This special CD had been 3.50% APY when I posted on this in February. The rate fell to 2.90% on February 26. At that time, a 2.90% APY wasn't that great for a 15-month term. But now it's much more competitive.

A reader who commented in my last post mentioned that you only have to open a checking account with a $1 minimum deposit. According to the reader, the checking account must remain open during the CD term, and this requires at least two transactions during the 15-month term to keep it active.

The bank has an online application, but a reader reported being told by the bank that a branch visit is required for this special CD.

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 (based on 9/30/08 data) and 3 stars (adequate) at BauerFinancial (based on 12/31/08 data). The BauerFinancial rating is down from 3.5 stars when the rating was based on 9/30/08 data. The bank has been FDIC insured since 1934 (FDIC Certificate # 622).

Other High Certificate of Deposit Rates

For top CD rates nationally available, refer to my weekly rate summary. Many of the best CD deals are only locally available. To find the best deals in your state, refer to the index of state CD and bank deals.

  Tags: New York, California, Amalgamated Bank, CD rates, New Jersey

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Comments
2 Comments.
Comment #1 by Anonymous posted on
Anonymous
I checked the web site, and the rate is Effective as of 08/01/2008. Did I check the wrong place?

ยป Monthly Installment Schedule, Effective as of 08/01/2008

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Comment #2 by Banking Guy (anonymous) posted on
Banking Guy
I just updated the Wilshire State Bank post based on my call with the bank's CSR. She said those rates are up-to-date even though that date is old.

1