Dedicated to Deposits: Deals, Data, and Discussion

2.50% 12-Month CD at Valley National Bank Branch in New York City - Local Only

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Valley National Bank
Valley National Bank has a new-branch CD promotion at its Brooklyn office at Borough Park (4501 13th Avenue, Phone 718-633-9470). The promotion includes a 2.50% APY 12-month CD which requires a checking account with a $500 minimum. Without the checking account, the rate is 2.25% APY. Minimum deposit is $500, and the maximum is $50,000 per CD and $100,000 per household. There's also a money market account special with a 2.25% APY with the rate guaranteed for 3 months.

These specials are not listed at the bank's website. A reader commented on this promotion, and I just called today (9/06/09) for additional details (Branch is open from 10-2 on Sundays). There's also a promotion at the Avenue U branch, but the 12-month CD rate has recently dropped to 2.25% APY (see post). Similar CD promotions may also be in other New York City branches. Please leave a comment if you know which branches.

New branch specials are common at this bank. I reported on several of them in the last couple of years for branches in New York and New Jersey.

Valley National Bank's ratings for safety and soundness are strong: 4 stars (sound) at Bankrate.com and 4 stars (excellent) at BauerFinancial. Both ratings are based on 3/31/09 financial data. Valley National Bank is a member FDIC (FDIC Certificate # 9396).

Thanks to the reader who commented on this promotion. If you find a good deal, please leave a comment in the blog hub post.

Other Competitive Certificate of Deposit Rates
  Tags: New York, money market accounts, Valley National Bank, CD rates

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