Dedicated to Deposits: Deals, Data, and Discussion

2.50% 24-Month CD and Competitive Savings Account at Hudson City Savings Bank - Available Nationwide

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Hudson City Savings Bank
Hudson City Savings Bank is offering a competitive rate of 2.50% APY on its 24-month internet CD. The shorter terms are not quite as competitive. These include a 1.85% APY 12-month CD and a 2.00% APY 18-month CD. Minimum deposit is $5,000. These rates are listed at the bank's internet accounts page as of 9/20/09. To see all the internet rates, go through the online application until you get to the product selection. Click on the rates links next to any of the listed accounts.

The bank's Internet Money Market Savings is also fairly competitive with a 1.75% APY on balances over $2,500. A $2 monthly fee applies to balances below $100. This rate is also listed at the bank's internet accounts page as of 9/20/09.

When I called the bank last February I confirmed with the bank that these internet accounts can be opened online from any state. The application is provided by the Andera service which is common for online applications. Initial funding can be done by electronic ACH transfer. Based on what the CSR told me in February, the savings account and CDs had weak online features. Refer to my February Hudson City review post for the full details.

Competitive Long-Term CD Rates in NY, NJ & CT

The bank is offering these same internet CD rates at its branches in New Jersey, New York and Connecticut. In addition, it's listing competitive long-term CD rates (listed internet CD terms only go up to 2 years). These include a 3.00% APY 3-year CD, a 3.25% APY 4-year CD and a 3.50% APY 5-year CD. These rates are listed in the NJ CD rates page, in the NY CD rates page and in the CT CD rates page as of 9/20/09.

Thanks to the reader who emailed me info on these CD rates.

Strong Financials

Hudson City Savings Bank's ratings for safety and soundness continue to be strong: 5 stars (superior) at BauerFinancial (based on 6/30/09 data) and 4 stars (sound) at Bankrate.com (based on 3/31/09 data). The bank has been a FDIC member since 1934 (FDIC Certificate # 13074). It's sizable bank with $57 billion in assets and $22 billion in deposits based on 6/30/09 data from the FDIC.

Other Competitive Certificate of Deposit Rates
  Tags: New York, CD rates, New Jersey, Hudson City Savings Bank, savings account, Connecticut

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Comments
Comment #1 by Banking Guy (anonymous) posted on
Banking Guy
An anonymous reader posted the following comment in the bank deals hub post:

Re your posting on Hudson City Savings, I note, I learned last summer that Hudson pays no interest on any money withdrawn during the month prior to interest being posted that the end of the month.

This would be something to look into before getting involved in certainly any liquid account at that bank. And it means you will get no interest during any CD grace period if you close the account.

My experience was in breaking a CD. I was told that the bank pays no interest on any money withdrawn during the course of the month prior to when interest is posted. I was told that applies to all accounts.

This could add up to a notable amount of lost interest in any particular month, so check this out before getting involved with that bank.

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