CD Specials and News of Name Change at Flushing Bank in New York - Local Only

Flushing Bank is offering two special CDs with competitive rates: a 2.10% APY 18-month CD and a 2.25% APY 24-month CD. Minimum deposit is $5,000 ($1,000 for IRAs). A checking account is required. These specials aren't listed at the bank's website. It was advertised last week in the NY Daily News. The ad is available online here. I called their Brooklyn branch this morning, and the special was still available as of 2/21/2010. The CSR didn't know how much longer the special would last.

In addition to the CD specials, Flushing is advertising a 1.35% APY on its BestRate Checking guaranteed for 90 days after opening. $5,000 minimum balance is required to receive this APY and to avoid a $10 monthly service charge.

A branch visit is required to open an account. Branches are located in Queens, Brooklyn, Manhattan and Nassau.

What Happened to Flushing Savings Bank?

You might remember this bank as Flushing Savings Bank. The name has just been changed. The Queens Newspaper quoted the bank's president about the name change:

We thought that the term Savings Bank was much more restrictive and gave the connotation of a company that really only dealt with consumers.

The article also goes into other history of the bank. In terms of financial health, the article stated that "Flushing Bank has weathered the storm, and it had a banner year in 2009." The article also mentioned Flushing's internet bank, iGObanking.com which after 3 years has grown to $300 million in deposits. iGObanking.com offers a savings account, a checking account, CDs and IRA CDs. I just reported on its competitive 5-year CD earlier this month.

Flushings Bank's ratings for safety and soundness are above average: 4 stars (excellent) at BauerFinancial and 3 stars (performing) at Bankrate.com. Both ratings are based on 9/30/09 data. It has been a FDIC member since 1943 (FDIC Certificate # 16049).