First National Bank of Long Island is offering a special 5-year CD with a 3.00% APY. Minimum deposit is $1,000, and the maximum is $1,000,000. New money is required. Early withdrawal penalty is 18-months of interest. This promotion is listed on the bank's front page in a special box as of 2/27/2011. The box links to this promotion page (pdf). The offer is subject to change at anytime.
Thanks to the reader Parlou who mentioned this CD special in the comments.
The 3.00% APY is very competitive for a 5-year term, but the 18-month penalty is harsh. The best nationally available 5-year CD is currently at Kaiser Federal Bank which is offering a 3.00% APY 5-year CD with a 6-month early withdrawal penalty.
It appears that a branch visit is required to open an account at FNBLI. Most of the full service branches are located in Nassau County. There are also a few in Suffolk County.
The bank's overall health score at DepositAccounts.com is 4 stars (out of 5) with a Texas Ratio of 2.30% (excellent) based on December 2010 data. Please refer to our financial overview of First National Bank of Long Island for more details. The bank has been a FDIC member since 1934 (FDIC Certificate # 7072).
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