Valley National Bank has some competitive rates on its long-term CDs. The best ones include a 3.00% APY for a 6-year CD, a 2.75% APY for a 5-year CD and a 2.00% APY for a 3-year CD. Minimum deposit is $500 for a regular CD and $250 for an IRA CD. One significant downside to these CDs is a harsh early withdrawal penalty. It's 540 days of interest for terms of 5 years and over and 365 days of interest for the 3-year CD. These rates and early withdrawal penalties are listed in the bank's rates page as of 3/14/2011.
The bank is still offering a $100 checking account bonus. I reported on this Valley National checking bonus in February.
As I mentioned in my last weekly summary, 3.00% APY is hard to find for maturities under 7-years. There's only one nationally available 5-year CD with a 3.00% APY. That's at Connexus Credit Union, but it requires an active checking account.
Valley National Bank Overview
A branch visit appears to be required to open an account. Branches are located in New York and New Jersey with most branches in the New York City metro area.
I've posted on several new-branch specials at Valley National in previous posts so keep an eye out for these types of deals.
The bank has an overall health score at DepositAccounts.com of 4 stars (out of 5) with a Texas Ratio of 7.64% (excellent) based on December 2010 data. Please refer to our financial overview of Valley National Bank for more details. The bank has been a FDIC member since 1934 (FDIC Certificate # 9396).
Searching for the Best CD and IRA CD Rates
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