New York Banking Rates and News

Last year the Wall Street Journal published an article with the title "5 reasons to open a Chinese bank account". In that article it mentioned that the U.S. branch of Bank of China makes this possible. As I described in my review, this looked like an option for those in the New York City area to open a bank account in Chinese yuan, also called renminbi (RMB). That branch has recently come out with three short-term RMB CD specials to celebrate Bank of China's anniversary and the Chinese New Year. The rates are much higher than what's available in...

There had been rumors that Pentagon Federal Credit Union (PenFed) was going to finally start offering 10-year certificates to all members in January. A reader reported that he was told by a CSR the yield would be 3.00%. I wasn't able to confirm this 10-year CD last week, and there isn't any mention of this new CD at PenFed's website. New January rates are posted with no mention of a 10-year CD or IRA CD.

There is some good news with PenFed's January rates. First, the 1-year CD yield has increased from 0.99% to 1.16% APY. This is...

Yesterday I reviewed the 7 reward checking accounts that remain in the 4% club. These are reward checking accounts with yields of at least 4.00% on balances of at least $25,000. Unfortunately, readers have reported that 2 of these 7 will be cutting rates or balance caps in January. So it's becoming increasingly difficult to find a 4% club member. You may have better luck finding ones in the 3% club. These are reward checking accounts with yields of at least 3.00% on balances of at least $25,000. We still list over a hundred reward checking accounts in the...

The Berkshire Bank has made some big changes to its reward checking account. The new version is called Super Power NOW Checking, and it no longer requires debit card usage. So I don't know if this should still be called a reward checking. The rate is also a little low for reward checking. It's currently 1.20% APY for balances up to $50,000. On the plus side, this rate is guaranteed to last until April 30, 2012. According to the bank's checking page, it requires "direct deposit in the minimum monthly amount of $500 from...

When I last reviewed Montauk Credit Union in April, it was one of two institutions offering very competitive CD rates in New York City. The other one was Atlas Bank. Rates have fallen at both institutions, but rates have fallen less at Montauk Credit Union. Several of the CD and IRA CD rates at Montauk Credit Union remain very competitive. Below is the full list of rates as listed at the credit union's rate table as of 11/28/2011:

• 1.25% 18-month
• 1.50% 24-month
• 1.75% 36-month
• 2.25% 48-month
• 2.50% 60-month
• 2.75% 84-month

Update 2/2/2012: I was informed by a Montauk Credit Union...

Wilshire State Bank continues to offer an installment savings account that it calls Rainbow Savings. I last reviewed this account in January, and I'm pleasantly surprised to see the rates have gone up. The best rates require an automatic transfer from a Wilshire State Bank deposit account. The yields range from 2.02% APY for a 1-year term to 2.79% APY for a 3-year term. These rates are listed in the Rainbow Savings page as of 11/22/2011.

For those trying to squeeze as much interest from deposit accounts as possible, the installment savings account...

AmeriCU Credit Union is offering several top CD and IRA CD rates, but there's a catch. The highest rates require the partner relationship. If you meet this requirement, you can qualify for a CD yield close to 3.00%. Some of the best CD rates include 2.98% APY for 5 years, 2.63% APY for 4 years and 2.38% APY for 3 years. Without any relationship, the rates are 50 basis points lower. These rates are listed in the credit union's rates sheet as of 11/16/2011.

The credit union doesn't make it easy to find the requirements...

Self Reliance New York FCU and Progressive Credit Union are two New York City credit unions that have a long history of top CD rates, but unfortunately, they also have a history of tough membership qualifications. Self Reliance New York FCU is one of the very few financial institutions in the country that still has a 3.00% rate for a 5-year CD. Some of its best yields include a 3.05% APY 5-year CD, a 2.05% APY 2-year CD and a 1.90% APY 1-year CD. These rates are listed in the credit union's rates page...

We are still seeing checking account bonuses from the big banks. Those who are careful may be able to profit from these, but the banks know that they will most likely profit in the end. The latest big bank offering a checking account bonus is M&T Bank which is offering a $100 cash bonus for customers who add direct deposit to a MyChoice Checking account. M&T Bank has this promotion advertised on its home page and on its special website raisethegreenflag.com/mychoice.

Those who try to qualify for this bonus should be aware of...

People's Alliance Federal Credit Union continues to offer competitive CD rates. The rates have gone down since my last post, but they remain competitive. Another plus is that the early withdrawal penalty is only 3 months of interest. A reader who opened a CD at this credit union informed me of this penalty (I wasn't able to find the disclosure online so make sure you request one before opening a CD.) The best CD rates are currently 2.24% APY for 5 years, 2.00% APY for 4 years, 1.68% APY for 3 years and 1.31% APY for 2...

Doral Bank is offering three good deposit deals at its New York branches. The best one is the 1-year CD with a 1.30% APY. The other CD has a 3-year term with a 1.60% APY. The money market special has a 1.20% APY with the rate guaranteed for 3 months from the date of account opening. Minimum deposit is $5,000. The money market account is a tiered-rate account. The 1.20% APY only applies to balances of at least $5K. The rate is 0.50% for balances under $5K. These rates are listed in the bank's...

XCEL Federal Credit Union has several competitive CD and IRA CD rates. The best ones are its long-term CDs. These include a 2.70% APY 5-year CD and a 2.45% APY 4-year CD. Minimum deposit is $100K. Rates are 5 basis points lower for a $20K minimum and 10 basis points lower for a $500 minimum. For very large deposits of at least $250K, you can get an extra 5 basis points. These rates are listed in the credit union's rates page as of 10/24/2011.

The credit union also is advertising a 2-year bump-up...