New York Banking Rates and News

KeyBank has another checking promotion in which you can earn $150. It's very similar to the $150 bonus that it was offering last year. Like before it's an online-only offer, but the online application only accepts certain areas which appear to be in their market area (see below).

KeyBank doesn’t have the best reputation among many DA readers. You can read the problems customers have experienced in the comments of my 2012 KeyBank post and in my 2011 KeyBank post. If you have experience with KeyBank promotions and checking accounts, please leave a comment below.

Here's the

Citizens Bank and Charter One regularly have checking account promotions with nice bonuses. Both are brand names of RBS Citizens, N.A. Citizens Bank branches are primarily located on the east coast and Charter One branches are located in the Midwestern states of Illinois, Michigan and Ohio. Charter One is currently listing a bonus of up to $175. I can’t find a similar one at Citizens Bank, but when I called Citizens Bank at 888-411-7442, the CSR told me that this same $175 bonus is available. (see update below) However, he said a new customer will need to visit a...

After holding steady since last July, Melrose Credit Union finally had a 10-bps rate cut on all of its CDs. However, unlike PenFed’s recent rate cuts, Melrose’s new long-term CD rates continue to be competitive. Also, unlike PenFed, Melrose CD rates usually hold steady for many months. So hopefully, we won’t see another rate cut for a while. Below is a summary of the new rates as listed at Melrose Credit Union's share rates page as of 5/3/2013. I also included the old rates for reference:

• 1.86% APY 5-year CD (was 1.96% APY)
• 1.61% APY 4-year CD...

A checking account bonus is often not worth the time when you have to open a checking account that you don't intend to keep. Also, you have to be careful that the new checking account doesn't cost you more in fees than you'll make from the bonus. The best case is when there's a free checking with competitive rates that offers a bonus. That's what NEFCU offers. You can earn $75 for opening any of its checking accounts with direct deposit. This isn’t quite as good as this credit union’s December bonus, but this new one is intended to...

If you’re searching for 5-year CD rates over 2.00%, you should be interested in Progressive Credit Union. It continues to offer a very competitive 5-year CD with a 2.32% APY. Its shorter-term CDs are also competitive. These include a 1.61% APY 3-year CD and a 1.36% APY 2-year CD. The 3- and 5-year CDs have an early withdrawal penalty of 180 days of interest, and the 2-year CD has a penalty of 90 days of interest. These rates and details are listed in the credit union’s rates page as of 4/17/2013. There’s an “August 2012” date at the top...

A reader reminded me over the weekend of this New York City bank which has long offered some competitive CD rates. It’s Eastbank, N.A., and its best deposit deal is currently its 18-month CD which has a 1.25% APY. Minimum deposit is $2,500. This rate is listed in the bank’s CD rates page as of 4/8/2013.

Eastbank was established to serve the Asian-American communities of New York City, but any New York City resident can open an account. All accounts are in U.S. dollars. The bank does not deal in foreign currency accounts. The reader said he...

If you live in the market area of Capital One Bank, new customers can still get a good checking account deal. They have been offering this deal for awhile, and I’m still seeing it advertised. It has become a better deal as rates at other banks have fallen. Capital One is guaranteeing a promotional rate (1.00% APY for most areas) for balances up to $100,000 for the first 12 months. Details of this promotion are listed at the Capital One High Yield checking page. Note, it will only show if your zip code is in their...

When credit unions celebrate their anniversaries, they often will have some good deals. That’s the case for the 50th anniversary of Hudson Valley Federal Credit Union. It’s offering a special 13-month CD with a 1.30% APY. It’s scheduled to last until April 28, 2013. Minimum deposit is $500, and it’s also available in IRAs and business accounts. The special is listed in this credit union promotions page as of 3/18/2013. Thanks to the reader who noted this special in the comments.

In addition to opening this CD at a branch, members can open it by phone or...

In March Doral Bank NY increased some of its CD and IRA CD rates. The rates had already been competitive before the rate hikes. Now, they are very competitive. The best ones include a 1.20% APY 1-year CD, a 1.25% APY 18-month CD and a 1.45% APY 2-year CD. Minimum deposit is $500. These rates are listed in the Doral Bank NY rates page as of 3/11/2013.

These CD rates require a branch visit at one of the bank's New York locations.

Doral Bank's internet division, Doral Bank Direct, also has some competitive rates....

If you had been planning to open a PenFed CD, you need to hurry before March. PenFed CD rates appear to be falling quite a bit for March. Thanks to the reader who forwarded me the new rates he received from his correspondence with PenFed. Below are the new rates that the reader received by email. I also included the current rates. All of the new rates are 25 bps lower.

• 1.75% APY 7-year CD (was 2.00% APY)
• 1.65% APY 5-year CD (was 1.90% APY)
• 1.60% APY 4-year CD (was 1.85% APY)
• 1.60% APY 3-year CD (was 1.85% APY)
• 1.35% APY 2-year CD (was...

It's rare to find a financial institution in major cities that offers top CD rates. A year ago I found one, but unfortunately, it's not easy to qualify for membership. The institution is Actors Federal Credit Union which has branches in New York City, Los Angeles and Chicago. Its 5-year CD and IRA CD rates continue to be very competitive. The 5-year CD has a 2.00% APY, and the 5-year IRA CD has a 2.15% APY. Minimum deposit is $500. These rates are listed in the credit union's rates page as of 2/19/2013.

As I mentioned above,...

Citizens Bank is offering a checking account bonus of up to $150. The bonus doesn't require too much work. One downside is that the checking accounts do have monthly service fees, but there are easy ways to avoid them. This promotion is scheduled to last until 2/28/2013. The details are listed at www.citizensbank.com/150. Here's summary of what's required to earn the full $150:

1. Open your first new personal checking account by 2/28/13
2. Get $50 when you setup direct deposit and have a single deposit of $500 or more clear your new checking account by 4/30/13
3. Get $50 when you...