Savings Account Special at Atlas Bank in New York City

POSTED ON BY

Atlas Bank has a special on its Statement Savings Account with a competitive rate. Atlas is advertising a 1.01% APY with a minimum balance of $100. This savings account special is listed in the bank’s promotions page as of 7/3/2013. There’s no end date listed, but the rate is subject to change at anytime.

Based on this account’s history, I would be surprised if this high rate lasts past this year. Last May the rate increased from 0.10% to 1.01%. For two years before this rate increase, the savings account rate was between 0.20% and 0.10%.

Atlas Bank used to offer some very competitive CD and IRA CD rates, but those rates are now low (even by today’s standards).

A branch visit is required to open an account. Atlas Bank branches are located in Brooklyn and Staten Island.

Atlas Bank continues to be financially healthy. It has an overall health score of 4 stars (out of 5) with a Texas Ratio of 8.64% (above average) based on March 2013 data. Please refer to our financial overview of Atlas Bank for more details. The bank has been a FDIC member since 1955 (FDIC Certificate # 30783).

Even though the financial numbers appear strong, Atlas Bank is still operating under an OCC formal agreement which states:

The Comptroller has found unsafe and unsound banking practices relating to asset quality and earnings at the Bank

This formal agreement took effect in March 2012. This formal agreement can be viewed here.

How This Savings Account Rate Compares

For nationally available savings or money market accounts, there are only two with rates of at least 1.00% that don’t have balance caps, that don’t have checking requirements and that are not promotions. One is at MyBankingDirect which has a 1.05% APY money market account, and the other is at SmartyPig which has a 1.00% APY savings account. These rates are accurate as of 7/3/2013.

Searching for the Best Money Market and Savings Account Rates

Our money market account table can be used to find the best money market rates in the nation or in your state. If you don’t need checks, you should also consider savings accounts. You can find the best savings account rates in the nation or in your state by using our savings account rate table.

Comments
Top 2-Year IRA CD Rate in New York City at Atlas Bank - Local Only

It's common for banks to offer IRA deals this time of year. You have until April 17th to make an IRA contribution for 2011. In this interest rate environment, I haven't seen as many of these deals this year. I came across one today at Atlas Bank which is offering a 1.71% APY on its 2-year IRA CD. This is available for Roth, Traditional IRA and ESA accounts. Its standard CDs are fairly competitive. Some of these include a 1.31% APY 2-year CD, a 1.56% APY 3-year CD and a...

Continue Reading
Special 3-Year CD Rate at Atlas Bank in New York City - Local Only

Atlas Bank has changed its CD specials. The 1-year and 2-year CD specials have ended, but there’s a new 3-year CD special that has a very competitive rate of 2.33% APY. Minimum deposit is $2,500. The 3-year IRA CD rate is a little lower: 2.02% APY. When I last contacted the bank, I was told the early withdrawal penalty is 6 months of interest. These rates are listed in the bank's deposit rates page as of 5/19/2011.

A branch visit is required to open an account. Atlas Bank branches are located...

Continue Reading
Special 1-Year & 2-Year CD Rates at Atlas Bank in New York City - Local Only

Atlas Bank is having a CD promotion with two very competitive CDs: a 2.22% APY 2-year CD and a 1.51% APY 1-year CD. Minimum deposit is $2,500. The bank continues to offer very competitive IRA CD rates. The best ones include a 1.56% APY for 1 year, 2.12% APY for 2 years and 2.22% APY for 3 years. When I last contacted the bank, I was told the early withdrawal penalty is 6 months of interest. These rates are listed in the bank's deposit rates page as of 3/15/2011.

A branch...

Continue Reading
Competitive 2-Year CD Rate at Atlas Savings in New York City - Local Only

Atlas Savings and Loan Association has recently raised its 2-year CD rate, and the rate is now quite competitive at 1.92% APY. There's also a good deal for the 3-year IRA CD with a 2.22% APY. Minimum deposit is $2,500. When I last contacted the bank, I was told the early withdrawal penalty is 6 months of interest. These rates are listed in the bank's deposit rates page as of 2/10/2011.

How It Compares

The best 2-year CD rate available nationwide is 1.75% APY at Salem Five Bank as of 2/10/2011. For...

Continue Reading
Top CD and IRA CD Rates at Atlas Savings and Loan Association in NYC - Local Only

Atlas Savings and Loan Association continues to offer competitive CD and IRA CD rates. The CD rates have fallen a bit since my August post, but they remain attractive compared to what other banks are offering. One CD rate that's not listed is a grand opening special CD that's available at the new Staton Island branch. I called the bank today (10/5/2010), and I confirmed that this special is still available. It's a 2.28% APY 2-year CD with a $2,500 minimum deposit. It's subject to change at any time.

For the...

Continue Reading

More Past Offers