2.25% 24-Month CD & Other Promotions at Carver Federal Savings Bank in New York City - Local Only


Carver Federal Savings Bank is offering a competitive 24-month CD special for new customers with a 2.25% APY as of 3/25/2010. Minimum deposit is $10,000. This rate is 25 basis points above what is listed at the bank's CD rate table. A reader mentioned this special, and I emailed the bank yesterday. Note, this rate is only for new customers.

The CSR also mentioned two other promotions: 1) Relationship Savings Account at 1.75% APY, and 2) Business Money Market at 1.75% APY. These are also for new customers and require a $10,000 balance. Savings and money market promotions are always a little worrisome if there's no guarantee period for the rate. One thing to note, however, is that bank's top rate for the money market accounts is currently 1.50% APY for balances of at least $50,000. So they are keeping their regular rates fairly competitive.

It appears a branch visit is required to open an account. Branches are located in New York City boroughs of Manhattan, Queens and Brooklyn.

The bank's ratings for safety and soundness are a little weak: 3 stars (adequate) at BauerFinancial (based on 12/31/09 data) and 2 stars (below peer group) at Bankrate.com (based on 9/30/09 data). The bank has been a FDIC member since 1949 (FDIC Certificate # 30304).

Related Pages: Carver Federal Savings Bank, New York, CD rates, money market accounts, savings account