First National Bank of Long Island Raises Long-Term CD Rates

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Deal Summary: 5-Year CD (2.40 APY), 7-Year CD (2.75% APY), 10-Year CD (3.00% APY), minimum $1k/$1m maximum deposit of new money, available through December 1, 2017.

Availability: Market area includes Long Island and the Boroughs of Brooklyn, Manhattan, and Queens.

In March, The First National Bank of Long Island (FNBLI) featured three long-term IRA CDs, available through Tax Day 2017. FNBLI is currently offering special rates on those same term lengths, but this time as CDs. The minimum deposit is $1k of new money, with a balance cap of $1m. This limited time offer expires on December 1, 2017.

APYMINMAXINSTITUTIONPRODUCTDETAILS
3.00%$1k$1mThe First National Bank of Long Island10 Year CD
2.75%$1k$1mThe First National Bank of Long Island7 Year CD
2.40%$1k$1mThe First National Bank of Long Island5 Year CD
Accounts mentioned in this post. Rates as of December 16, 2017.

Given the recent rising rate climate, I was surprised to see that the 10-year APY is actually 5 bps lower than was offered seven months ago. The 5-year and 7-year APYs are higher: 15 and 10 bps, respectively.

According to CSR, the Early Withdrawal Penalties are fairly substantial:

    18 months interest – 5-year CD

    24 months interest – 7-year CD

    36 months interest – 10-year CD

Availability

Headquartered in Glen Head, New York, The First National Bank of Long Island’s market area includes Long Island, and the Boroughs of Brooklyn, Manhattan, and Queens.

Opening a CD at FNBLI requires an in-person visit to any of 48 full-service New York branches located in Brooklyn (1), Manhattan (2), Queens (3) and Long Island (42). According to FNBLI’s website, four new branches (three in Queens and one in Brooklyn) are “coming soon.”

FNBLI's online banking platform is currently dedicated to account management and bill payment services, including PopMoney.

Bank Overview

The First National Bank of Long Island has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 2.48% (excellent), based on June 30, 2017 data. In the past year, FNBLI has increased its total non-brokered deposits by $135.72 million, an excellent annual growth rate of 5.17%. Please refer to our financial overview of The First National Bank of Long Island (FDIC Certificate # 7072) for more details.

The First National Bank of Glen Head was founded in 1927 so Long Island’s North Shore business owners and farmers wouldn’t have to travel to New York City to do their banking. The 60-mile roundtrip to NYC could take an entire day, making a simple banking transaction or applying for a loan an ordeal. Local residents raised $50k in capital and the Bank’s doors opened for business on October 1, 1927. The First National Bank of Long Island re-brand occurred in 1978 as the Bank’s footprint expanded. Currently the 26th largest bank headquartered in New York State, FNBLI has assets in excess of $3.7 billion and more than 44,000 customer accounts.

How the CDs Compare

When compared to the similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and available with the Bank’s market area, The First National Bank of Long Island’s 10-Year CD’s APY currently ranks first.

When compared to the similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and available with the Bank’s market area, The First National Bank of Long Island’s 7-Year CD’s APY currently ranks first.

The above rates are accurate as of 11/6/2017.

To look for the best CD rates, both nationwide and state specific, please refer to our CD rates table, or our Rates Map page.

Related Pages: New York CD rates, 5-year CD rates

Comments
IRA CD Specials Available At First National Bank Of Long Island

Deal Summary: 5-Year IRA CD, 2.25 APY; 7-Year IRA CD, 2.65% APY; 10-Year IRA CD, 3.05% APY; min $1k/$500k max deposit of new money.

Availability: Market area includes Long Island, and the Boroughs of Brooklyn, Manhattan, and Queens.

Earlier this week, The First National Bank of Long Island (FNBLI) began promoting three IRA CDs (Traditional, Roth, and CESA) that are available through April 18, 2017 (this year's filing deadline). The minimum deposit is $1k of new money, with a balance cap of $500k.

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Thanks to the reader Parlou who mentioned this CD special in the comments.

The 3.00% APY is very competitive for a 5-year term, but...



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Not all branches are offering this promo. The branches with these specials have a scrolling text link on their branch page. Here's the promo...

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