IRA CD Specials Available At First National Bank Of Long Island

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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.

APYMINMAXINSTITUTIONPRODUCTDETAILS
3.05%$1k$500kThe First National Bank of Long Island10 Years IRA CD (Traditional, Roth, CESA)
2.65%$1k$500kThe First National Bank of Long Island7 Years IRA CD (Traditional, Roth, CESA)
2.25%$1k$500kThe First National Bank of Long Island5 Years IRA CD (Traditional, Roth, CESA)
Accounts mentioned in this post. Rates as of March 29, 2017.

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

    18 months interest – 5-year IRA CD

    24 months interest – 7-year IRA CD

    36 months interest – 10-year IRA 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 an account of any kind with FNBLI requires and in-person at any of 47 full-service New York branches located in Brooklyn (1), Manhattan (2), Queens (3) and Long Island (41).

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 0.42% (excellent), based on September 30, 2016 data. In the past year, FNBLI has increased its total non-brokered deposits by $320.03 million, an excellent annual growth rate of 13.88%. Please refer to our financial overview of The First National Bank of Long Island (FDIC Certificate # 7072) for more details.

Founded in 1927 as The First National Bank of Glen Head, The First National Bank of Long Island is the 28th largest bank headquartered in New York state, with assets in excess of $3.4 billion. The Bank’s name was changed in 1978, as the market area grew.

How the IRA CD Specials Compare

When compared to the similar length-of-term IRAs 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 IRA CD Special’s APY currently ranks first.

Interest RateIRA Length of TermCredit Union/Bank
3.05% APY10-Year IRA CD SpecialThe First National Bank of Long Island
2.25% APY10-Year IRAElements Financial
2.20% APY10-Year IRADiscover Bank

When compared to the similar length-of-term IRAs 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 IRA CD Special’s APY currently ranks second.

Interest RateIRA Length of TermCredit Union/Bank
3.00% APY84-Month IRA CertificateAndrews Federal Credit Union
2.65% APY7-Year IRA CD SpecialThe First National Bank of Long Island
2.50% APY84-Month IRA CertificateIsland Federal Credit Union

The above rates are accurate as of 3/3/2017.

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

Comments
slacker
slacker   |     |   Comment #1
3 years interest as a penalty they must be crazy........
LuvCD
LuvCD   |     |   Comment #2
Some are in for the short haul while others...
itserich
itserich   |     |   Comment #3
EWP is the cost of early termination. It has nothing to do with short term versus long term perspective.

This is a substandard interest rate, which is overpriced because of the EWP.

This could, possibly, appeal to people who insist on buying a 10 year CD now, though rates are poised to increase, who forecast rates will then decline, and intend to hold for a full 10 years.

People who accurately forecast that, are not buying 10 year CDs.
Special 5-Year CD Rate & Gift at First National Bank of Long Island in NY - Local Only

First National Bank of Long Island is having a new-branch special at the bank's Massapequa branch. It's a 5-year CD with a 2.50% APY. Minimum deposit is $500. There's also a gift based on the size of the CD. The two best gifts include an 8GB Apple iPod Touch for a $100K minimum deposit and a NOOK Color by Barnes and Noble with a $200K minimum deposit. The promotion ends on 10/15/2011, and it's only available at the Massapequa branch. Also, a new checking account is required with a minimum...

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Special 5-Year CD Rate at First National Bank of Long Island in New York - Local Only

First National Bank of Long Island is offering a special 5-year CD with a 3.00% APY. Minimum deposit is $1,000, and the maximum is $1,000,000. New money is required. Early withdrawal penalty is 18-months of interest. This promotion is listed on the bank's front page in a special box as of 2/27/2011. The box links to this promotion page (pdf). The offer is subject to change at anytime.

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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Special 5-Year CD Rate at Some Branches of First National Bank of Long Island in New York - Local Only

Some branches of First National Bank of Long Island are offering a 5-year promotional CD with a 3.15% APY. This is a simple interest CD with a minimum deposit of $500. A checking account is required. On the plus side, they are offering free gifts when you open the CD. The gifts vary by the deposit size and include a digital camera and a portable DVD player.

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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Savings and CD Specials (2.75% for 120 days, 3.75% 5-year CD) at a First National Bank of Long Island Branch in NY - Local Only
Update 11/08/09: A reader provided some updates on this promotion. Please refer to the reader's comments below.

First National Bank of Long Island is having a grand opening special at its Bayville branch that's scheduled to end 11/14/2009. One of the specials offers a high rate for 120 days on the Platinum Savings Account and a free gift. The details of the promo are listed at this bank's webpage. A checking account is also required. The rates and the gifts depend on your opening deposit:
  • 2.75% APY and a Garmin Nuvi 260...



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3.00% 12-Month IRA CD & Other High IRA CD Rates at First National Bank of Long Island in New York
First National Bank of Long Island is offering several competitive rates on its IRA CDs. Below are their best IRA CD rates as listed at the bank's rate table as of 4/05/09:
  • 3.00% APY 1 year
  • 3.25% APY 2 years
  • 3.50% APY 3 years
  • 4.00% APY 4 years
  • 4.25% APY 5 years
  • 4.50% APY 6 years
Minimum deposit is $1,000, and the maximum deposit is $500,000. Promotion ends on 4/15/09. More details are provided at the bank's IRA CD promotions page (pdf). Note, their regular CD rates are much lower.

Branches are located across Long Island, New York.

The...




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