First National Bank of LI Leads With Long-Term CD Rates

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Deal Summary: CDs – 3-Year (2.55% APY), 5-Year (2.80 APY), 7-Year (3.00% APY), 10-Year (3.25% APY), $500 min/$2m max deposit, new money, available through March 20, 2018.

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

This is the third time in the past year that The First National Bank of Long Island (FNBLI) has offered limited-time competitive rates on long-term CDs. These CDs require new money and can be opened with a minimum deposit of $500, with a balance cap of $2m. This limited time offer expires on March 20, 2018.

Since I last wrote about these long-term CDs in November, the 5-year has added 40 bps, with the 7-year and 10-year each adding 25 bps.

According to the fine print on the promotion page,

Does not require the opening of a checking account.

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

    18 months interest – 3 and 5-year CDs

    24 months interest – 7-year CD

    36 months interest – 10-year CD

Thanks to DA reader, thomasirrera, for his Forum post about this limited-time offer.

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 49 full-service New York branches located in Brooklyn (1), Manhattan (2), Queens (5) and Long Island (42). According to FNBLI’s website, two new branches (one each in Queens and 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 2.38% (excellent), based on September 30, 2017 data. In the past year, FNBLI has increased its total non-brokered deposits by $184 million, an excellent annual growth rate of 7.01%. 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 44,200 customer accounts.

How the CDs Compare

When compared to the 451 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 3-Year CD APY currently ranks first.

When compared to the 372 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 5-Year CD APY currently ranks second.

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 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 10-Year CD APY currently ranks first.

The above rates are accurate as of 2/1/2017.

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

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

Comments
111
111   |     |   Comment #1
Sorry, but even if I qualified geographically I'd take my 3%, 7-year Andrews FCU CDs from November 2016 (with the mild 6-month EWP "escape valve") over this EWP-from-Hades offering any day. Thanks again for the Andrews one, Ken, and for the 3.04%, 3-year one (although 100K-limited) offering from NWFCU in 2015 as well.
Anonymous
Anonymous   |     |   Comment #2
I had a bad experience a while back with this institution, not being credited with the proper amount of interest. With my insistence they made the correction but I closed the account as soon as I could while avoiding paying unnecessary early closure fees. I will watch for other offers instead!
Robb
Robb   |     |   Comment #3
Some of the highest EWPs I've seen out there. Crazy for the consumer in a rising rate environment. The first nationwide 3%+ Cd with an EWP of 6 months will get my attention.
Hoody
Hoody   |     |   Comment #4
Maybe the increased EWP are more telling of rates ahead than it may appear.
Robb
Robb   |     |   Comment #5
Good for the banks but unfriendly to the consumer.
jimdog
jimdog   |     |   Comment #6
This is the bank of Archie Bunker? Ha. I'll take the 3% USPS 2yr IRA CD any day over this.
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