About a week ago, Greater Hudson Bank (GHB) raised the rate on its 24-month CD (2.00% APY). The minimum deposit is $10k, with no stated minimum balance.
The 24-month CD has been part of the product line for more than six years, with its APY hovering at 1.15% and below for most of that time. Last week’s addition of 65 bps is the first rate increase in six months.
According to CSR, the Early Withdrawal Penalty is one year of interest. CSR made a point to mention that partial withdrawals are permitted, “because many people think all their money would be tied up and not available for a financial emergency.”
Headquartered in Bardonia, New York, Great Hudson Bank’s market area includes Orange, Rockland, and Westchester Counties.
Opening a CD must be done at any of six New York branches located in Bardonia, Middletown, Monroe, Tarrytown, Warwick, and White Plains.
GHB’s online banking platform is currently limited to account management and bill payment services.
Greater Hudson Bank has an overall health rating of "B+" at DepositAccounts.com, with a Texas Ratio of 14.94% (excellent), based on June 30, 2017 data. In the past year, the Bank has increased its total non-brokered deposits by $28.6 million, an excellent annual growth rate of 8.58%. Please refer to our financial overview of Greater Hudson Bank (FDIC Certificate # 57145) for more details.
Greater Hudson Bank was established in 2002 as the Community Bank of Orange by a group of business owners and professionals, who recognized the need for a “local bank for locals.” In 2008, the Community Bank of Orange acquired a new name, new management, and $23 million in new money to recapitalize. The rebranded Greater Hudson Bank is currently the 77th largest bank headquartered in New York, with assets in excess of $483 million.
How the CD Compares
When compared to the similar length-of-term CDs tracked by DepositAccounts.com, which require a minimum deposit between $10k and $25k and available within the Bank’s market area, Greater Hudson Bank’s 24-Month CD APY currently ranks first.
|Interest Rate||CD Length of Term||Credit Union/Bank|
|2.00% APY||24-Month CD ($10k min)||Greater Hudson Bank|
|1.85% APY||2-Year Popular Direct CD ($10k min)||Popular Direct|
|1.81% APY||24-Month CD ($10k min)||Quontic Bank|
The above rates are accurate as of 9/15/2017.