National Bank of NYC Raises All Long Term CD Rates

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Deal Summary: CDs – 24-month (2.85% APY), 42-month (3.00% APY), 48-month (3.10% APY), 54-month (3.15% APY), 60+ month (3.25% APY) $2.5k minimum deposit.

Note: National Bank of New York City (NBNYC) configures its CDs differently than most banks: rather than having terms in multiple of 12 months for its CDs (i.e. 36- and 48-month), NBNYC structures all its CDs in multiples of six months (i.e., 36-41 month and 42-47 months), allowing for the customizing of the term length.

Availability: Market area includes the Boroughs of New York City, Long Island, and Westchester.

For the past six months, National Bank of New York City has steadily increased the majority of its CD rates. NBNYC is ending the week with another round of rate increases, with four longer-term CDs offering rates of 3.00% and above. NBNYC CDs can be opened with a $2.5k minimum deposit and there are no stated balance caps.

APYMINMAXINSTITUTIONPRODUCTDETAILS
3.40%$2.5k-National Bank of New York City60 + Month CD
3.35%$2.5k-National Bank of New York City54 - 59 Month CD
3.30%$2.5k-National Bank of New York City48 - 53 Month CD
3.25%$2.5k-National Bank of New York City42 - 47 Month CD
3.00%$2.5k-National Bank of New York City24 - 29 Month CD
Rates as of September 24, 2018.

Since mid-December, NBNYC has added between 85 and 95 bps to these CDs, giving them the highest APYs since 2013.

The CDs are also available as IRAs (Traditional), earning the same APYs with the same funding requirements.

APYMINMAXINSTITUTIONPRODUCTDETAILS
3.40%$2.5k-National Bank of New York City60 + Month IRA
3.35%$2.5k-National Bank of New York City54 - 59 Month IRA
3.30%$2.5k-National Bank of New York City48 - 53 Month IRA
3.25%$2.5k-National Bank of New York City42 - 47 Month IRA
3.00%$2.5k-National Bank of New York City24 - 29 Month IRA
Rates as of September 24, 2018.

The Early Withdrawal Penalty (EWP) has changed since I last wrote about NBNYC. As stated on the Savings page, the new EWP reads as follows:

If your account has an original mature of

    12 to 23 months: The fee we may impose will equal 90 days interest on the amount withdrawn subject to penalty.

    24 to 35 months: The fee we may impose will equal 6 months interest on the amount withdrawn subject to penalty.

    36 to 47 months: The fee we may impose will equal 12 months interest on the amount withdrawn subject to penalty.

    48 months or more: The fee we may impose will equal 24 months interest on the amount withdrawn subject to penalty.

As stated on NBNYC’s Rates page,

Interest compounded daily for balances under $100,000.

Simple interest for balances greater than $100,000.

Availability

Headquartered in Flushing, Queens, National Bank of New York City describes its market area is as “the Boroughs of New York City, Long Island and Westchester.”

Opening an account with NBNYC must be done at the sole branch location on 38th Avenue in Flushing. While parking in New York is at a premium, the Flushing branch has a "large, convenient, and free parking lot adjacent to the bank."

The Bank’s online platform, NBNYC Online, is currently limited to account management and bill payment services.

Bank Overview

National Bank of New York City has an overall health grade of "A+" at DepositAccounts.com, with a Texas Ratio of 0.00% (excellent, and not a typo) based on March 31, 2018 data. In the past year, the Bank has increased its total non-brokered deposits by $8.8 million, an excellent annual growth rate of 7.78%. Please refer to our financial overview of National Bank of New York City (FDIC Certificate # 18734) for more details.

The National Bank of New York City first opened its doors in 1963, operating as Flushing National Bank. NBNYC is probably the only bank I know of to have been the subject of a charming two-part “talk story” in “The Talk of the Town” section in The New Yorker. While having a rather imposing name, NBNYC is really a community-oriented institution – the kind of bank where you could have a conversation with the Bank’s president, if he happened to be in his office. According to The New Yorker article, Jack Farber (then president) stated,

We changed the name when we decided to open up a branch in Manhattan [in 1982, and now closed]. Our Flushing customers are very loyal, so they naturally stayed with us. If we called ourselves the Joe Blow National Bank we wouldn’t lose those customers.

How the CDs Compare

When compared to the 338 similar length-of-term CDs tracked by DepositAccounts.com, which require a similar minimum deposit and are available within the Bank’s market area, National Bank of New York City's 60+ month CD APY currently ranks second.

When compared to the 311 similar length-of-term CDs tracked by DepositAccounts.com, which require a similar minimum deposit and are available within the Bank’s market area, National Bank of New York City's 48-53 month CD APY currently ranks second.

When compared to the 380 similar length-of-term CDs tracked by DepositAccounts.com, which require a similar minimum deposit and are available within the Bank’s market area, National Bank of New York City's 24-29 month CD APY currently rank second.

The above rates are accurate as of 6/29/2018.

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

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

Comments
National Bank of NYC 42-47 Month CD Rate Jumps
Deal Summary: 36-41 month CD (2.65% APY), 42-47 month CD (2.70% APY), 48-53 month CD (2.75% APY), 54-59 CD (2.80% APY), $2.5k minimum deposit.

Availability: Market area includes the Boroughs of New York City, Long Island, and Westchester.

Since December, National Bank of New York City (NBNYC) has steadily raised the rates on the majority of its CDs. As of today, the four CDs with term lengths between 36 and 59 months are the most competitive. Any of these CDs can be opened with a...

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National Bank of NYC Raises 36-41 month CD
Deal Summary: 36-41 month CD (2.20% APY), 18-23 month CD (1.80% APY), $2.5k minimum deposit.

Availability: Market area includes the Boroughs of New York City, Long Island, and Westchester.

Earlier this week, National Bank of New York City (NBNYC) raised the rates on its longer term CDs, with the 36-41 month CD (2.20% APY) being the most competitive. The minimum deposit is $2.5k, with no stated balance cap.

In the past 18 months, the 36-41 month CD has had nine rate increases, adding a total...

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National Bank of NYC Ups Rate On 18-23 Month CD
Deal Summary: 18-23 month CD (1.75% APY), $2.5k minimum deposit.

Availability: Market area includes the Boroughs of New York City, Long Island, and Westchester.

Last week, National Bank of New York City (NBNYC) raised the rates on several CDs, with the 18-23 month CD (1.75% APY) being the most competitive. The minimum deposit is $2.5k, with no stated balance cap.

The 18-23 month CD is also available as an IRA (Traditional), earning the same APY with the same funding requirements.

According to CSR, the Early...

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