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 $2.5k minimum deposit; there is no stated balance cap.
In the past year, NBNYC has added between 70 and 105 bps to its CDs, with the 30-35 month CD having the largest rate increase.
The CDs are also available as IRAs (Traditional), earning the same APYs with the same funding requirements.
According to CSR, the Early Withdrawal Penalty (EWP) for CDs are as follows:
90 days EWP – terms of 12-23 months
120 days EWP – terms of 24-29 months
180 days EWP – terms of 30-35 months
270 days EWP – terms of 36-47 months
12 months EWP – terms of 48-59 months
24 months EWP – terms of 60+ months
As stated on NBNYC’s Rates page,
If the term of the Certificate is more than one year, the disclosed
Annual Percentage Yield assumes interest is credited annually.
Headquartered in Flushing, Queens, National Bank of New York City’s market area is described 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.
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 December 31, 2017 data. In the past year, the Bank has increased its total non-brokered deposits by $13.85 million, an excellent annual growth rate of 12.85%. 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
NBNYC configures its CDs differently: rather than having 12-month intervals for the longer term CDs (i.e. 36-months), NBNYC structures all its CDs in six month intervals (i.e., 36-41 months and 42-47 months).
When compared to the 376 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 42-47 month CD and 36-41 month CD APYs currently rank first and third, respectively.
When compared to the 314 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 54-59 month CD and 48-53 month CD APYs currently rank second and third, respectively.
The above rates are accurate as of 3/15/2018.
To look for the best CD rates, both nationwide and in your state, please refer to our CD Rates Table page.