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.
|2.40%||$2,500||-||National Bank of New York City||36 - 41 Month CD|
|2.40%||$2,500||-||National Bank of New York City||36 - 41 Month IRA|
In the past 18 months, the 36-41 month CD has had nine rate increases, adding a total of 100 bps.
The 36-41 month CD is also available as an IRA (Traditional), earning the same APY with the same funding requirements.
According to CSR, the Early Withdrawal Penalty for CDs with terms of 36-47 months is 270 days.
I wrote about NBNYC’s 18-23 month CD in July, when the APY gained 25 bps. At the end of November, an additional 5 bps were added, with the 18-23 month CD now earning 1.80% APY.
|1.90%||$2,500||-||National Bank of New York City||18 - 23 Month CD|
|1.90%||$2,500||-||National Bank of New York City||18 - 23 Month IRA|
According to CSR, the Early Withdrawal Penalty for CDs with terms of 12-23 months is 90 days.
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 September 30, 2017 data. In the past year, the Bank has increased its total non-brokered deposits by $879k, an above average annual growth rate of 0.78%. 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 CD Compares
When compared to the 288 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 18-23 month CD APY currently ranks third.
When compared to the 372 similar length-of-term CDs tracked by DepositAccounts.com,s which require a similar minimum deposit and are available within the Bank’s market area, National Bank of New York City's 18-23 month CD APY currently ranks third.
The above rates are accurate as of 12/8/2017.
To look for the best CD rates, both nationwide and in your state, please refer to our CD rates table.