National Bank of New York City Ups Long-Term CD Rates Again

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Deal Summary: CDs – 48-53 month (2.60% APY), 54-59 month (2.65% APY), 60-month (2.70% APY), $2.5k minimum deposit.

Availability: Online market area includes NYC Tri-state area.

National Bank of New York City (NBNYC) ended the week by raising the rates on its longest-term CDs. With modest increases of 10-20 bps, the 48-53 month (2.60% APY), 54-59 month (2.65% APY), and 60-month (2.70% APY) have again climbed the rates ladder to new heights. NBNYC CDs can be opened with a $2.5k minimum deposit, with no stated balance cap.

APYMINMAXINSTITUTIONPRODUCTDETAILS
3.00%$2.5k-National Bank of New York City60 Month CD
2.90%$2.5k-National Bank of New York City54 - 59 Month CD
2.80%$2.5k-National Bank of New York City48 - 53 Month CD
Rates as of May 22, 2022.

Since I wrote about these three CDs in mid-February, the 48-53 month, 54-59 month, and 60-month CDs have added 130, 115, and 95 bps, respectively.

Note: National Bank of New York City structures the terms of its CDs differently than most banks: rather than having terms in multiple of 12 months (i.e. 48-month), NBNYC structures all its CDs in multiples of six months (i.e., 48-53 month and 54-59 month), allowing the term-length to be customized.

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

APYMINMAXINSTITUTIONPRODUCTDETAILS
3.00%$2.5k-National Bank of New York City60 Month IRA
2.90%$2.5k-National Bank of New York City54 - 59 Month IRA
2.80%$2.5k-National Bank of New York City48 - 53 Month IRA
Rates as of May 22, 2022.

As stated on the Savings page, the Early Withdrawal Penalty reads (in part) as follows:

If your account has an original mature of 48 months or more:

    The fee we may impose will equal 24 months interest on the amount withdrawn subject to penalty.

There is no language on NBNYC’s website that gives the bank the right to deny an early withdrawal request.

As stated on NBNYC’s Rates page,

Interest compounded daily for balances under $100,000.

Simple interest for balances greater than $100,000.

Funding and Accessing Maturing Funds

NBNYC’s website does not list any types of disclosures; the following information was obtained from CSR. Funding a CD can be done by ACH or wire transfer, by check, or through a transfer from another NBNYC account. Maturing funds will be distributed by check to the address on file, by wire transfer, or deposited in an NBNYC savings account. There is a 10-day grace period before a CD automatically renews.

Availability

Headquartered in Flushing, Queens, National Bank of New York City’s market area includes the NYC Tri-state area (where New York, New Jersey, and Connecticut share common boundaries).

U.S. citizens, 18 years or older, who live in the following areas are eligible to open an NBNYC account online.

New York – five boroughs of New York City, Nassau, Suffolk, and Westchester Counties.

New Jersey – Hudson and Passaic Counties

Connecticut – Fairfield County

Opening a CD can also be done at the sole branch location on 38th Avenue in Flushing. CSR stated that opening a CD online is the best/easiest option, but an appointment for a face-to-face transaction can be scheduled by calling 718.358.4400.

Bank Overview

National Bank of New York City has an overall health grade of "B" at DepositAccounts.com, with a Texas Ratio of 11.52% (above average) based on December 31, 2021 data. NBNYC has an excellent capitalization level (19.71%), the result of holding nearly $199.7 million in assets with $36.7 million in equity. 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 48-53 Month and 54-59 Month CDs Compare

When compared to similar length-of-term CDs tracked by DepositAccounts.com that are available within the NYC Tri-state market area and have minimum deposit requirements of $10k or less, one bank and one credit union have higher rates than currently offered on the NBNYC 48-53 month CD and 54-59 month CD. The following table compares the 48-53 month CD and 54-59 month CD to the two highest-rate CDs from other banks and the two highest-rate CDs from credit unions.

APYCD Term (Early Withdrawal Penalty)Credit Union/Bank
3.01%48-59 Month CD (EWP=180 days)Department of Commerce Federal Credit Union/td>
2.70%4-Year CD (EWP=450 days)KS StateBank
2.65%54-59 month CD (EWP=730 days)National Bank of New York City
2.60%48-53 month CD (EWP=730 days)National Bank of New York City
2.50%4-Year CD (EWP=180 days)Live Oak Bank
2.40%48-Month Certificate (EWP=180 days)Connexus Credit Union

How the 60-month CD Compares

When compared to similar length-of-term CDs tracked by DepositAccounts.com that are available within the NYC Tri-state market area and have minimum deposit requirements of $10k or less, one bank and one credit union have higher rates than currently offered on the NBNYC 60-month CD. The following table compares the 60-month CD to the two highest-rate CDs from other banks and the two highest-rate CDs from credit unions.

APYCD Term (Early Withdrawal Penalty)Credit Union/Bank
3.05%60-84 Month CD (EWP=180 days)Department of Commerce Federal Credit Union/td>
2.75%5-Year CD (EWP=180 days)Live Oak Bank
2.70%60-month CD (EWP=730 days)National Bank of New York City
2.70%5-Year CD (EWP=450 days)KS StateBank
2.60%60-Month Certificate (EWP=1365 days)Connexus Credit Union

The above information and rates are accurate as of 5/7/2022.

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, IRA CD rates

Comments
National Bank of New York City Boosts Long-Term CD Rates
Deal Summary: CDs – 48-53 month (2.50% APY), 54-59 month (2.50% APY), 60-month (2.50% APY), $2.5k minimum deposit.

Availability: Online market area includes NYC Tri-state area.

National Bank of New York City (NBNYC) is currently offering 2.50% APY on its 48-53 month, 54-59 month, and 60-month CDs. NBNYC CDs can be opened with a $2.5k minimum deposit, with no stated balance cap.

Since I last wrote about these three CDs in mid-February, the 48-53 month, 54-59 month, and 60-month CDs have added 110, 100, and...

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National Bank of New York City Hikes 36-Month CD Rate
Deal Summary: CDs – 36-41 month (1.50% APY) and 42-47 month CD (1.60% APY), $2.5k minimum deposit.

Availability: Online market area includes NYC Tri-state area.

Last week, I wrote about the substantial rate increase on the National Bank of New York City (NBNYC) 60+ month CD. This week, NBNYC had another round of substantial rate increases which raised its long-term CD rates by 25 to 35 bps. The 60+ month CD rate has reached 2.00% APY. For this post, I thought it would be worthwhile to...

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National Bank of New York City 60+ Month CD Rate Soars
Deal Summary: CDs – 60+ month CD (1.75% APY) and 54-59 month CD (1.50% APY), $2.5k minimum deposit.

Availability: Online market area includes NYC Tri-state area.

It’s been almost four years since I last wrote about National Bank of New York City (NBNYC). For most of 2018, NBNYC steadily increased the majority of its CD rates to very competitive levels, but by early 2020 the CD rates began a steep decline. While there have been several modest rate increases in the past eight months, this...

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National Bank of NYC Raises All Long Term CD Rates
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...
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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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