New York Community Bank Divisions Offer Competitive 12-month CD



This offer is available in-branch in Arizona, Florida, and Ohio at AmTrust Bank and Ohio Savings Bank branches.

Two divisions of New York Community Bank (NYCB), AmTrust Bank (Arizona and Florida) and Ohio Savings Bank (Ohio), are offering an NYCB Elite 12-month CD (1.35% APY). The minimum opening deposit is $500 of new money, with no balance cap.

The 1.35% APY is dependent on enrollment in NYCB Elite,

which offers preferred financial services with exclusive savings and earning opportunities, delivered with superior personalized service from your dedicated team.

The Elite 12-month CD can be linked to either a new (minimum opening deposit of $5K) or existing NYCB Elite Gold Checking account. If a $100K+ combined balance is maintained in all NYCB Elite relationship accounts, the monthly fee will be waived.

If the 12-month CD is opened without a NYCB Elite relationship, the APY drops to 1.25% APY.

According to a very helpful and articulate AmTrust Bank CSR, the Early Withdrawal Penalty is "180 days interest on the amount being withdrawn." CSR volunteered that AmTrust Bank is also offering a $150 bonus for opening a new Elite Gold Checking account, which is payable 90 days after account opening.

There are a lot of variables in play in this deal, all of which contribute to the bottom line of this deal. For example, are the ten additional basis points worth putting $5K into a non-interest checking account and maintaining a $100K balance to avoid a monthly fee? Does the $150 checking bonus offset the non-interest aspect of the Elite Gold checking account?

My bottom line for this deal is the same as it is for every deal: carefully and methodically consider all facets before you commit.

Thanks to DA reader, Kirkland, who saw an advertisement in the Miami Herald for the Elite 12-month CD and posted the information in the Forum.


As stated earlier, the NYCB Elite 12-month CD is being offered at AmTrust Bank and Ohio Savings Bank branches, exclusively, and only through an in-person visit.

AmTrust Bank branches are located in Arizona (18) and Florida (26). The majority of Arizona branches are located in the Phoenix area, with the Florida branches mostly along the southern Atlantic coast.

The Ohio Savings Bank has 28 branches located in the greater Cleveland metropolitan area.

Bank Overview

AmTrust Bank and Ohio Savings Bank are under the umbrella of New York Community Bank, which has an overall health grade of "A" at, with a Texas ratio of 3.74% (excellent) based on September 30, 2015 data. In the past year, New York Community Bank has increased its total deposits by $179.26 Million, an above average annual growth rate of 0.7%. Please refer to our financial overview of New York Community Bank for more details.

New York Community Bank (FDIC Certificate # 16022) was originally established in 1859 as the Queens County Savings Bank, with its founding branch located in Flushing. NYCB currently has assets in excess of $44 Billion and a market area that includes portions of Arizona, Florida, New Jersey, New York, and Ohio.

NYCB has eight divisions, all of which operate under their own brand. The most recent acquisitions are described on NYCB’s website:

With the acquisition of the deposits and certain assets of AmTrust Bank in December 2009, we added two new divisions to our banking family: AmTrust Bank, which serves our customers in Florida and Arizona, and Ohio Savings Bank, which serves our customers through 28 branches in the Buckeye State. Our 27 branches in Florida are largely located in the state's southern and coastal counties, while our 14 branches in Arizona are primarily located in the central part of the state. Included in that network are three branches that were acquired in connection with our Desert Hills Bank transaction in March 2010.

How the CD Compares

When compared to the 133 similar length-of-term CDs tracked by, that require a similar minimum deposit and available nationally, New York Community Bank’s Elite12-month CD APY currently shares the top spot with Main Street Bank’s 12-month CD.

The above rates are accurate as of 2/17/2016.

To look for the best nationwide CD rates and the best CD rates in your state, please refer to our CD rates table or our new Rates Map page.

Related Pages: New York Community Bank, New York, Philadelphia, Cleveland, Miami, West Palm Beach, Ft. Myers, Phoenix

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