NewAlliance Bank is offering a competitive 30-month CD with a 2.00% APY. Minimum deposit is $1,000, and a checking account is required. There's also a special 11-month CD with a 1.25% APY. These rates are listed in the bank's special rates page as of 10/27/2010.
Also listed in the special rates page is a Premium Money Market Account special that pays 1.50% APY on balances of at least $50K. Note, the small print states that the rate is 1% APY for up to $50K and 1.50% APY for $50K. This requires a checking and there are potential monthly fees. Also, there's no guarantee about how long this rate may last. I first reported on this in April.
The bank has an online application (via andera.com), but it states that they only accept deposits from Connecticut or Massachusetts residents. In the application, they have a link to the account disclosure. The disclosure states that withdrawals are only allowed if they consent. The early withdrawal penalty for CDs with terms of over 1 year and less than 3 years is 6 months of interest.
Branches are located throughout Connecticut, and in South Central Massachusetts.
The bank's overall health score at DepositAccounts.com is 4 out of 5 with a Texas Ratio of 5.15% (excellent) based on 6/30/2010 data. Please refer to our financial overview of NewAlliance Bank for more details. The bank has been a FDIC member since 1960 (FDIC Certificate # 18261).
Searching for the Best CD Rates
Unfortunately, it's getting difficult to find CD rates for terms under 3 years with yields of at least 2.00%. The best nationwide deal continues to be at iGObanking.com which is offering 2.25% APY for a 2-year CD as of 10/27/2010.
To search for the best nationwide CD rates and the best CD rates in your state, please refer to the CD rates section of DepositAccounts.com.