Top CD Rates at Signature Bank in New York City - Local Only

POSTED ON WEDNESDAY, AUGUST 3, 2011 BY Ken Tumin

Signature Bank is offering three very competitive CD rates. Hat tip to DA member mariafalter who mentioned these in the discussion forum. The bank doesn't list the rates on its website, so you have to call 1-866-744-5463 for the latest rates. I just called, and confirmed the following yields as of 8/3/2011:

1.87% APY 2-year CD
2.53% APY 3-year CD
3.04% APY 5-year CD

Minimum deposit is $5,000. These aren't specials, so you don't have to worry about other requirements like a checking account. The phone CSR didn't have any details on the early withdrawal penalties.

Signature Bank has a history of competitive CD rates. My last report on the bank was in January 2010 when the bank had some very competitive 1-year and 18-month CD rates.

A branch visit is required to open an account, and according to the phone CSR, you must reside in the New York City metro area. Signature Bank branches are located throughout New York City and its metro area.

It's a sizable bank with $12.38 billion in assets. The bank has an overall health score at DepositAccounts.com of 5 stars (out of 5) with a Texas Ratio of 4.75% (excellent) based on March 2011 data. Please refer to our financial overview of Signature Bank for more details. The bank has been a FDIC member since 2001 (FDIC Certificate # 57053).

How These CD Rates Compare

All three of these Signature Bank CD rates are higher than the best CD rates available nationwide. The best nationally available 2-year CD rate is 1.77% APY at Self-Help Credit Union, the best 3-year CD rate is 2.15% APY at Fort Knox FCU and the best 5-year CD rate is 3.00% APY at Connexus Credit Union (requires an active checking account).

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To search for nationwide CD rates and CD rates in your state, please refer to the best CD rates section of DepositAccounts.com.

Comments

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7 Comments.

Anonymous | Aug 3, 2011 | Comment #1

I just visited a branch in Manhattan. Although they currently have strong CD rates, the early withdrawal penalty is relatively harsh: 365 days for 5-year CDs and 180 for 2 and 3-year CDs. As an aside, their money market is currently quite compelling, yielding 1.3%.

Anonymous | Aug 3, 2011 | Comment #2

Chasing rates is a loosing proposition since FDIC sends letter of cease and desist to any bank that are over the FDIC ordered interest rate for that period and or increases the FDIC insurance on the money deposited into that bank.
Very soon after the rates are posted and new money attracted, the banks are lowering the rates immediately to comply with FDIC orders.
I stop chasing rates when the rates fell bellow 3% and do not intend to waste time and aggravate myself for few extra bucks.

CHIMAY PALMER | Aug 3, 2011 | Comment #3

i live on central park west where is the nearest branch?

Anonymous | Aug 4, 2011 | Comment #4

Money Market is good at 1.31%, but requires a minimum of $125,000!

Anonymous | Aug 4, 2011 | Comment #5

a good deal since rates are not going higher for a long time to come and will go lower mirroring yields in treasuries

Anonymous | Aug 5, 2011 | Comment #6

called them today. they told me they are about to decrease the 5 year rate. I told them I wanted to open the cd monday 8/8. They told me to call on monday to see if the rate is still in effect

Anonymous | Aug 8, 2011 | Comment #7

Just called Signature Bank customer service and asked for the rates for 2, 3 and 5 year cds and was told the following:

2 year 1.75

3 year 2.25

5 year 2.60

Not sure if this is rate or apy but it is a drop. I mentioned that to the rep and he responded yes, they cut the rates.

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