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