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

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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.

Comments
Anonymous
Anonymous   |     |   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
Anonymous   |     |   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
CHIMAY PALMER (anonymous)   |     |   Comment #3
i live on central park west where is the nearest branch?
Anonymous
Anonymous   |     |   Comment #4
Money Market is good at 1.31%, but requires a minimum of $125,000!
Anonymous
Anonymous   |     |   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
Anonymous   |     |   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
Anonymous   |     |   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.
2.07% 18-Month CD at Signature Bank in New York City - Local Only
Signature Bank made substantial cuts to their CD rates, but some of the rates remain fairly competitive. One in particular is the 18-month CD which has a 2.07% APY. They don't list the rates on their website, so I called this morning. Below are the rates as of 12/18/09:
  • 1.51% APY 6 months
  • 1.76% APY 12 months
  • 2.07% APY 18 months
  • 1.98% APY 24 months
  • 2.79% APY 36 months

Minimum deposit is $5,000. These aren't specials, so you don't have to worry about other requirements like a checking account.

My last post was in November when the...



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2.65% 24-Month CD & 1.90% 6-Month CD Continues at Signature Bank in New York City - Local Only
Update 12/18/09: The CD rates have fallen. Please contact the bank for the latest rates.

Signature Bank continues to offer very competitive CD rates. I last reported on these in October. A reader just left a comment saying that the 24-month CD rate is still at 2.65% APY. I called and confirmed the following rates:
  • 1.90% APY 6 months
  • 2.20% APY 12 months
  • 2.40% APY 18 months
  • 2.65% APY 24 months
  • 3.00% APY 36 months
These rates are effective as of 11/24/09, and are subject to change at any time. They don't list the rates on their...


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2.65% 24-Month CD & 2.20% 12-Month CD at Signature Bank in New York City - Local Only
Signature Bank continues to offer very competitive CD rates. As of 10/23/09, these rates include:
  • 1.90% APY 6 months
  • 2.20% APY 12 months
  • 2.40% APY 18 months
  • 2.65% APY 24 months
Minimum deposit is $5,000. These aren't specials, so you don't have to worry about other requirements like a checking account. The CD rates don't appear to be listed at the bank's website. I just called the bank for the rates. According to the CSR, these rates are subject to change at anytime.

A branch visit is required to open an account. Branches are located throughout...


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2.40% 18-Month CD & Other Competitive CD Rates at Signature Bank in New York City - Local Only
Signature Bank continues to offer very competitive CD rates. These include a 2.20% APY 12-month CD, a 2.40% APY 18-month CD and a 2.65% APY 24-month 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 CD rates don't appear to be listed at the bank's website. A reader emailed me about these today, and I just called for additional details. These rates are available as of today (9/24/09), but the CSR didn't know how much longer they...
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3.00% 24-Month CD & Other High CD Rates at Signature Bank in New York City - Local Only
Update 8/03/09: The CD rates have fallen, but they're still very competitive. A reader reported being told the following rates: 2.35% APY for 12 months, 2.5% for 18, and 2.75% for 24 months.

Signature Bank is still offering a 2.50% APY 12-month CD. In addition, the bank is offering other competitive rates including a 2.85% APY 18-month CD and a 3.00% APY 24-month 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 CD rates don't appear to be...

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