The interest rate on The Berkshire Bank's (NY) 18-month CD has been steadily rising since October 2013, and is currently at 1.20% APY. The minimum opening deposit for this CD is $1K, with a balance cap of $500K; it is also available as an IRA. Interest is compounded daily and may be withdrawn before the CD matures.
The Early Withdrawal Penalty, as described in The Berkshire Bank's Account Agreement and Disclosure, is substantial:
"The early withdrawal penalty will be one-half (1/2) the interest that would be due on the CD over the entire term of the CD, regardless of the length of time the funds remained on deposit, subject to the following limits. The minimum penalty is 7 days simple interest. The maximum penalty is 270 days simple interest. It is possible that all or part of the penalty will be deducted from principal."
The Berkshire Bank is also offering a new Super Security Checking account earning 1.00% APY. When I first saw the name, I read it literally and thought it was an account with extra, high-tech safeguards; in fact, it's an account designed for those with monthly Social Security deposits. This account (limited to one per household) is for new customers and new money, or those existing customers who maintain a CD with The Berkshire Bank .To qualify for this Super Security Checking account, the following requirements must be met:
- Minimum $100 opening deposit
- Monthly direct deposit(s) from Social Security
- Maintain a minimum daily balance of $500
- Debit card associated with Super Security Checking account
Please refer to The Berkshire Bank's products page for full details.
The Berkshire Bank is a New York State chartered bank serving customers in NYC, Upstate New York, and portions of New Jersey (metropolitan New York City). While offering online banking for certain transactions, opening an account or purchasing a CD requires an in-person branch visit. The Berkshire Bank has branches in New York City (3), Brooklyn (4), Upstate New York (Goshen, Harriman, Bloomingburg), and Teaneck, New Jersey.
The Berkshire Bank of has an overall health rating of A at DepositAccounts.com, with a Texas Ratio of 4.56% (excellent) as of March 31, 2014. The Berkshire Bank holds $763.01 Million in assets, with $128 Million in equity, resulting in an excellent capitalization rate of 16.78%. Please refer to our financial overview of The Berkshire Bank for more details.
Established in 1989, The Berkshire Bank (FDIC Certificate # 27503) considers itself a community bank located in the financial capital of the country. Following the acquisition and merger with Goshen Savings Bank in 2001, The Berkshire Bank expanded its market to Upstate New York, continuing Goshen Savings Bank's 130-year tradition of serving and supporting the community.
How the Rates Compare
When compared to similar length-of-term CDs, as tracked by DepositAccounts.com and available to New York State residents, The Berkshire Bank's 18-month CD ranks well:
- 1.25% APY 18-month CD Greater Hudson Bank (with checking)
- 1.25% APY 18-month CD Eastbank (promotional)
- 1.20% APY 18-month CD The Berkshire Bank
- 1.10% APY 18-month CD Doral Bank NY
Super Security Checking
The requirement of a Social Security deposit makes the Super Security Checking unique, and therefore difficult to compare like-products to like-products. When based solely on interest rates, compared to other checking accounts as tracked by DepositAccounts.com. and available to New York state residents, The Berkshire Bank's Super Security ranks equally well:
- 4.00% APY The Bank of Greene County, Free e-checking ($1K max)
- 1.00% APY The Berkshire Bank, Super Security Checking ($500 min, $100K max)
- 0.85% APY Doral Bank NY, Gold Interest Checking (no max cap)
- 0.76% APY Bank5 Connect, Connect Checking ($100 min)
The above rates are accurate as of 8/17/2014.
To search for nationwide CD rates and CD rates in your state, please refer to the CD rates section of DepositAccounts.com.
To find the highest rates on checking accounts in your state and nationwide, please refer to our checking account rate table.