bank rates

Big Bank With Good CD Rates? Indeed

New York Community Bank offers good rates on 24-, 36-month CDs.Kudos to New York Community Bank. It’s been awhile since I’ve seen competitive CD rates from a big bank.

How competitive?

It’s paying 1.25% APY for 24-month CDs, and 1.55% APY for 36-month CDs.

If those were national deals, we’d be tracking them for our CD Rates Leaderboard.

(Actually, since AmTrust Direct is the online division of AmTrust Bank, which is a division of New York Community Bank, we technically are. AmTrust Direct pays 1.55% APY for 36-month CDs, but doesn’t have a 24-month offering.)

The top nationally available 24-month CD rates are 1.32% APY, while the top 36-month CD rates are 1.65% APY.

Large banks and thrifts only pay an average annual yield of 0.55% APY for 24-month CDs and 0.71% APY for 36-month CDs.

New York Community Bank has 241 branches.

In New York, it operates under New York Community Bank and Queens County Savings Bank, Richmond County Savings Bank, Roosevelt Savings Bank and Roslyn Savings Bank; and as Garden State Community Bank in New Jersey. (To get current CD rates at these banks, you must call.)

In that branch count are locations of AmTrust Bank in Florida and Arizona, and Ohio Savings Bank in Ohio.

While they are also members of the New York Community Bank family, they have slightly different CD rates, which can be found on their websites.

New York Community Bank’s short-term CDs aren’t nearly as competitive, but I’m not holding that against them since those rates are still better than average.

3-month CD rates are 0.20% APY vs. average rates of 0.15% APY. (Leaderboard leader is 0.90% APY.)

6-month CD rates are 0.50% APY vs average rates of 0.23% APY. (Leaderboard leader is 0.98% APY.)

12-month CD rates are 0.60% APY vs. average rates of 0.36% APY. (Leaderboard leader is 1.15% APY.)

60-month CD rates of 1.75% APY vs. average rates of 1.20% APY. (Leaderboard leader is 2.20% APY.)

There are better deals out there, and you’ll find them if you compare New York Community Bank’s returns with the best CD rates from scores of other banks in our extensive database.

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