bank rates

Earn Top Returns With Two New York CDs

Two new CD promotions are on tap in New York from First American International Bank.

The community bank with eight branches in Manhattan, Brooklyn and Queens is paying 1.20% APY on 9-month certificates, slipping nicely between the top nationally available 6- and 12-month rates from the banks on our CD Rates Leaderboard.

With the same $500 minimum deposit, First American is also offering a 26-month CD at 1.55% APY, edging out the top-billed 2-year return of 1.50% APY on our Leaderboard.

It’s enough to earn First American two spots in our constantly updated roundup of the nation’s best-paying community bank and credit union CDs, and it’s making the deal even sweeter for the longer-term CD.

As a bank catering to the Chinese-American community – but open to all – First American is offering a menu of thank-you gifts for savers who open the 26-month CD at different deposit levels.

The gifts range from Chinese-themed good-fortune trinkets and gold figures to selfie sticks, Bose speakers, an Amazon Echo or even an Apple Watch.

Although First American does not stipulate residency requirements, opening its CDs must be done in person at one of its branches.

First American’s promotions will be tough to beat, but it’s still always smart to check Bankrate’s extensive database of the day’s best CD rates before locking in any certificate of deposit.

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