The Best CD Rates In New York June 2024 (2024)

Best CDs In New York 2024

To find the best New York CD rates, we looked at local and online banks as well as credit unions. We evaluated the APY, minimum deposit requirements and term lengths offered.

The Best CD Rates In New York June 2024 (1)

Quontic Bank Certificate of Deposit

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Term Length

6 months

Min. Deposit Requirement


Early Withdrawal Penalty

Equal to the interest for the entire term length

Why We Chose It

Quontic Bank started as a community bank in the Big Apple and has a customer-first approach. The bank offers competitive rates on CDs with five term options available between six months and five years. To open a CD with Quontic Bank, there is a relatively low minimum deposit of $500. There are also no monthly fees and the CD accounts are FDIC-insured.


  • Various terms to choose from
  • Competitive interest rates
  • Relatively low minimum deposit of $500
The Best CD Rates In New York June 2024 (2)

Bethpage Federal Credit Union Certificate Account

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Term Length

11 months

Min. Deposit Requirement


Early Withdrawal Penalty

Equal to 90 days dividends on the amount withdrawn

Why We Chose It

Bethpage Federal Credit Union is the largest credit union in New York State with simple membership requirements. All you need to open a savings account is $5. The Bethpage Federal Credit Union Certificate Account has a low barrier to entry with a minimum deposit of $50 and above-average APYs. Customers can choose from 11 different term lengths.


  • Low minimum deposit of just $50
  • 11 term lengths to choose from between 3 months to 5 years
  • Simple and accessible membership requirements


  • Must become a member of Bethpage Federal Credit Union to access CDs
  • Requires opening a savings account with $5 first
  • Some term lengths have lower APYs than you’ll see offered elsewhere
The Best CD Rates In New York June 2024 (3)

BMO Alto Online Certificate of Deposit

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Term Length

6 months

Min. Deposit Requirement


Early Withdrawal Penalty

90 days of interest

Why We Chose It

The BMO Alto Online Certificate of Deposit offers some of the best CD rates in New York across various term lengths between six months and five years. The account is easily accessible and comes with no minimum deposit or balance requirement.


  • $0 minimum deposit
  • Competitive rates for all term lengths
  • Six term lengths to choose from


  • Must fund the account within 10 days or you may face account closure
  • No mobile app
  • Limited short-term options

Vault’s Viewpoint: Overview of the Best New York CDs

The best New York CD rates currently offer APYs above 5% and have term lengths of less than a year. CD rates have benefited across the board from interest rate increases by the Federal Reserve, but higher rates tend to accompany shorter term lengths.

The minimum deposits of the best CD rates in New York range from $0 to $500—low compared to many accounts that require $1,000, $10,000, or even $25,000 to open a CD.

Term lengths range from three months to five years with plenty of options in between. That provides flexibility for savers: If you want to save up for a near-term vacation, you can choose a shorter term, and if you want to save for a down payment over the next few years, you can opt for a longer term.

Bank (or Credit Union) in New YorkCD TermAPYMinimum Deposit
Quontic Bank Certificate of Deposit6, 12, and 24 months, 3 and 5 years4.30% to 5.05%$500
Bethpage Federal Credit Union Certificate Account3, 6, 11, 12,18, 24, 30, 36, 39, 48 and 60 months2.25% to 5.00%$50
BMO Alto Online Certificate of Deposit6, 12, 24, 36, 48, and 60 months4.60% to 5.15%$0

Short-Term CD Rates in New York

Currently, short-term CD rates are high thanks to elevated interest rates set by the Federal Reserve. These CDs have a term length that’s less than a year with some as short as three months. Other options include six-month terms, and in the case of Bethpage Federal Credit Union, 11-month terms.

Long-Term CD Rates in New York

Long-term CDs typically have a term length of one year or more. In general, long-term CD rates are higher than what you might find with short-term CD rates. This incentivizes you to lock up your money for longer.

However, that’s not the case in the current interest rate environment. For example, New York banks and credit unions listed above all have long-term CDs with terms up to five years, but the highest rates are for the CDs with six-month and 11-month terms.

Jumbo CD Rates in New York

These recommended banks and credit unions have accessible and relatively affordable deposit requirements. But to qualify for even higher APYs, you need to put down a significant deposit and open a Jumbo CD. Jumbo CDs offer higher APYs but also require a large opening deposit of $100,000.

How Much Can You Earn With The Best CD Rates In New York?

Certificates of deposit can be a smart way to save while earning interest on your money. The amount of interest you earn will vary by the bank or credit union and the term length. We looked at the best CD rates in New York with the corresponding CD terms and evaluated estimated earnings based on a $25,000 deposit.

It’s important to look not only at the rates but the term as well. As you can see below, the BMO Alto Online Certificate of Deposit has the highest APY, but not the highest estimated earnings. That goes to Bethpage Federal Credit Union Certificate Account with a CD term of 11 months that can earn you over a thousand dollars in interest.

Though you stand to earn more in the longer term in this situation, remember that you can’t touch your funds without facing penalties. So when deciding on CD rates and terms make sure you deposit funds you don’t need right away.

Bank (or Credit Union) in New YorkCD TermAPYEstimated Earnings
Quontic Bank Certificate of Deposit6 months5.05%$623.48
Bethpage Federal Credit Union Certificate Account11 months5.00%$1,143.49
BMO Alto Online Certificate of Deposit6 months5.15%$635.67

How to Open a CD In New York

If a CD makes sense for you, here’s how to open a CD in New York.

  • Compare options. To find the best New York certificate of deposit for you, compare the available options. Look at minimum opening deposit and balance requirements, monthly fees, term lengths and APYs.
  • Select a CD. Based on your needs, select a CD that aligns with your financial goals. Double-check the term length so you’re sure that you can handle locking up your money for the specified time frame.
  • Prepare materials. Banks and credit unions will ask for personal information and an ID to verify your identity when you apply for a CD. Gather your driver’s license or passport and Social Security Number (SSN). You may also need to provide your date of birth and address.
  • Apply. To apply for a CD in New York go to the company’s website or a local branch, if applicable. If submitting online, the application process shouldn’t take more than a few minutes.
  • Make a deposit. Once your CD is open, make a deposit and meet any minimum requirements. If you want to take advantage of the best New York CD rates, consider depositing more than the minimum. The more you deposit into a CD, the more interest you can earn. Be sure to have accessible funds elsewhere, since you won’t have access to the money until the CD matures.
  • Keep money in your account. Avoid early withdrawal penalties and missing out on interest by keeping your money in the account for the length of the term. At the end of your term, you may access your money or renew your CD.

Alternatives to a CD In New York

The best CD rates in New York are appealing if you’re looking to grow your funds. But what if you’re not in a position to lock up your cash? If you need more accessibility and options, here are alternatives to consider that come with comparable APYs.

High-Yield Savings Accounts

A high-yield savings account is a good alternative to a CD as it has more flexibility and can earn you interest with competitive rates. Currently, many high-yield savings accounts have APYs around 5%, similar to current CD rates.

Online banks and credit unions typically offer the best rates in New York. When you open a high-yield savings account, you have more freedom to withdraw your money as you please. Though some banks have done away with withdrawal limits, be aware that banks may limit you to six withdrawals per month.

Money Market Accounts

Money market accounts (MMAs) are another alternative to CDs. MMAs are a mix of both savings and checking accounts in that you can earn interest on your deposits and easily access your funds via debit cards and check writing.

Cash Management Accounts

High-yield savings accounts and money market accounts are available through banks and credit unions. Cash management accounts (CMAs), which can serve as a savings vehicle, are available through brokerage firms. CMAs can be a good place to park your cash for emergencies or before you invest it. These accounts typically offer competitive rates making them a solid alternative to a CD.

Frequently Asked Questions

Who Has the Highest CD Rate in NY Today?

Currently Popular Direct offers among the highest CD rates in New York at 5.30% APY on a six-month term. However, the minimum deposit is $10,000. You can also score CD rates of 5.05% in New York with Quontic Bank’s six-month CD which has a $500 minimum deposit. Be aware that the best New York CD rates can change at any time.

Is It Possible To Get 7% Interest on My CD in New York?

There aren’t currently CDs in New York or nationwide with a 7% APY. Rates fluctuate based on a range of factors but the highest are currently around 5% APY. You can compare CD rates in New York to find the highest rate.

What’s the Average CD Rate in New York?

The average CD rates across the country are 1.53% for three-month term, 1.79% for a six month term, 1.80% for a one-year term and 1.40% for a five-year term. The best rates in New York are around 5% APY, though some banks and credit unions offer higher and lower rates. NY CD rates can also change based on the term length and vary widely between major banks, online banks and credit unions.

The Best CD Rates In New York June 2024 (2024)


The Best CD Rates In New York June 2024? ›

Key takeaways. The national average rate for one-year CD rates will be at 1.15 percent APY by the end of 2024, McBride forecasts, while predicting top-yielding one-year CDs to pay a significantly higher rate of 4.25 percent APY at that time.

Who has the highest CD rates in NY? ›

Top CD rates in New York (overall)
APYTerm LengthInstitution Name
5.30%12 monthsQuontic Bank
5.30%9 monthsSantander Bank
5.25%6 monthsFirst National Bank of Long Island
5.25%6 monthsEast West Bank
16 more rows

How high will CD rates go in 2024? ›

Key takeaways. The national average rate for one-year CD rates will be at 1.15 percent APY by the end of 2024, McBride forecasts, while predicting top-yielding one-year CDs to pay a significantly higher rate of 4.25 percent APY at that time.

Who is offering a 5% CD rate? ›

Highest current CD rates (overall)
Institution nameAPYTerm length
Morgan Stanley5.00%18 months
Bask Bank5.00%18 months
LendingClub Bank5.00%18 months
CFG Bank5.00%18 months
31 more rows

Where can I get 7% interest on my money? ›

Why Trust Us? As of June 2024, no banks are offering 7% interest rates on savings accounts. Two credit unions have high-interest checking accounts: Landmark Credit Union Premium Checking with 7.50% APY and OnPath Credit Union High Yield Checking with 7.00% APY.

Can you get 6% on a CD? ›

It's possible for some people to get 6% on a CD right now, but only if you are eligible to join a smaller credit union since no nationally available financial institutions are currently offering them. CDs with 6.00% APY are getting harder to find.

Who is paying the highest interest rates on CDs right now? ›

The highest certificates of deposit (CDs) rates today are offered by Nano Bank (6.00%), Merchants Bank of Indiana (5.92%), Shoreham Bank (5.50%) and HAB Bank (5.48%). You can see the full list of the highest-paying CDs here.

Should I lock in a CD now or wait? ›

Unlike traditional or high-yield savings accounts, which have variable APYs, most CDs lock your money into a fixed interest rate the day you open the account. That's why if you suspect that interest rates will soon drop, it can be a good idea to put money in a CD to preserve the high APY you would earn.

What is the best CD rate for $100,000? ›

Best Jumbo CD Rates for June 2024
CD Bank5.20% APY$100,000
Luana Savings Bank4.42% APY$100,000
All In Credit Union4.13% APY$100,000
Best non-Jumbo option: TotalDirectBank5.51% APY$25,000
46 more rows

What are the predictions for interest rates in 2024? ›

The 30-year fixed mortgage rate is expected to fall to the mid-6% range through the end of 2024, potentially dipping into high-5% territory by the end of 2025. However, recent economic developments have led some forecasters to believe that rates will remain elevated at around 7% for the remainder of this year.

What is Webster bank's current CD rate today? ›

Traditional CD
Traditional CDMinimum DepositAPY
6 Month$1,0000.05%
11 Month$1,0004.25%
3 Year$1,0000.20%
5 Year$1,0000.30%
May 15, 2024

What is the highest CD rate at Capital One? ›

Capital One's 12 and 18-month CDs have the highest annual percentage yields (APYs), 5.00% and 4.45%. The bank regularly offers promotional CDs with higher rates. Currently, a 10-month CD offers 5.10% APY. Capital One yields are more competitive than many big banks, though several online banks offer similar rates.

Where can I get 5% interest? ›

Best 5% interest savings accounts
Savings AccountAPY
Primis Savings Account5.07% APY
EverBank Performance℠ Savings5.05% APY
Salem Five Direct eOne Savings5.01% APY
CIT Bank Platinum Savings5.00% APY on balances of $5,000 or more; 0.25% APY on balances under $5,000
19 more rows
3 days ago

Where to put $10,000 for best interest? ›

A stocks and shares Isa is likely to be most suitable. That is unless you will turn 55 within 30 years, in which case a pension might be a better tax wrapper for you. If you're unsure about the time horizon, you could invest in both a pension and a stocks and shares Isa.

Are there any 7% CDs? ›

Can You Get a 7% CD Account? There was a lot of excitement in August 2023 about a few credit unions offering 7% APYs on certificates. But those rates were offered for a limited time only and are no longer available. However, the nation's best CD rates are still well above 5%, with some pushing toward 6%.

Where can I get 10% interest? ›

Investments That Can Potentially Return 10% or More
  • Growth Stocks. Growth stocks represent companies expected to grow at an above-average rate compared to other companies. ...
  • Real Estate. ...
  • Junk Bonds. ...
  • Index Funds and ETFs. ...
  • Options Trading. ...
  • Private Credit.
Jun 12, 2024

How much does a $10,000 CD make in a year? ›

Earnings on a $10,000 CD Over Different Terms
Term LengthAverage APYInterest earned on $10,000 at maturity
1 year2.61%$264.14
18 months2.22%$338.29
2 years2.08%$424.40
3 years1.95%$601.95
3 more rows
Jun 14, 2024

What are current CD rates at New York Community bank? ›

How New York Community Bank CD Rates Compare to Other Banks'
CD AccountNew York Community BankAlly Bank
6 Month5.50% (7 Month)4.40%
1 Year5.15% (13 Month)4.50%
May 9, 2024

What is the highest CD rate at bank of America? ›

The highest Bank of America CD rate is a 4.75% APY, which is for its seven-month featured term. The bank's one-year flexible CD offers a competitive rate and penalty-free withdrawals. The 13-month featured CD guarantees a 4.30% APY.

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