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.
Quontic Bank Certificate of Deposit
Vault Verified
APY
5.05%
Term Length
6 months
Min. Deposit Requirement
$500
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.
Pros
- Various terms to choose from
- Competitive interest rates
- Relatively low minimum deposit of $500
Cons
- No terms less than six months
- High early withdrawal penalty
- Has three NY locations, but only offers home loan services
Bethpage Federal Credit Union Certificate Account
Vault Verified
APY
5.00%
Term Length
11 months
Min. Deposit Requirement
$50
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Equal to 90 days dividends on the amount withdrawn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.
Pros
- Low minimum deposit of just $50
- 11 term lengths to choose from between 3 months to 5 years
- Simple and accessible membership requirements
Cons
- 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
BMO Alto Online Certificate of Deposit
Vault Verified
APY
5.15%
Term Length
6 months
Min. Deposit Requirement
$0
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.
Pros
- $0 minimum deposit
- Competitive rates for all term lengths
- Six term lengths to choose from
Cons
- 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 York | CD Term | APY | Minimum Deposit |
| Quontic Bank Certificate of Deposit | 6, 12, and 24 months, 3 and 5 years | 4.30% to 5.05% | $500 |
| Bethpage Federal Credit Union Certificate Account | 3, 6, 11, 12,18, 24, 30, 36, 39, 48 and 60 months | 2.25% to 5.00% | $50 |
| BMO Alto Online Certificate of Deposit | 6, 12, 24, 36, 48, and 60 months | 4.60% 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 York | CD Term | APY | Estimated Earnings |
| Quontic Bank Certificate of Deposit | 6 months | 5.05% | $623.48 |
| Bethpage Federal Credit Union Certificate Account | 11 months | 5.00% | $1,143.49 |
| BMO Alto Online Certificate of Deposit | 6 months | 5.15% | $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.
