There are many banks and credit unions in New York, making it challenging to find the best CD rates. Each CD account has its own advantages and disadvantages.
Some accounts have higher yields for short-term CDs, while others perform better in the long run.
Some accounts have attractive rates but limited terms, while others have multiple terms but lower rates. There are also differences in minimum deposit requirements and early withdrawal fees.
This article gives a quick overview of some of the best CD accounts in New York.
However, besides competitive rates, there are other factors to consider, such as account terms, minimum deposit requirements, and options for early withdrawal.
Merrick Bank
APY Range
Minimum Deposit
Terms
Fees
Merrick Bank offers really good interest rates and different CD terms.
Their rates are usually higher than what online banks and credit unions offer, and their short-term CDs are some of the best in the country.
You can choose from three months to five years for your CD duration and get a good interest rate for the whole time.
But there's one downside: you need to deposit at least $25,000 in one go, which might be too much for many people.
CD Term | APY | Early Withdrawal Penalty |
|---|---|---|
3 Months | 4.35% | 90 days of interest
|
6 Months | 4.30% | 90 days of interest
|
9 Months | 4.25% | 90 days of interest
|
12 Months | 4.15% | 180 days of interest
|
18 Months | 4.15% | 180 days of interest
|
24 Months | 4.15% | 180 days of interest
|
36 Months | 4.10% | 180 days of interest
|
48 Months | 4.10% | 270 days of interest
|
60 Months | 4.10% | 270 days of interest
|
Merrick Bank is a subsidiary of Cardworks, a company based in New York. They've been around since 1997 and mainly focus on credit cards and loans.
Now they also offer CDs, so they're a trusted and reliable option for CD laddering.
Bethpage Federal Credit Union
APY Range
Minimum Deposit
Terms
Fees
Bethpage Federal Credit Union has more than 20 branches in New York, making it a smart choice for certificates, especially if you want a short-term CD.
If you're interested in a 6-month or 12-month CD, Bethpage offers some of the highest rates available.
However, for longer terms, there are even better rates elsewhere. The minimum deposit for Bethpage Federal Credit Union certificates is $50, and you can't add any more money afterward.
They also have a 39-month Bump Up certificate, where you can increase your rate once during the 39 months.
When your certificate matures, you have a grace period of seven days. During this time, you can withdraw money, add more funds, or make changes without any penalties.
CD Term | APY | Early Withdrawal Penalty |
|---|---|---|
3 Months | 4.35% | 90 days of dividends |
6 Months | 4.30% | 90 days of dividends |
9 Months | 4.25% | 90 days of dividends |
12 Months | 4.15% | 180 days of dividends |
18 Months | 4.15% | 180 days of dividends |
24 Months | 4.15% | 180 days of dividends |
36 Months | 4.10% | 180 days of dividends |
48 Months | 4.10% | 180 days of dividends |
60 Months | 4.10% | 180 days of dividends |
Bethpage Federal Credit Union was established in 1941 and has become one of the largest credit unions with around 440,000 members.
Although it's based in Bethpage, New York, people from all over the United States can become members.
Discover Bank
APY Range
Minimum Deposit
Terms
Fees
Discover Bank offers highly competitive CD rates across a wide range of terms, making it convenient to find a suitable option for specific savings goals or to construct a CD ladder.
To open a CD with Discover, a minimum deposit of $2,500 is required. Furthermore, Discover Bank stands out as one of the few banks that provide a 10-year CD.
CD Term | APY | Early Withdrawal Penalty |
|---|---|---|
3 Months | 2.00% | 3 months interest
|
6 Months | 3.70% | 3 months interest
|
9 Months | 3.80% | 3 months interest
|
12 Months | 4.00% | 6 months interest
|
18 Months | 4.00%
| 6 months interest |
24 Months | 4.10% | 6 months interest |
30 Months | 3.50% | 6 months interest |
36 Months | 3.50% | 6 months interest |
48 Months | 3.50% | 9 months interest |
60 Months | 3.50% | 18 months interest |
120 Months | 3.50% | 24 months interest |
While Discover Bank does not provide a no-penalty CD, its penalty structure remains reasonable and depends on the CD's term.
Individuals residing in New York who are seeking a reputable bank with excellent customer service and a diverse range of products, serving as a one-stop shop for their banking needs, will find Discover Bank highly appealing.
Barclays Bank
APY Range
Minimum Deposit
Terms
Fees
Barclays certificates of deposit consistently outperform many other choices, which makes them a popular option in New York and elsewhere.
They offer great interest rates for long and medium terms, and you can find the specific details in the terms and conditions for Barclays Bank USA's CDs.
Just remember that they don't offer short-term CDs for 3 months, 6 months, and 9 months without a clear reason. The shortest term with competitive rates starts at 13 months.
CD Term | APY | Early Withdrawal Penalty |
|---|---|---|
12 Months | 4.00% | 90 days of interest |
18 Months | 3.25%
| 90 days of interest |
24 Months | 3.00% | 180 days of interest |
36 Months | 3.00% | 180 days of interest |
48 Months | 3.00% | 180 days of interest |
60 Months | 3.25% | 180 days of interest |
When your CD reaches maturity, Barclays Bank USA gives you a generous 14-day grace period.
During this time, you can decide whether to close your Barclays CD and withdraw the money, renew it for a different period, or simply let it renew automatically.
Barclays Bank US is a major credit card issuer and is part of the UK-based bank, Barclays.
Synchrony Bank
APY Range
Minimum Deposit
Terms
Fees
If you're a resident of New York and want to find an online bank with good CD rates, you should consider Synchrony Bank.
They offer competitive rates on CDs and have two special types of CDs: bump-up and no-penalty. These options are great for people who want flexibility in their investments.
Synchrony Bank has different terms for CDs, and you don't need a minimum deposit. The rates they offer are good for both short and long-term CDs.
The fees for withdrawing money early are similar to what other banks and credit unions charge.
CD Term | APY | Early Withdrawal Penalty |
|---|---|---|
3 Months | 0.25% | 90 days of interest |
6 Months | 3.70% | 90 days of interest |
9 Months | 4.00% | 90 days of interest |
12 Months | 4.00% | 90 days of interest |
11 Months – No Penalty | 0.25% | / |
18 Months | 3.80% | 180 days of interest |
24 Months | 3.50% | 180 days of interest |
36 Months | 4.00% | 180 days of interest |
48 Months | 3.50% | 365 days of interest |
60 Months | 4.15% | 365 days of interest |
Keep in mind that Synchrony Bank only allows a grace period of 10 days. During this time, you have a few choices.
You can add more money to your CD account, renew your CD, transfer the funds to another account, or withdraw your money.
Lafayette Federal Credit Union
APY Range
Minimum Deposit
Terms
Fees
Lafayette Federal Credit Union (LFCU) provides a range of CD options with APY varying from 4.28% for a 1-year term to 4.28% for a 5-year term.
The minimum deposit required to initiate a CD at LFCU is $500.
LFCU exhibits a high level of competitiveness in comparison to other credit unions and banks.
As of April 2025, the rates for the 1-year CD at LFCU are among the most favorable in the market, while the rates for other terms also demonstrate competitive attributes.
Term | APY |
|---|---|
7 Months | 4.28% |
12 Months | 4.28% |
24 Months | 4.28% |
36 Months | 4.28% |
48 Months | 4.28% |
60 Months | 4.28% |
You have a few options to become a member of Lafayette Federal Credit Union.
They physically serve Maryland, Washington, D.C., and Virginia, but you can join from anywhere in the US, including New York, by paying a $10 one-time membership fee to the Home Ownership Financial Literacy Council (HOFLC).
U.S. Bank
APY Range
Minimum Deposit
Terms
Fees
Despite the fact that traditional banks generally do not provide the most advantageous CD rates, we have made the decision to incorporate an alternative specifically for residents of New York who prefer traditional banking.
U.S. Bank offers a variety of conventional CD terms ranging from one month to 60 months, coupled with a reasonable minimum deposit requirement.
However, the returns on these regular CDs are relatively modest unless you opt for the CD Specials, which provide more favorable terms.
CD Type | CD Term | APY |
|---|---|---|
Standard CD
| 6 Months | 0.05% |
Standard CD
| 12 Months | 0.05% |
Standard CD
| 24 Months | 0.05%
|
Standard CD
| 36 Months | 0.10%
|
CD Special | 7 Months | 4.00% |
CD Special | 11 Months | N/A |
CD Special | 15 Months | 4.95%
|
CD Special | 19 Months | 4.95%
|
Step Up CD
| 28 Months | N/A |
Trade Up CD | 30 Months | 0.10% |
Trade Up CD | 60 Months | 0.40% |
US Bank has special CDs that require a minimum deposit of $1,000 and have shorter durations like 11, 15, and 19 months.
The interest rates for these special CDs are much higher than the regular US Bank CDs and are among the highest in the country.
Unfortunately, US Bank's policy on early withdrawal penalties is not clear.
No Penalty CDs In New York
To be honest, it's tough to find a no-penalty option in New York, but this issue isn't limited to New York alone.
Unfortunately, only a few banks and credit unions like CIT Bank, Synchrony Bank, and Citi offer no-penalty CDs. The rates for these CDs are usually lower than regular ones.
If you're looking for a no-penalty option in New York, you might want to check out savings accounts. They give you the freedom to withdraw your money whenever you need it.
Savings accounts are really popular and can be found in almost every bank or credit union in New York. And in many cases, they even offer higher interest rates than no-penalty CDs.
Find Out How Much Your CD Can Grow
* Make sure to adjust APY, terms and deposit
How New York CDs Compare?
The competition among CD providers is super tough these days. With the rising interest rates, banks and credit unions are offering rates that were unheard of a few years back.
So, it's always a good idea to compare CD rates, not just locally in New York, but also nationwide. Online banks are great because you can access them from anywhere, and they usually offer the highest rates.
Here's a list of some awesome options that didn't make it to our New York CD list:
CD APY Range | Minimum Deposit | |
|---|---|---|
3.75% – 4.50% | $500 | |
3.60% – 4.20% | $1,000 | |
3.00% – 4.00% | $0 | |
4.00% | $1 | |
3.00% – 4.00% | $500 | |
2.00% – 4.35% | $1,000 | |
3.10% – 4.25% | $1,000 | |
3.40% – 4.35% | $2,500 | |
4.25% – 4.75% | $1,500 | |
3.50% – 4.00% | $0 | |
0.02% – 4.00% | $1,000 | |
0.30% – 3.50% | $1,000 | |
2.90% – 4.00% | $0 | |
0.05% – 4.16% | $500 | |
3.51% – 4.85% | $5,000 | |
4.05% – 4.30% | $1,000 | |
4.22%- 4.45% | $1,000 | |
4.00% – 4.50% | $1,000 | |
0.05% – 4.50% | $1,000 | |
0.01%- 4.00% | $2,500 | |
2.75% – 4.35% | $1,000 | |
1.00% – 3.80% | $250 | |
4.05% | $1,000 | |
3.40% – 4.50% | $2,500 | |
4.05% – 4.30% | $1,000 | |
0.05% – 0.25% | $500 | |
3.50% – 4.10% | $1,000
|
Compare CD Providers Side By Side
Best CD Rates In New York: Research Methodology
The Smart Investor team extensively researched to identify the best CD rates in New York. We assessed them based on four main categories:
- Interest Rates and Terms (50%): We examined the interest rates offered by CD accounts in New York and any accompanying terms, such as the duration of the CD term, early withdrawal fees and minimum deposit requirements. CD accounts with higher interest rates and more favorable terms received higher ratings in this category.
- Account Features (20%): This category evaluated additional features offered by CD accounts, such as the option for automatic renewal at maturity, flexibility in terms of interest payout frequency (e.g., monthly, quarterly, or at maturity), and any special promotions or bonuses. CD accounts with extra features and flexibility earned higher scores.
- Customer Experience (20%): We analyzed the ease of opening a CD account, communication with customer service representatives, the usability of online banking platforms (tested by our team), and the availability of support channels. CD accounts offered by banks with user-friendly interfaces, responsive customer support, and efficient digital banking tools received higher ratings.
- Bank Reputation (10%): Our team scrutinized each bank's reputation based on factors such as customer satisfaction ratings, JD Power scores, TrustPilot reviews, and the bank's Better Business Bureau (BBB) profile. Banks with positive reputations and minimal customer complaints regarding CD account services received higher ratings.
We assigned weights to various features and qualities within each category to ensure a comprehensive evaluation of each CD account's offerings. Our ratings were based on a combination of these factors to assist consumers in selecting the best CD account in New York to meet their financial needs.
