Banking » Compare Banks » Best CD Rates In New York: 7 Lucrative Options (September 2023)
Advertiser Disclosure

This website is an independent, advertising-supported comparison service. The product offers that appear on this site are from companies from which this website receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). This website does not include all card companies or all card offers available in the marketplace. This website may use other proprietary factors to impact card offer listings on the website such as consumer selection or the likelihood of the applicant’s credit approval.

This allows us to maintain a full-time, editorial staff and work with finance experts you know and trust. The compensation we receive from advertisers does not influence the recommendations or advice our editorial team provides in our articles or otherwise impacts any of the editorial content on The Smart Investor. While we work hard to provide accurate and up to date information that we think you will find relevant, The Smart Investor does not and cannot guarantee that any information provided is complete and makes no representations or warranties in connection thereto, nor to the accuracy or applicability thereof.

Learn more about how we review products and read our advertiser disclosure for how we make money. All products are presented without warranty.

Best CD Rates In New York: 7 Lucrative Options (September 2023)

Discover exceptional CD rates, low minimum deposits, and attractive early withdrawal fees on our handpicked list for New York residents
Author: Baruch Mann (Silvermann)
Baruch Mann (Silvermann)

Writer, Contributor

Experience

Baruch Silvermann is a financial expert, experienced analyst, and founder of The Smart Investor, which helps consumers make better financial decisions.  Silvermann’s areas of expertise include investing, banking, and credit cards. Silvermann has contributed to Yahoo Finance and cited as an authoritative source in financial outlets like Forbes, Business Insider, CNBC Select, CNET, Bankrate, Fox Business, The Street, and more. Aside from being a finance expert, his background includes working as a business and financial analyst. Above all, he is passionate about teaching people how to manage their money and helping millions on their journey to a better financial future.
Interest Rates Last Update: September 20, 2023
The banking product interest rates, including savings, CDs, and money market, are accurate as of this date.
Author: Baruch Mann (Silvermann)
Baruch Mann (Silvermann)

Writer, Contributor

Experience

Baruch Silvermann is a financial expert, experienced analyst, and founder of The Smart Investor, which helps consumers make better financial decisions.  Silvermann’s areas of expertise include investing, banking, and credit cards. Silvermann has contributed to Yahoo Finance and cited as an authoritative source in financial outlets like Forbes, Business Insider, CNBC Select, CNET, Bankrate, Fox Business, The Street, and more. Aside from being a finance expert, his background includes working as a business and financial analyst. Above all, he is passionate about teaching people how to manage their money and helping millions on their journey to a better financial future.
Interest Rates Last Update: September 20, 2023

The banking product interest rates, including savings, CDs, and money market, are accurate as of this date.

We earn a commission from our partner links on this page. It doesn't affect the integrity of our unbiased, independent editorial staff. Transparency is a core value for us, read our advertiser disclosure and how we make money.

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

Merrick bank logo
Merrick bank logo

Merrick Bank

APY Range

4.60% – 5.60%

Minimum Deposit

$25,000

Terms

3 months – 5 years

Fees

$0

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
4.75%
90 days of interest
6 Months
5.50%
90 days of interest
9 Months
5.55%
90 days of interest
12 Months
5.60%
180 days of interest
18 Months
5.40%
180 days of interest
24 Months
5.15%
180 days of interest
36 Months
4.60%
180 days of interest
48 Months
4.60%
270 days of interest
60 Months
4.60%
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

Bethpage_Federal_Credit_Union_logo
Bethpage_Federal_Credit_Union_logo

Bethpage Federal Credit Union

APY Range

2.25% – 5.00%

Minimum Deposit

$50

Terms

3 months – 5 years

Fees

$0

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
4.75%
90 days of dividends
6 Months
5.50%
90 days of dividends
9 Months
5.55%
90 days of dividends
12 Months
5.60%
180 days of dividends
18 Months
5.40%
180 days of dividends
24 Months
5.15%
180 days of dividends
36 Months
4.60%
180 days of dividends
48 Months
4.60%
180 days of dividends
60 Months
4.60%
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

discover logo
discover logo

Discover Bank

APY Range

2.00% – 5.00%

Minimum Deposit

$2,500

Terms

3 – 120 months

Fees

$0

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
3.40%
3 months interest
9 Months
3.50%
3 months interest
12 Months
4.85%
6 months interest
18 Months
5.00%
6 months interest
24 Months
4.30%
6 months interest
30 Months
4.30%
6 months interest
36 Months
4.30%
6 months interest
48 Months
4.00%
9 months interest
60 Months
4.00%
18 months interest
120 Months
3.80%
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

barclays logo
barclays logo

Barclays Bank

APY Range

4.45% – 5.15%

Minimum Deposit

$0

Terms

12 to 60 months

Fees

$0

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
5.15%
90 days of interest
18 Months
5.00%
90 days of interest
24 Months
4.60%
180 days of interest
36 Months
4.50%
180 days of interest
48 Months
4.45%
180 days of interest
60 Months
4.50%
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

synchrony-bank-logo-vector
synchrony-bank-logo-vector

Synchrony Bank

APY Range

2.25% – 5.15%

Minimum Deposit

$0

Terms

3 months – 5 year

Fees

$0

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
2.25%
90 days of interest
6 Months
4.90%
90 days of interest
9 Months
5.00%
90 days of interest
12 Months
5.10%
90 days of interest
11 Months – No Penalty
4.50%
/
18 Months
5.15%
180 days of interest
24 Months
4.40%
180 days of interest
36 Months
4.30%
180 days of interest
48 Months
4.00%
365 days of interest
60 Months
4.00%
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

Lafayette Federal Credit Union certificates (CDs)
Lafayette Federal Credit Union certificates (CDs)

Lafayette Federal Credit Union

APY Range

4.42% – 5.20%

Minimum Deposit

$500

Terms

7 months – 5 years

Fees

$0

Lafayette Federal Credit Union (LFCU) provides a range of CD options with APY varying from 5.20% for a 1-year term to 4.42% 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 September 2023, 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
4.63%
12 Months
5.20%
24 Months
5.09%
36 Months
4.84%
48 Months
4.68%
60 Months
4.42%

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

us-bank-logo
us-bank-logo

U.S. Bank

APY Range

0.05% – 4.90%

Minimum Deposit

$500

Terms

17 months – 5 years

Fees

$0

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
4.80%
CD Special
11 Months
4.75%
CD Special
15 Months
4.95%
CD Special
19 Months
4.95%
Step Up CD
28 Months
0.35%
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.

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
3.70% – 5.10%
$500
4.18% – 5.35%
$1,000
4.45% – 5.15%
$0
0.01% – 4.80%
$1
4.30% – 5.30%
$500
2.00% – 4.35%
$1,000
4.30% – 5.20%
$1,000
4.00% – 5.50%
$2,500
4.25% – 4.75%
$1,500
4.10% – 5.25%
$0
3.00% – 5.00%
$1,000
0.30% – 5.00%
$1,000
3.00% – 5.15%
$0
0.05% – 4.90%
$500
3.51% – 4.85%
$5,000
4.45% – 5.50%
$1,000
5.56% – 5.65%
$1,000
4.50% – 5.75%
$1,000
0.05% – 4.50%
$1,000
1.49% – 5.26%
$2,500
2.75% – 4.50%
$1,000
1.00% – 5.50%
$250
0.40%
$1,000
5.50%
$2,500
4.25% – 5.50%
$1,000
0.05% – 4.90%
$500
3.95% – 5.25%
$1,000

Compare CD Rates

Baruch Mann (Silvermann)

Baruch Mann (Silvermann)

Baruch Silvermann is a financial expert, experienced analyst, and founder of The Smart Investor, which helps consumers make better financial decisions.  Silvermann's areas of expertise include investing, banking, and credit cards. Silvermann has contributed to Yahoo Finance and cited as an authoritative source in financial outlets like Forbes, Business Insider, CNBC Select, CNET, Bankrate, Fox Business, The Street, and more. Aside from being a finance expert, his background includes working as a business and financial analyst. Above all, he is passionate about teaching people how to manage their money and helping millions on their journey to a better financial future.