Some of the best CD rates in New York can be found at credit unions and online banks, rather than traditional brick-and-mortar banks. These institutions offer high APYs (annual percentage yields) on CDs—and most have no or low minimum deposit requirements. Currently, the highest APY offered in New York is 5.35%.
If you’re looking for current CD rates in New York, comparing accounts from a variety of banks can help you lock in the highest CD rates. You can also use a CD calculator to estimate how much money you’ll earn overall.
Best CD Rates in New York
We compared 356 CD accounts at 134 nationally available banks and credit unions to find some of the best certificates available in New York. Learn why we picked each account—including its pros and cons—then dig deeper by reading our individual bank reviews.
Annual percentage yields (APYs) and account details are accurate as of May 3, 2024.
Summary: Best CD Rates In New York
Company | Forbes Advisor Rating | Annual Percentage Yield | Minimum Deposit Requirement | Compounding Frequency | Learn More | ||||
---|---|---|---|---|---|---|---|---|---|
Bethpage Federal Credit Union Certificate Account | 5.0 | 2.25% to 4.00% | $50 | Daily | Learn more | On Fiona.com's Website | |||
Capital One Certificates of Deposit | 4.8 | 3.90% to 5.10% | $0 | Monthly | Learn more | Read Our Full Review | |||
Navy Federal Credit Union EasyStart℠ Certificate | 4.7 | 4.15% to 4.75% | $50 | Daily | Learn More | Read Our Full Review | |||
Quontic Bank Certificate of Deposit | 4.6 | 4.30% to 5.05% | $500 | Daily | Learn more | On Quontic Bank's Website | |||
PenFed Credit Union Money Market Certificates | 4.4 | 3.00% to 4.20% | $1,000 | Daily | Learn more | On Fiona.com's Website |
Methodology
To find the best CD rates in New York, Forbes Advisor looked at 356 CD accounts at 134 financial institutions that serve residents of New York. This included a mix of traditional brick-and-mortar banks, online banks and credit unions. For the star ratings, we analyzed each certificate on 10 data points within the categories of APY, minimum deposit requirements, compound interest schedule, customer service, digital experience, available terms and overall availability.
The following is the weighting assigned to each category:
- APY: 50%
- Minimum deposit requirement: 21.5%
- Compound interest schedule: 7.5%
- Digital experience: 6%
- Customer service: 5%
- Availability: 5%
- Available terms: 5%
Based on these categories, we ranked CD accounts from best to worst. CD accounts with high APYs rose to the top of the list. Minimum deposit requirements of $10,000 or higher had a negative impact on scores. Daily compounding interest schedules increased an account’s score more than monthly or quarterly schedules. To appear on this list, the account must be available in New York.
To learn more about our rating and review methodology and editorial process, check out our guide on How Forbes Advisor Reviews Banks.
How To Find the Highest CD Rates in New York
If you’re looking to find the highest CD rates in New York, you might want to start with New York credit unions. Several of the highest CD APYs in New York are offered by credit unions, and the rest are offered by online banks.
Being a New York resident doesn’t mean you can only get CDs at banks or credit unions that have a physical location in New York. You have lots of options. Some credit unions, like PenFed, offer membership to people nationwide. Online banks serve customers throughout the U.S. and sometimes offer highly competitive rates on CDs, such as Quontic Bank’s CDs, which offer from 4.30% to 5.05% APY.
Short-Term CDs in New York
Short-term CDs are a great way to save money for a specific goal within the next year, such as a down payment on a house or a new car. They offer a fixed interest rate, which means you can know ahead of time how much money you’ll earn—even if interest rates go down. And, because they’re short-term, you won’t have to lock your money away for a long period of time.
All of the accounts on our best CD rates in New York list offer short-term CDs with terms as brief as three or six months.
Long-Term CDs in New York
Long-term CDs in New York may offer a higher interest rate than short-term CDs, but they also require you to keep your money locked up for a longer period of time. These CDs come with terms of one year or longer.
All of the CDs on our list offer terms of one year or longer, with most offering term lengths of up to five or seven years.
Jumbo CDs in New York
The best jumbo CDs in New York offer higher APYs to customers with larger balances. Jumbo CDs typically require an opening deposit of at least $100,000. These are good for customers who want to invest a lot of money in a CD and earn more than they would with a savings account.
Most of the CDs on this list pay the same APY across all balances. However, some of the institutions listed also offer jumbo CDs or certificates with a tiered APY that pays higher rates on larger balances. If you plan to deposit $100,000 or more, these are worth looking into.
Find The Best CD Rates Of 2024
Frequently Asked Questions (FAQs)
Which bank has the best CD rates in New York?
Capital One Bank and Quontic Bank offer some of the best CD rates we’ve found at New York banks, with rates up to 4.80% APY at the former and ranging from 4.30% to 5.05% APY at the latter. Bethpage Federal Credit Union, PenFed Credit Union and Navy Federal Credit Union also offer some of the best CD rates in New York.
What’s the average CD rate in New York?
According to FDIC survey data, as of April 15, 2024, the national average rate on a 12-month CD is 1.81%. That means the best CD rates in New York (above 5.00% APY) give you almost three times the earnings that you’d get from an average CD.
How to get the best 1-year CD interest rates in New York?
If you want the best CD rates in New York on a one-year term, you might consider Quontic Bank. Quontic Bank offers CD rates from 4.30% to 5.05% APY, which is the highest rate we’ve found for New York financial institutions.
Other banks and credit unions like Capital One and PenFed also offer high rates. Capital One offers 4.80%APY on its one-year CD, and PenFed Credit Union offers 4.20% APY on its one-year Money Market Certificate.
How does a CD ladder work?
A CD ladder is an investment strategy that involves purchasing multiple CDs with staggered term lengths with the goal of maximizing your long-term earnings while maintaining short-term access to cash. For example, if you had $12,000 of cash, you could put $4,000 into three different CDs with six-month, 12-month, and 18-month terms. The 18-month CD might offer the highest rate, but spreading cash across these three CDs allows you to access your funds every six months while still taking advantage of that high rate.