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Getting the Best NY CD Rate

April 17, 2014

For those living in the New York area seeking out the best Certificate of Deposit  rate, they are in the right place.  A recent report issued by The Street’s RateWatch showed how New York CD rates are somewhat higher than the average nationwide.

In particular, Doral Bank is currently offering some superb rates for those seeking out a one-year CD.  A rate of 0.94 percent for a 1-year CD, compared with 0.39 percent for the Greater New York region is Doral Bank’s offer.  In addition, for a 6 month CD worth $10K, the average rate in New York was 0.24 percent, with Doral Bank offering the highest at a significantly higher rate of 0.87 percent.

Also in New York, the average 5-year CD rate stayed the same at 1.17 percent, likewise a little higher than the average nationwide which was 1.13 percent.

A CD is a promissory note issued by the bank whereby an investor deposits money for an established time period.  When the money is not touched, the investor receives interest on the total sum when the investment matures.


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