Best 6-month CD Rates in New York (Top 3)

Anyone living in New York that happens to be in the market for a short term bank CD may want to stop by one of these 3 local institutions mentioned below. We were forwarded these attractive 6 month CD rates this week and they feature APY’s that significantly thump the current national average for six month terms.

Top 3 6-Month CD Rates in New York:

(Like all bank rates, the APY’s we’ve mentioned below are time sensitive in nature. Please refer to our CD rate tables to find updated rate information across the country. You can also compare the APY’s below with the best CD rates in New York City from our archives to see how rates have been trending.)

1) Visions Federal Credit Union (Watkins Glen, NY) has a 6 month CD yielding 1.36% APY with a minimum deposit requirement of $2,500. Visions FCU has 16 branch locations throughout New York including one in Rochester, Syracuse and Norwich. If you live or work in Broome, Chenango, Tioga, Chemung or Schuyler counties in New York; or the Cities of Rochester or Syracuse, New York; or Bradford County, Pennsylvania; you can join Visions Federal Credit Union.

2) SeaComm Federal Credit Union (Potsdam, NY) has a 6 month CD yielding 1.32% APY with a minimum deposit requirement of $2,500. SeaComm FCU has just 5 locations in New York – Massena, Potsdam, Malone, Canton, and Ogdensburg. You are eligible to join SeaComm if you live, work, worship or attend school anywhere in St. Lawrence County or in the following municipalities of Franklin County: Bangor, Bellmont, Bombay, Brandon, Burke, Chateaugay, Constable, Dickinson, Duane, Fort Covington, Malone, Moira, St. Regis Reservation, Waverly and Westville.

3) Massena Savings and Loan Bank (Massena, NY) has a 6 month CD yielding 1.22% APY with a minimum deposit of $2,500 required. Massena Savings and Loan Bank has just 2 locations in New York – Massena and Waddington. You may wish to contact them about opening a CD over the phone if don’t live near one of their two branches.

To put the offers above in perspective, the current national average for 6 month CD’s sits at roughly 0.56% APY. If you live in New York and know of a better six month deposit rate, please share by leaving a comment!

Top 12 month CD rates in New York smash national average!

We were forwarded a pretty sweet 12 month CD rate over the weekend by New York state resident Neil F. Currently if you are eligible to join American Airlines Federal Credit Union you can take advantage of a 12 month CD yielding a whopping 1.91% APY with a $10,000 minimum deposit (1.81% APY with a $1,000 deposit)! To put this offer in perspective the current national average for bank CDs (certificate of deposits) with 1 year maturities sits at roughly 1.14% APY.

America Airlines Credit Union (Jamaica, New York) CD Rates:

- 12 month CD yielding 1.81% APY with a minimum deposit of $1,000 required and 1.91% APY with a minimum deposit of $10,000 required.

- 24 month CD yielding 1.91% APY with a minimum deposit of $1,000 required and 2.02% APY with a minimum deposit of $10,000 required.

- 30 month CD yielding 2.32% APY with a minimum deposit of $1,000 required and 2.42% APY with a minimum deposit of $10,000 required.

- 36 month CD yielding 2.52% APY with a minimum deposit of $1,000 required and 2.63% APY with a minimum deposit of $10,000 required.

- 48 month CD yielding 2.98% APY with a minimum deposit of $1,000 required and 3.14% APY with a minimum deposit of $10,000 required.

- 60 month CD yielding 3.14% APY with a minimum deposit of $1,000 required and 3.39% APY with a minimum deposit of $10,000 required.

Before you get too excited about these rates (particularly their 12 month CD rates) understand that AACU is a fairly difficult credit union to join. If you dont have family members who work for -or are retired from- AA or related organizations such as TSA, FAA, etc., then you may be tough out of luck. So for those New York residents who don’t qualify here are some other valuable options…

Best 12 month CD rates available to New York residents:

- CCSE Federal Credit Union (out of Salamanca, New York) has a 12 month CD yielding 1.764% APY with a $1,000 minimum deposit required.

- CFCU Community Credit Union (out of Ithica, New York) has a 12 month CD yielding 1.76% APY with a $500 minimum deposit required.

- Atlas Bank (out of Brooklyn, New York) has a 12 month CD yielding 1.66% APY with a $2,500 minimum deposit required.

Like all bank rates, these are time sensitve in nature so please refer to the date of this article for accuracy. You may want to scroll through our archive of New York CD Rates to look for more offers available in your area.

Highest yielding money market account rates in New York

Below are the best money market account rates we have found serving residents in the state of New York. After digging through a number of rate pages of local banks and credit unions we have found that national banks are able to provide more competitive interest rates the local New York banks.

We had a pretty substantial debate on BankVibe last month on whether or not local banks and credit unions offered better products than the large national banks and concluded that it varied from state to state. Many states with high population density such as New York tended to lean towards the national banks for more competitive rates, while states such as Kansas, Nebraska and Idaho tended to lean towards local institutions for the highest yielding interest rates.

Best Money Market Account Rates in New York:

(click on the institution for more info)

• Hudson City Savings Bank: New York City, NY. High interest money market account yielding 1.75% APY with a minimum deposit amount of $2,500. This account takes about 10 minutes to sign up for. You will need a drivers license, a previous home address if you haven’t lived at your current residence for more than 2 years, social security number, checking account in which you are transferring the funds from, proof of being a legal US citizen. Hudson City Savings Bank claims to be the most efficient bank in North America. Forbes named it the “best managed bank” for both 2007and 2008. They attempt to eliminate overhead by providing the majority of their products online. They then return these savings to the customer in the form of lower fees and higher savings rates.
• First Heritage Federal Credit Union: Painted Post, NY. Money market account yielding up to 2.02% APY depending on the minimum balance you maintain. If you have a balance of between $2,500 and $49,999 you will earn an APY of 1.51%, if you maintain a balance of atl east $50,000 you will earn the advertised 2.02% APY. Like most credit unions, this one is a little tricky to join. First Heritage serves the following community field of membership: Persons who live, work, worship or attend school in the three county community, comprised of Steuben and Chemung Counties, New York and Tioga County, Pennsylvania, as well as their immediate family members, and also including businesses and other legal entities located in the proposed community.

Both of the above institutions are federally insured by either the FDIC or NCUA. If you live in New York and know of a better money market account rate, please share by leaving a comment.

Best 6 month CD rate found at a New York credit union

Thanks to BankVibe reader Stephanie for submitting what seems to be the highest yielding 6 month CD rate around. Unfortunately only a lucky few can actually take advantage of this product.

SeaComm Federal Credit Union out of New York is the one offering the lucrative rate. And as of today, their six month CD yields an interest rate of 2.82% APY. This currently smashes the national average by more than twice the rate (national average hovers around 1.30% APY).

They also have a number of other noteworthy savings products. They have a 1 year CD which is yielding almost the same (2.85% APY) and a two year CD which is yielding 3.03% APY. Both of those rates significantly beat the current national average.

Who can Join? (The Lucky Few!)

You are eligible to join SeaComm if you live, work, worship or attend school anywhere in St. Lawrence County or in the following municipalities of Franklin County: Bangor, Bellmont, Bombay, Brandon, Burke, Chateaugay, Constable, Dickinson, Duane, Fort Covington, Malone, Moira, St. Regis Reservation, Waverly and Westville. If you have extended family which meat this criteria you may be able to sneak in as well. I would contact a rep directly though for specifics on family member eligibility.

Residents in the state of New York have a decent list of high yielding CD rates to choose from. A few weeks back we mentioned the top 3 CD rates in New York and found that there are several local institutions offering very competitive rates.

Best certificate of deposit rates in New York

Below are the top 3 CD rates available to residents in New York (including all of New York City). The highest yielding certificate of deposit rates come in the form of 24 month CD’s, 36 month CD’s, and 60 month CD’s. As you are probably already aware of, the highest rates generally come from the longer maturities (ie a 12 month CD is going to yield a lower rate than a 5 year CD). Therefor, the rates I listed are those that beat the national average by the highest margin for their given duration.

As I mentioned with New Hampshire’s CD rates and Connecticut’s CD rates, it seems that rates offered by local institutions in the northeast are less competitive than those offered by large national banks. However, some of the local banking institutions serving the residents of New York are offering some phenomenal rates. If you reside in the northeast and know of a competitive rate offered by your local bank or credit union please share by leaving a comment!

Top 3 CD Rates (New York)

(clicking on the institution name will bring you to their rates page)

SeaComm Federal Credit Union: 24 month CD yielding 3.03% APY with a minimum deposit of $1,000. You may want to take a look at the article titled, SeaComm’s CD rates, in which I discussed the possibility that the rates listed on their website may be inaccurate. They were last updated in January of 2008 and are pretty lucrative when compared to the national average. SeaComm Federal CU has 15 branches throughout New York. Their products may be available nationwide if you are willing to stop by a local branch to fill out an application.

Massena Savings and Loan: 36 month CD yielding 3.18% APY with a minimum deposit of $1,000. On March, 24th, 1924, an organization certificate of the Massena Savings & Loan Association was submitted to the New York State Banking Department. The application was signed by twenty-eight business men with a total subscription value of $47,400. On May 21, 1924 the State of New York Banking Department approved the Certificate of Organization of the Massena Savings & Loan Association. Messena Savings and Loan is a member of the FDIC, the Federal Home Loan Bank of New York, America’s Community Bankers, and The Community Bankers Association of New York.

Hudson River Community Credit Union: 60 month CD yielding 3.75% APY with a minimum deposit amount of $500. Hudson River Community Credit Union (HRCCU) was founded in 1954 by the employees of International Paper Company in Corinth, New York as IPCO Federal Credit Union. Today, Hudson River Community Credit Union is a state-chartered community credit union. That is, anyone who lives, works, worships, attends school or a business or legal entity, such as churches, associations, etc., located within Saratoga, Warren, Washington, Rensselaer counties or the Towns of Cohoes, Watervliet or Green Island are eligible to join.

SeaComm Federal Credit Union’s certificate of deposit rates

Well I’m not sure what to make of SeaComm Federal Credit Union’s CD rates. (Thanks to BankVibe reader Sean for forwarding me their rates page, but I am a bit skeptical)

First, the rates advertised on their website are phenomenal. However, I am not sure how much stock I would hold in these being accurate. Why? Apparently they haven’t updated their savings rates page in over a year and a half (since January of 2008 to be exact) and anyone who is in or has been in the market for bank deposits knows that rates vary on a very regular basis.

Here are some of the best CD rates SeaComm Federal CU has listed…

• A 12 month CD yielding 2.85% APY
• A 2 year CD yielding 3.03% APY
• A 3 year CD yielding 3.13% APY
• A 5 year CD yielding 3.49% APY

All of these products are available with a $1000 minimum deposit.

How to Join SeaComm? (as seen on their website)

On February 4, 2000, The National Credit Union Administration granted SeaComm Federal Credit Union approval to provide financial services to all of St. Lawrence County and fifteen municipalities in northern Franklin County. Now all residents and businesses in these areas will have access to membership benefits such as competitive savings rates, low-interest loans and a diverse package of affordable financial services.

They go on to state that all you need to do is drop by one of their 15 locations, fill out an application, and deposit $5 into a “Regular Share Savings Account,” then you may take advantage of all their bank has to offer.

…So you may not need to reside in the counties listed above so long as you are able to stop by to open an account.

If you have any experience with this credit union or can attest to their advertised rates being accurate please share by leaving a comment.