The best CD rates for New York in July 2024

To identify the top-performing CDs, we collaborated with Curinos, leveraging information from more than 20,000 data points from banks and financial institutions in New York. Our selection of CDs boasts the state’s highest annual percentage yields (APYs). 

Also, our recommendations are FDIC or NCUA insured, which means your money is safe–at least up to $250,000.

Discover

Minimum opening deposit: $2,500

Term length	APY
1-year CD	4.70%
3-year CD	3.75%
5-year CD	3.75%

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at Discover

Eligibility

Customers can open a CD with Discover Bank online in a few simple steps. You will be required to provide your address, social security number, and a minimum opening deposit of $2,500.

Early withdrawal penalties  

If you must withdraw funds from your Discover Bank CD before it matures, an early withdrawal penalty will apply. The amount of the penalty will vary depending on the length of your CD:

Less than 1 year: 3 months simple interest

1-4 years: 6 months simple interest

4-5 years: 9 months simple interest

5-7 year: 18 months simple interest

7-10 years: 24 months simple interest

 

at Discover

Best CD rates in New York overall

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We've also compiled data from banks nationwide to identify the top 10 best CD rates. These selected CDs provide some of the most competitive rates and lowest minimum opening deposit requirements, regardless of location.

Best CD rates in New York by term

By analyzing data from Curinos, we determined the optimal 6-month, 1-year, and 5-year CDs available in New York.

To qualify for these rates, you must meet the criteria outlined in the notes field in the tables below. While some note fields may be blank, we recommend contacting the institution for the most accurate details.

Best 6-month CD rates in New York

You can secure a competitive APY without committing your funds for an extended period. Enter: the 6-month CD. 

However, you’ll typically get a higher yield by opting for a longer duration.

Best 1-year CD rates in New York

If you’re not ready for a multi-year commitment but your investment horizon still exceeds six months, a 1-year CD could be a solid choice. Plus, some CDs have low minimum opening deposit requirements, so you can use them to build your investments.

Best 5-year CD rates in New York

Do you have a long-term savings goal that you’re working towards? Consider a 5-year CD. Although it requires a longer commitment, 5-year CDs typically offer higher APYS than shorter-term ones.

What is a certificate of deposit?

With a CD, you park your money for a fixed time and receive a fixed interest rate. A CD is a type of deposit account, so it’s a risk-free investment if your bank or credit union is FDIC or NCUA-insured.

If you need to access your money before the CD reaches maturity, you might be charged an early withdrawal penalty, which is usually worth a few months of interest.

What does APY mean on a CD?

APY stands for annual percentage yield, the amount of interest you earn in a year. For example, if you sock away $1,000 in a 1-year CD with a 5% APY, you’ll make $50 after the 12 months end.

What are the most common types of CDs?

There are many types of CDs, but you’ll most commonly find traditional, brokered, and no-penalty CDs. 

• Brokered CDs. Financial institutions and banks sell CDs to brokerages, which then sell them to customers with more attractive APYs than traditional CDs.
• No-Penalty CDs. A no-penalty CD allows you to access your funds without incurring early withdrawal fees. However, these CDs typically come with lower interest rates.
• Traditional CD. A secure and dependable deposit account that offers a fixed rate of return when you commit your funds for a fixed period of time.

How to choose the best CD in New York

There are over 190 FDIC-regulated banks and 290 NCUA-regulated credit unions in New York. Here’s how to choose the right one for your needs:

• Term length: A CD’s term length tells you how long it takes to mature. CD term lengths can last a few weeks or many years. Choose a term length that meets your needs and aligns with your investment horizon.
• APY: The annual percentage yield is the amount of interest you earn in a year. The higher the rate, the more you can expect to earn.
• Minimum deposit: Banks and credit unions may require that you invest a minimum amount of money to open a CD. The minimum opening deposit can range from zero dollars to thousands. With a CD, you deposit a lump sum and don’t make additional contributions.
• Penalties: Most CDs penalize you for making an early withdrawal: You might lose out on your earned interest plus some of your principal balance. 
• Deposit insurance:FDIC and NCUA insurance provides depositors with insurance coverage if their bank or credit union fails–up to $250,000 per depositor or share owner, per ownership category category.