best bank cd rates in ny

NerdWallet's Best 1-Year CD Rates for November 2021 · Discover Bank CD: 0.55% APY · Quontic Bank CD: 0.50% APY · Comenity Direct CD: 0.65% APY. Our Certificate Accounts (similar to CDs) are a smart way to save! Choose the rate that best meets your financial goals. rates. Certificates of Deposit (CD) · 1 year up to 2 (Apply Online), 0.798%, 0.80%, $500.00, Q · 2 years up to 3 (Apply Online), 0.897%, 0.90%, $500.00, Q · 3 years up to.

Best bank cd rates in ny -

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Founded in 1976, Bankrate has a long track record of helping people make smart financial choices. We’ve maintained this reputation for over four decades by demystifying the financial decision-making process and giving people confidence in which actions to take next.

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Our banking reporters and editors focus on the points consumers care about most — the best banks, latest rates, different types of accounts, money-saving tips and more — so you can feel confident as you’re managing your money.

Bankrate's guide to choosing the right CD rate

Bankrate's experience on financial advice and reporting

At Bankrate, we regularly survey approximately 4,800 banks and credit unions in all 50 states to provide you with one of the most comprehensive comparisons of interest rates. All of the CD accounts below are insured by the FDIC at banks or the NCUA at credit unions. When selecting the best CD account for you, look for the highest yield while also considering introductory rates, minimum balances and accessibility.

We strive to help you make smarter financial decisions. We follow strict guidelines to ensure that our editorial content is not influenced by advertisers. Our editorial team receives no direct compensation from advertisers, and our content is thoroughly fact-checked to ensure accuracy. The top banks listed below are based on factors such as APY, minimum balance requirements and broad availability.

Top CD rates by term

Note: The annual percentage yield (APYs) shown are as of Nov. 19, 2021. The APYs for some products may vary by region.

Best 3-month CD rates

Best 6-month CD rates

Best 9-month CD rates

Best 1-year CD rates

Best 2-year CD rates

Best 3-year CD rates

Best 4-year CD rates

Best 5-year CD rates

The Federal Reserve and CD rates

The Federal Reserve's interest rate decisions can impact the rates that banks offer on CDs. When the Fed raises or lowers the federal funds rate, banks typically respond by moving savings and money market account yields in the same direction. CDs tend to track Treasurys closely. In 2019, a year when the Fed lowered rates three times, CDs generally decreased before or after a Fed rate cut.

Two emergency Fed rate cuts in March 2020, and decreasing Treasurys last year, caused high-yield CDs to decrease.

If you’re concerned about rates potentially decreasing or want to lock in a fixed yield, a CD may be right for you. Savings accounts and money market accounts generally have variable rates, meaning your yield can decrease. Introductory rates on those accounts are an exception to this rule. Intro rates may give you a fixed rate during the introductory period, though there may be certain requirements to keep this rate.

National average interest rates for CDs

Learning about the average interest rates is a great way to get an idea of the CD rate environment. But you should aim to get a CD with a yield much higher than the average. The top CD yields are typically available at online banks.

National average research methodology

The " National Average," or "national survey of large lenders," is conducted weekly. The results of this survey are quoted in our weekly articles and national media outlets. To conduct the National Average survey, Bankrate obtains rate information from the 10 largest banks and thrifts in 10 large U.S. markets. In the national survey, our Market Analysis team gathers rates and/or yields on banking deposits, loans and mortgages. We've conducted this survey in the same manner for more than 30 years, and because it's consistently done the way it is, it gives an accurate national apples-to-apples comparison.

Here are the current average rates for the week of Nov. 10, 2021, according to Bankrate's weekly survey of institutions:

CD TermCD National Average APY

Note: Average APYs are shown. See the table at the top of the page for APY comparisons.

Best CD rates from top banks

Before applying for a certificate of deposit, be sure to read expert advice and tips below to ensure a financially safe decision. Here are Bankrate's top picks for banks with the best CD rates:

Marcus by Goldman Sachs: 6 months – 6 years, 0.15% APY – 1.00% APY; $500 Minimum Deposit to Open

    6 months0.15%$500
    7 months*0.45%$500
    9 months0.55%$500
    11 months*0.35%$500
    12 months0.55%$500
    13 months*0.25%$500
    18 months0.55%$500
    24 months0.70%$500
    3 years0.75%$500
    4 years0.80%$500
    5 years1.00%$500
    6 years1.00%$500
Best CD Rates from marcus by goldman sachs

Overview: Marcus is the consumer banking arm of investment firm Goldman Sachs. It offers a range of savings products and personal loans. That includes a number of CD options and a high-yield savings account. And like other online banks, its rates are highly competitive. Marcus often is found within the group of banks offering the highest CD rates across all terms. In fact, Marcus guarantees that you'll receive the highest rate it offers on a CD within 10 days of opening an account, as long as you deposit $500 during that time. So, if you purchase a CD and the bank's rate goes up within 10 days after you purchase, you'll receive the higher rate.

Perks: In addition to high yields, Marcus' CDs offer a wide range of terms — from six months to six years — providing plenty of flexibility. And its 10-day guaranteed rate on CDs means you won't miss out on a higher return. On a high-yield CD, you can add to it during the first 30 days – even if you’ve reached the $500 minimum requirement.

Marcus by Goldman Sachs now has an app available on iOS and Google Play, where you can view your account balance.

What to watch for: Since it's an online bank, Marcus doesn't have any branches. Marcus also doesn't offer a checking account. If you're looking for a full-service bank, you may be better served elsewhere. On its high-yield CDs, if you withdraw from a CD early, Marcus has a penalty of 90 days of simple interest on a CD that has a term less than 12 months, a penalty of 270 days of simple interest on a CD ranging from one year to five years and a penalty of 365 days of simple interest on a CD with a term longer than five years.

If you’re concerned about early withdrawal penalties, Marcus has a no-penalty CD with three terms to choose from: seven months, 11 months or 13 months. You’re able to withdraw from a Marcus no-penalty CD beginning seven days after the day you fund the CD. But you can’t make a partial withdrawal.

Also, once the balance on your no-penalty CD hits the minimum balance requirement of $500, you can’t add to this CD.

Synchrony Bank: 3 months – 5 years, 0.15% APY – 0.85% APY; No Minimum Deposit to Open

    3 months0.15%$0
    6 months0.25%$0
    9 months0.35%$0
    12 months0.55%$0
    13 months0.55%$0
    14 months0.60%$0
    15 months0.55%$0
    18 months0.70%$0
    24 months0.65%$0
    3 years0.75%$0
    4 years0.75%$0
    5 years0.85%$0
CD interest rates by synchrony bank



Bank Of America CD Rates: November 2021

Bank of America’s Featured CD accounts come in five CD terms, ranging from seven months to 37 months. The bank’s CD rates tend to be much lower than the best CD rates from online banks: It offers a rate of 0.05% APY for all balances and terms on its Featured CDs, with a minimum opening deposit of $10,000.

Bank of America also offers Standard Term CDs, which allow you to choose any term from 28 days to 10 years. Standard Term CDs have a minimum deposit of $1,000 and offer 0.03% APY on all terms and balances.

Here’s an overview of Bank of America’s CD rates. This article focuses on Bank of America’s Featured CDs, which offer a higher APY and require a higher minimum deposit. Rates are accurate as of Nov. 28, 2021.

Overview of Bank of America CDs

Bank of America’s Featured CDs require a minimum opening balance of $10,000, which is relatively high, considering the low rates that this bank pays. Many other banks pay higher APYs while requiring a lower minimum deposit, or no minimum at all.

Notably, Bank of America’s Featured CDs come in odd terms, generally one month longer than what’s standard. For example, it offers a seven-month CD, whereas a six-month term is more common. Instead of a 12-month CD, it offers a 13-month CD.

Interest on the bank’s CDs is compounded monthly and credited to your account monthly. You can also choose to have interest disbursed at maturity or at certain intervals.

If you take your money out of the CD before the term is up, you’ll have to pay a penalty for early withdrawal. For CD terms of 90 days to 12 months, the early withdrawal penalty is 90 days’ worth of interest on the amount withdrawn. For CD terms of 12 to 60 months, the early withdrawal penalty is 180 days of interest on the amount withdrawn.

How Much Can You Earn With Bank of America’s CD Rates?

Because Bank of America’s CD rates are relatively low across terms, don’t expect much of a return. Here’s what you can earn with Bank of America’s CDs with a $10,000 investment, assuming the earnings are compounded monthly:

How Bank of America’s CDs Compare

Bank of America’s CD yields are much lower than those of the best CD rates. This bank’s rates are also significantly lower than the national average CD rates, according to the FDIC.

You can find a better deal on CD rates than what Bank of America offers. Especially when you consider its minimum deposit requirement of $10,000, this bank’s CDs are nowhere near competitive—$10,000 is a big commitment in exchange for very little return.

This is an excellent reminder to shop around and do your research on CD rates. Your bank or banks in your immediate geographic area may not have the best CD rates, so consider online options as well. Compare rates from several banks and credit unions and see who can offer you the best deal so you can get the highest possible return on your investment.

About Bank of America

Bank of America is a full-service national bank with 240 years of history—it’s the second largest U.S. bank by assets. It offers 4,300 financial centers nationwide, an online banking platform and a highly rated mobile app. Bank of America provides personal, business and commercial banking products and services.

Frequently Asked Questions (FAQs)

What are some alternatives to saving with CDs?

If you want a safe place to keep your savings, one option is a savings account. Savings accounts are FDIC insured, but these demand deposit accounts do not have early withdrawal penalties. And if you choose one of the best online savings accounts, you may get a better APY than you could from a CD.

Do all CDs charge an early withdrawal penalty?

It depends on the type of CD and financial institution. Some banks offer no-penalty CDs, which are a type of CD that doesn’t charge an early withdrawal penalty. Depending on the bank, the APY on no-penalty CDs may be lower than a standard CD—you may have to agree to accept a lower yield in exchange for more liquidity.

What is a CD ladder strategy?

A CD ladder is a savings strategy to help maximize your yield—and provide more liquidity—by opening multiple CDs with different terms and maturity dates. The goal is to take advantage of higher interest rates and lock in a variety of CDs that give you a range of yields over time. Instead of putting all your eggs in one basket with one CD and one fixed rate, a CD ladder can help you take advantage of higher yields and help avoid early withdrawal penalties. To build a CD ladder, do your research to find the best rates, terms and minimum deposits.

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Certificates of Deposit (CDs)

Top Features

  • Fixed or variable rate for the term of the CD – from 32 days to 72 months
  • Optional beneficiary designation
  • CDs must be opened at your local branch
  • Accounts are FDIC-insured up to the maximum applicable limit


Early Withdrawal Penalty (for account terms greater than 364 days):

​​$50 plus 182 days’ interest on the non-interest portion of the withdrawal computed, without compounding, at the interest rate in effect when the withdrawal is made if the term of the account during which the withdrawal is made is more than 364 days; or

Early Withdrawal Penalty (for account terms less than 365 days)

$25 plus 91 days’ interest on the non-interest portion of the withdrawal computed, without compounding, at the interest rate in effect when the withdrawal is made if the term of the account during which the withdrawal is made is less than 365 days.

Is this product right for you?

This product is best for people who:

  • Are looking for a reliable savings interest rate
  • Are comfortable locking in their money for a period of time
  • Want a savings portfolio that includes low-risk accounts
  • Seek FDIC-insurance coverage up to the maximum limits
  • Want to add diversity to existing savings portfolios ​

Eligibility Requirements

  • The minimum deposit required to open:
  • M&T Select CD accounts require a qualifying M&T Bank checking account to open:
    • Customer must have or open one of the following qualifying checking accounts: MyChoice Premium Checking, M&T Select, M&T Select With Interest, Employee M&T Select With Interest or Power Checking ​​
  • CDs must be opened at an M&T Bank branch.​

To open an M&T Select® CD, customer must have or open a MyChoice Premium℠ Checking, M&T Select®, M&T Select® With Interest, Employee M&T Select® With Interest or Power Checking account. The minimum deposit required to open any CD account is $1,000. After CD is opened, the minimum balance to obtain the advertised APY is $1.00. APYs stated are accurate as of today's date. A penalty may be imposed for early withdrawal. Fees could reduce earnings on the account. Offer not available for non-personal accounts and may not be available at all M&T Bank branches. Maximum deposit is $1 million per customer. Advertised APYs cannot be combined with any other offer. Rates are subject to change without notice.


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*APY – Annual Percentage Yield. For CDs or IRAs up to $250,000. A $500 minimum deposit is required to open a Five Star Bank CD or IRA. Requires customer to have a Premier or Business Checking Account.  A penalty may be imposed for early withdrawal. Municipal customers are not eligible. Rates are as of 5/12/2021. Cannot be combined with any other offer. Subject to cancellation without notice.

Variable Rate IRA - Premier Rates1,3

Must be a Premier Checking Account holder to be eligible for the rates below
Balances$500.00 to $2,499.99$2,500.00 to $9,999.99
$10,000.00 to $24,999.99
$25,000.00 to $250,000.002
18 Month0.10%0.10%0.15%0.15%0.20%0.20%0.25%0.25%

Variable Rate IRA - Standard Rates1,3

Standard rates for non-Premier Checking Account holders
Balance$500.00 to $2,499.99$2,500.00 to $9,999.99
$10,000.00 to $24,999.99
$25,000.00 to $250,000.002
Interest RateAPYINTEREST RateAPYInterest RAteAPYInterest RAteAPY
18 Month0.05%0.05%0.10%0.10%0.15%0.15%0.20%0.20%
1All interest rates and Annual Percentage Yield (APY) stated above are accurate as of today's date.All CDs and IRAs are compounded daily on a 365 day basis. Fees or withdrawals could reduce earnings. Penalty may be imposed for early withdrawal. See account disclosure for additional information.
2For balances over $250,000, please contact your local branch.
3Rate is variable and is subject to change without notice.
Today is tomorrow in progress.®
Insurance and investment products and services are not FDIC Insured, are not a deposit or bank guaranteed, are not insured by any Federal governmental agency, and are subject to investment risks, including possible loss of the principal invested.

The Best CD Rates of November 2021

CDs can be a perfect way to earn interest for low-risk investors. See where to find the best CD rates today.

By Richard Barrington

Our articles, research studies, tools, and reviews maintain strict editorial integrity; however, we may be compensated when you click on or are approved for offers from our partners.

Just a few minutes spent searching for the best CD rates could earn you extra money for months or years to come.

Shopping for bank rates is always a good idea. Generally, there’s a wide difference between the interest rates most banks offer and the top rates available.

When it comes to certificates of deposit, shopping for a higher rate can be especially rewarding. Because CDs generally pay a fixed interest rate over a specified period of time, finding higher CD interest rates rate today should continue to pay off for you over the life of that CD. Learn about CDs and discover CD rates that can earn you more interest.

Which Banks Have the Best CD Rates?

A large number of banks offer CDs, and many compete to have the best CD rates. Use the MoneyRates CD rate-finder tool below to sort through the list to find a CD that fits your financial goals.

Select the type of account, deposit amount, and desired CD length.

The results show the top rates from our featured banks, but each listing can be expanded to reveal more rates. Click + to see all CD rates for each bank.

A second table below shows more CD products that meet your specifications. Rates in this table may be higher or lower than the featured-bank rates.

Disclosure: collects rates on a weekly basis and averages the last rate collected every month for each bank’s products to produce this dataset.

Current CD Rate Trends

CD rates started to fall after rising steadily a few years back. They began falling in 2019 and fell even faster after the coronavirus pandemic struck.

Still, the best CD rates for one- and five-year CDs are still much better than the average in each category. This makes it well worth shopping around for the best CD rate you can find.

Typically, online CD interest rates are higher than rates available from CDs at traditional, branch-based accounts. studies have found this rate advantage applies to one-year and five-year CD rates, but you can expect it to also be true of all CD lengths.

Long-term CD interest rates drop most

The drop in CD interest rates was especially steep for long-term CDs. This reflects caution on the part of banks.

If rates are going to be falling, banks do not want to get caught having made commitments to pay higher rates on CDs with longer terms.

With long-term CD rates dropping more than short-term rates, the difference between long and short rates shrunk.

While longer-term rates are somewhat higher, the best CD rate consumers get for committing to a CD with a longer-term has been reduced.

Choices for consumers in 2021

Despite the reduced reward for choosing a long-term CD, a falling rate environment might encourage you to choose longer CD terms if you can afford to commit your money for a longer period of time.

CD laddering is a technique you can choose to get some benefit from the best CD rates while still having a portion of your money become available at regular intervals.

Times, when interest rates are changing, make it especially important to shop around before you open a CD account.

When rates are on the move, banks offering CDs adjust their rates at different times and by different amounts. That can change where the best CD rates are to be found.

Looking ahead, there is not much room for rates to fall further.

The Federal Reserve has indicated it expects to keep interest rates low even if inflation pressures are felt in the economy in 2021.

So, you may not see much more change in CD rates unless there is a big change in the economy.

How CDs Work

Unless you are already familiar with CDs, understanding a little about how they work might help you choose the CD that has the best CD rates for you.

CD interest rates, terms, and minimum balance requirements

A CD is a deposit instrument which requires you to commit to keeping your money in the account for a specified period of time. In return, the bank will typically agree to pay you a fixed interest rate for that length of time.

Some banks vary their CD interest rates depending on how much you deposit. In such cases, you have to meet a minimum balance requirement in order to qualify for the advertised rate.

A reward for committing your money for a specified period of time is that CDs generally pay higher interest rates than savings accounts or money market accounts. In most cases, the longer you commit to a CD, the higher the interest rate will be.

  • The length of time you agree to commit your money for is known as theCD term.
  • The date at which that term expires is known as the maturity date.

Can you cash in your CD at any time?

CD terms come in a variety of lengths, with the most common ones offering the best CD rates ranging from as little as one month to five years or longer.

If you want to take money out of the CD before the maturity date, you will usually have to pay an early withdrawal penalty.

That early withdrawal penalty is important to consider before you lock your money up in a CD.

While a longer commitment is an opportunity to earn more interest, it also limits your access to your money.

Having to pay an early withdrawal penalty may negate the rate advantage you gained by choosing a longer-term CD. That’s why shorter-term CDs may be a better idea for some people.

How safe are CDs?

CDs can be perfect for low-risk investors.

CDs offered by federally insured banks or credit unions are protected by deposit insurance.

This covers up to $250,000 worth of deposits per customer at each participating financial institution.

If you have more than one account you can only be insured for a maximum of $250,000 across all accounts. You can, however, gain more insurance coverage by spreading accounts across multiple institutions.

There are some CD products whose rates can vary under certain circumstances, and a few that don’t charge an early withdrawal penalty. However, these exceptions are fairly rare.

What Should You Look for When Choosing a CD?

You could spend all day comparing CDs, but there’s a more efficient way to shop for the best CD rate.

Here’s how to narrow your search:

Select your CD term

The starting point for choosing a CD should be to decide how long you can afford to lock up your money. That makes it easier to compare rates based on the same CD length.

Most CDs are issued for uniform time periods such as one-year, three-years, five-years, or longer.

Sometimes banks issue CDs with slightly irregular time periods such as 13 months rather than one year as a special promotion. These may meet your needs well enough to be included in your search.

Confirm deposit insurance

If you want full safety for your CD, you should limit your comparison-shopping to products backed by the FDIC (Federal Deposit Insurance Corporation) or the NCUA (National Credit Union Administration).

Investigate early withdrawal penalties

You should try to avoid paying an early withdrawal penalty by choosing a CD term that expires before you are likely to need to access your money. However, it’s still a good idea to compare early withdrawal penalties when choosing a CD just in case something goes wrong.

If two CDs have roughly the same term and the same interest rate, it can be a good tie-breaker to choose the one with the lower early withdrawal penalty.

Compare fixed interest rates

Comparing interest rates is fairly straightforward if you are looking at CDs with the same term length.

However, make sure that the rates you are comparing are fixed interest rates for the full term of the CD.

Know the maturity date

Knowing the maturity date helps you confirm the length of the CD term and allows you to plan ahead for when you cash out your CD or roll it over into a new one.

Verify minimum-balance requirements

The MoneyRates CD rate comparison tool above lets you to specify the size of the CD you want to find the best CD rates based on minimum balance requirements.

This is important because you should base your rate-shopping on products that are available to your account size.

How MoneyRates Tracks the Best CD Rates

Though CD rates are locked in for the term of the CD, the rates banks offer on new CD accounts can change at any time.

MoneyRates actively researches CD rates from week to week to bring you the most current information available.

Researchers for MoneyRates regularly monitor close to a thousand CD products from hundreds of financial institutions.

These CD accounts represent a range of different terms and minimum balances, giving you plenty of CDs to choose from in searching for one that will meet your needs.

Also, the rates collected by MoneyRates are sorted into different term-length categories and averages are calculated for each of those categories.

These averages are used as the basis for the interactive rate trend chart found above.

Those averages can give you some context in evaluating whether a given CD product’s rates are above or below average.


A certificate of deposit (CD) is a type of deposit product that pays a fixed interest rate on your funds for a specific period of time. Interest rates on CDs are typically higher than for savings accounts because your principal is locked until the CD matures.

CD accounts are typically insured by the Federal Deposit Insurance Corporation (FDIC), depending on whether or not the institution is an FDIC member, making them low-risk investments for savers.

Certificates of deposit usually require that the funds on deposit remain untouched for a defined period of time; however, many CDs allow the funds to be withdrawn before maturity if you pay a penalty.

See the graph below the rate-finder tool near the top of this page to see recent trends in CD rates. Another way to stay on top of changing interest rates is to bookmark the America’s Best Rates Survey, which is done every quarter here on

While rates on most CDs are locked in for the term of the CD, the best CD rates available change all the time. Use the rate-finder tool near the top of this page to find the best CD rates available now.

Whether you are a low-risk investor or someone who can accept investment risk, some portion of your assets should be in safe investment options. Certificates of deposit make good low-risk investments because they are usually FDIC-insured.

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Richard Barrington

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