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New York CD Rates – 5 Year

Below are 5 year CD Rates from banks that are located in New York. Five Year Certificates of Deposit (CD) are generally the longest term CD that most banks will offer. They tend to offer the highest rates but require the longest commitment. Five year CDs are especially popular in a declining interest rate environment as depositors can lock money in at the highest rate possible for the longest period of time. They are also popular with depositors who are willing to lock up money for five years in return for extra yield.

NY - May 5, 2016

5 Year CD National Average : 1.16% ?

Bank APY MIN MILES ?
Bank Of Utica 2.50% $500 -
Santander Bank, N.a. 2.20% $10,000 -
Wallkill Valley Federal Savings And Loan Association 2.12% $2,500 -
Kearny Bank 2.10% $500 -
Manufacturers And Traders Trust Company 2.02% $1,000 -
Seneca Federal Savings And Loan Association 2.02% $500 -
Alma Bank 2.02% $2,500 -
Geddes Federal Savings And Loan Association 2.00% $500 -
Country Bank 2.00% $1,000 -
Usny Bank 2.00% $1,000 -
Savoy Bank 2.00% $2,000 -
Banco Popular North America 1.90% $1,000 -
Rondout Savings Bank 1.90% $500 -
Ponce De Leon Federal Bank 1.85% $1,000 -
Quontic Bank 1.82% $1,000 -
Connectone Bank 1.77% $500 -
The Westchester Bank 1.76% $1,000 -
The Delaware National Bank Of Delhi 1.76% $100 -
Northfield Bank 1.75% $2,500 -
First Niagara Bank, National Association 1.75% $500 -
Solvay Bank 1.75% $500 -
New Millennium Bank 1.75% $500 -
Emigrant Bank 1.75% $1,000 -
First American International Bank 1.70% $100,000 -
Usny Bank 1.65% $1,000 -
Emigrant Bank 1.65% $1,000 -
Northeast Community Bank 1.61% $500 -
Industrial And Commercial Bank Of China (usa), National Association 1.61% $100,000 -
Ridgewood Savings Bank 1.60% $500 -
First Central Savings Bank 1.60% $500 -
First Niagara Bank, National Association 1.60% $500 -
Eastbank, National Association 1.60% $2,500 -
First American International Bank 1.60% $500 -
Pioneer Savings Bank 1.60% $500 -
Customers Bank 1.60% $500 -
Signature Bank 1.56% $5,000 -
First Citizens Community Bank 1.56% $100,000 -
Savannah Bank National Association 1.56% $1,000 -
Citizens & Northern Bank 1.56% $100,000 -
Ulster Savings Bank 1.55% $500 -
Five Star Bank 1.55% $10,000 -
Lake Shore Savings Bank 1.55% $500 -
The Lyons National Bank 1.55% $500 -
Indus American Bank 1.55% $2,000 -
Maple City Savings Bank, Fsb 1.53% $1,000 -
Spring Bank 1.51% $1 -
Industrial And Commercial Bank Of China (usa), National Association 1.51% $2,500 -
Evans Bank, National Association 1.50% $500 -
Sterling National Bank 1.50% $2,500 -
Carver Federal Savings Bank 1.50% $1,000 -
Bbcn Bank 1.50% $1,000 -
Nbt Bank, National Association 1.50% $1,000 -
Abacus Federal Savings Bank 1.46% $1,000 -
Walden Savings Bank 1.45% $1,000 -
Citizens & Northern Bank 1.41% $10,000 -
Community Bank, National Association 1.41% $10,000 -
Greater Hudson Bank 1.40% $5,000 -
Putnam County Savings Bank 1.40% $500 -
Rhinebeck Bank 1.40% $10,000 -
Medina Savings And Loan Association 1.40% $1,000 -
Bcb Community Bank 1.40% $500 -
Global Bank 1.40% $1,000 -
Catskill Hudson Bank 1.35% $1,000 -
Astoria Bank 1.35% $500 -
Mahopac Bank 1.35% $1,000 -
Bank Of Akron 1.35% $1,000 -
Manufacturers And Traders Trust Company 1.31% $1 -
First Citizens Community Bank 1.31% $10,000 -
Empire State Bank 1.30% $1,000 -
Berkshire Bank 1.28% $1,000 -
Carthage Federal Savings And Loan Association 1.25% $500 -
Hometown Bank Of The Hudson Valley 1.25% $1,000 -
First National Bank Of Scotia 1.25% $500 -
Salisbury Bank And Trust Company 1.25% $1,000 -
Amalgamated Bank 1.25% $500 -
Apple Bank For Savings 1.25% $1,000 -
Bank Of Akron 1.25% $500 -
Peoples Security Bank And Trust Company 1.25% $1,000 -
The Bank Of Greene County 1.25% $1,000 -
Bnb Hana Bank, National Association 1.21% $500 -
Watertown Savings Bank 1.17% $500 -
Ctbc Bank Corp. (usa) 1.17% $1,500 -
Amerasia Bank 1.17% $2,500 -
Manufacturers And Traders Trust Company 1.16% $1 -
Valley National Bank 1.15% $500 -
Israel Discount Bank Of New York 1.15% $100,000 -
East West Bank 1.15% $10,000 -
Berkshire Bank 1.15% $1,000 -
Manufacturers And Traders Trust Company 1.11% $1 -
Tioga State Bank 1.10% $1,000 -
Jeff Bank 1.10% $100,000 -
Banco Popular North America 1.10% $10,000 -
The Upstate National Bank 1.06% $1,000 -
Berkshire Bank 1.05% $1,000 -
The North Country Savings Bank 1.05% $500 -
The First National Bank Of Groton 1.01% $100,000 -
New York Community Bank 1.01% $500 -
Cathay Bank 1.00% $100,000 -
Saratoga National Bank And Trust 1.00% $1,000 -
Webster Bank, National Association 1.00% $2,500 -
Victory State Bank 1.00% $100,000 -
The National Bank Of Delaware County 1.00% $500 -
Bank Of The Ozarks 1.00% $1,000 -
Tompkins Trust Company 1.00% $1,000 -
Pathfinder Bank 1.00% $1,000 -
Jeff Bank 1.00% $1,000 -
Adirondack Bank 1.00% $1,000 -
Investors Bank 1.00% $500 -
City National Bank Of New Jersey 1.00% $500 -
Sussexbank 1.00% $1,000 -
Glens Falls National Bank And Trust Company 1.00% $1,000 -
First Niagara Bank, National Association 1.00% $500 -
Trustco Bank 1.00% $500 -
Mercantil Commercebank, National Association 0.95% $10,000 -
People's United Bank, National Association 0.90% $2,500 -
Bank Of Millbrook 0.90% $2,500 -
Cathay Bank 0.90% $2,500 -
Manufacturers And Traders Trust Company 0.90% $1,000 -
The Bridgehampton National Bank 0.90% $2,500 -
Victory State Bank 0.90% $500 -
Chemung Canal Trust Company 0.90% $1,000 -
Gibraltar Private Bank & Trust Co. 0.90% $1,000 -
The Suffolk County National Bank Of Riverhead 0.90% $1,000 -
New York Commercial Bank 0.90% $500 -
New York Community Bank 0.90% $500 -
Community Bank, National Association 0.85% $100,000 -
Td Bank, National Association 0.85% $250 -
The First National Bank Of Groton 0.85% $1,000 -
Modern Bank, National Association 0.85% $100,000 -
Community Bank, National Association 0.80% $1,000 -
Elmira Savings Bank 0.80% $10,000 -
Modern Bank, National Association 0.80% $10,000 -
Fairport Savings Bank 0.75% $500 -
Genesee Regional Bank 0.75% $500 -
Northwest Bank 0.75% $500 -
Woodforest National Bank 0.75% $500 -
Elmira Savings Bank 0.75% $10,000 -
Td Bank, National Association 0.75% $10,000 -
Generations Bank 0.65% $500 -
Capital One, National Association 0.60% $1,000 -
Ballston Spa National Bank 0.60% $500 -
Manufacturers And Traders Trust Company 0.55% $1,000 -
Manufacturers And Traders Trust Company 0.55% $1,000 -
Citibank, National Association 0.50% $10,000 -
Patriot National Bank 0.50% $500 -
First Niagara Bank, National Association 0.40% $500 -
City National Bank 0.40% $2,500 -
Wells Fargo Bank, National Association 0.35% $10,000 -
Keybank National Association 0.35% $100,000 -
Jpmorgan Chase Bank, National Association 0.25% $10,000 -
Keybank National Association 0.25% $10,000 -
Hsbc Bank Usa, National Association 0.15% $1,000 -
Bank Of America, National Association 0.15% $10,000 -
Sawyer Savings Bank 0.15% $500 -
Citizens Bank, National Association 0.03% $1,000 -

BestCashCow strives to maintain the most accurate rates. If you find a rate that is not accurate, please let us know by commenting below so that we can update it. Thank you for your help.

  • Ken

    June 09, 2015

    The 5 year rate for zip code 76102 shows Compass Bank offering rates of 2.00% and 2.20%. The local Compass Bank however offers 0.50% APY for 5 year money. Can you elaborate on where these rates are pulled from?

  • debra

    May 19, 2015

    synovus says they do not have the rates advertised they say these rates have ended May 19 2015 10 days ago

  • Sally

    November 19, 2014

    If you are doing a TRUST...at Bridgewater Bank...be prepared to haul in all 50-100 pages of your original so they can copy it.

  • mike

    October 16, 2014

    Bridgewater bank 5 year cd rate is 2.1% now.

  • Charles Voytek

    September 01, 2014

    Rate Bank United Miami Florida 5years please

  • Mike

    July 23, 2014

    Bank of the west does not offer a rate of 2% on 5 year term

  • Sol

    May 14, 2014

    @Frank

    Hi Frank, I called and First Choice Bank in NJ is offering a 2.5% APY CD with a platinum checking account. The checking account has an average daily balance requirement of $500. You can see if a First Choice Bank is near your location here:

    http://www.bestcashcow.com/banks/first-choice-bank-branches-58471

    They have branches in the Philadelphia area. Hope that helps.

    Sol

  • Frank Rutolo

    May 07, 2014

    First Choice Bank does not offer a 2.50% 5yr cd.
    I called on 5/6/2014 and was told the rate is 2.05%
    for 5 yrs.

  • Bea

    November 26, 2013

    Please note that First Federal has just a one star rating on Bankrate. We have business with them and some months ago were sent a letter that another bank was supposed to take them over. It seems to have fallen through and I am concerned about First Fed's future. As soon as our CDs mature with them, I hope to find a more financially suitable bank or credit union to switch to. I don't like to do business with one star banks even if they are FDIC insured. When I first got with them they seemed to have much higher ratings.

  • reader

    November 23, 2013

    first federal will do great cd rates at a $500 minimum balance ----such as a 5 year cd for 1.50 apy ----please inquire and update information

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Five Year CDs - Branch Banks

Five year CDs are the big kahuna of the CD world. While banks may offer six year, seven year, or even 10 year CDs, the five year is the most longest of the most common terms. Because they are the longest term, they also generally offer the highest rate of any CD term and the temptation for those looking for yield, is to open one, deposit money, and forget about it for five years. This could be a mistake. In low rate, or rising rate environments, a five year CD may not be a good investment.

Safety

Like every other CD term, five year CDs from FDIC insured banks are protected up to FDIC limits (generally $250,000 per account holder per bank). If your deposit is over the FDIC limit then you may not receive the uninsured money in case of a bank failure.

Inflation

The principle threat to a a five year CD is inflation. If the CD is opened in a low rate environment, and rates and inflation subsequently rise, then inflation will erode the value of the certificate of deposit over its five years. For example, if a depositor opened a five year CD in year 1 with a yield of 2.05% APY and inflation at 1.5%, then the real return is .55 percentage points. But if inflation rises the next year to 2.5% and stays there for the next four years, then the CD in real terms is losing money every year: 2.05% - 2.5% = -.45%.

While it is impossible for anyone to predict too far into the future, savers should be cognizant of the economic environment before locking up money for a five year time-period. Our rate analysis page provides some insight into where we think rates will go.

On the other hand, if rates are falling and will continue to do so for some time due to an economic recession then it makes sense to lock in a higher rate with a five year CD. Savers who opened five year CDs in 2008 immediately after the financial crisis were able to lock in rates in the 6% range, a great move considering two years later a five year CD paid below 3%.

Interest

Five CDs currently pay about 70 percentage points more in interest than a one year CD. In general, CDs of this duration are best opened as part of a laddered CD portfolio or if the depositor thinks that rates will either stagnate or drop over the next couple of years.

Opening a Five Year CD

Opening a five year CD in a branch is relatively easy and similar to every other CD term. Most banks require the customer be a resident of the United States and most branch-based banks ask that the account be opened in the bank. Funding can be performed by transferring money that is already located at that bank or by check or ACH transfer from another bank. The CD can be opened that day and the rate locked.

With longer term CDs, savers should make sure they put a record of the CD in a safe place and that if they move, they forward their new address to the bank. In cases where the bank cannot find the CD holder, the bank may hand the funds over to a state authority as a lost deposit, and it will require onerous paperwork to reclaim the money.

Advantages and Disadvantages

Advantages

 · 

5 year CDs provide the highest rate of the common CD terms.

 · 

The return is fixed for five years, which is an advantage in a flat or falling rate environment.

 · 

Branch-opened CDs can be done quickly in one day.

Disadvantages

 · 

The money is locked away for five years and cannot be withdrawn without a substantial penalty.

 · 

In a rising rate environment, inflation will reduce the value of the money in the CD over time.

 · 

Branch CDs require the saver to visit a branch and be subjected to cross-sell pitches and other marketing tactics.

All banks listed on BestCashCow are FDIC insured; BestCashCow.com strongly recommends that you stay within FDIC insurance limits and that if you are unsure of how the limits affect you, you visit the FDIC website.

To understand all of the income generating options available to a saver, please view the Income Generating Investments Comparison Chart.

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