New York CD Rates 2023

Below are the best one-year CD Rates from banks in New York. One-year CDs are usually the most popular term and offer a decent yield without having to lock-up money for an extended period of time. One year CD Rates are generally comparable to or a little higher than their savings and money market counterparts.

NY - June 2, 2023

1 Year CD National Average : 0.47% ^?

Advertiser Disclosure

Banks	APY	MIN	MILES ^?

Forbright Bank	5.20%	$1,000	-	Learn More on the Forbright Bank website
Start earning 5.20% APY with a high-yield CD that supports a greener economy. Easy signup. FDIC-insured.
Discover Bank	4.75%	$2,500	-	Learn More on the Discover Bank website
Guaranteed returns. No account fees. Member FDIC.
Modern Bank, National Association	5.25%	$1,000	-	Learn More Reviews
M.Y. Safra Bank	5.20%	$500	-	Learn More Reviews (6)
Merrick Bank	5.20%	$25,000	-	Learn More Reviews (1)
Warning: Early Withdrawal Penalty is 2% of the account balance.
State Bank of India	5.15%	$1,000	-	Learn More Reviews
Ivy Bank	5.00%	$1,000	-	Learn More Reviews
Bask Bank	5.00%	$1,000	-	Learn More Reviews
BankUnited, National Association	4.80%	$1,000	-	Learn More Reviews
First Foundation Bank	4.75%	$2,500	-	Learn More Reviews (44)
Eastbank, National Association	4.75%	$2,500	-	Learn More Reviews
HSBC Bank USA, National Association	4.50%	$1,000	-	Learn More Reviews (3)
Spring Bank	4.50%	$250	-	Learn More Reviews
First Central Savings Bank	4.35%	$500	-	Learn More Reviews
CTBC Bank Corp. (USA)	4.30% 0.40%	$5,000 $4,999	-	Learn More Reviews
Quontic Bank	4.25%	$500	-	Learn More Reviews (15)
Warning: Early withdrawal penalty equals one year of interest.
Flushing Bank	4.25%	$1,000	-	Learn More Reviews (1)
New Millennium Bank	4.25%	$500	-	Learn More Reviews
Ponce Bank	4.25%	$1,000	-	Learn More Reviews
Capital One, National Association	4.15%	$1,000	-	Learn More Reviews (13)
Citibank, National Association	4.05% 0.05%	$500 $501	-	Learn More Reviews (11)
Ridgewood Savings Bank	4.00%	$100	-	Learn More Reviews (5)
Maspeth Federal Savings and Loan Association	4.00%	$1,500	-	Learn More Reviews
Blue Foundry Bank	4.00%	$1,000	-	Learn More Reviews
Apple Bank for Savings	4.00%	$1,000	-	Learn More Reviews
Massena Savings and Loan	3.86%	$1,000	-	Learn More Reviews
TD Bank, National Association	3.75% 1.00%	$10,000 $10,000	-	Learn More Reviews (1)
JPMorgan Chase Bank, National Association	3.75% 3.25%	$100,000 $10,000	-	Learn More Reviews (18)
Cross County Savings Bank	3.70%	$500	-	Learn More Reviews
My Banking Direct, a division of New York Community Bank	3.50%	$500	-	Learn More Reviews
Early withdrawal penalty is 180 days interest.
Bank of Utica	3.50%	$500	-	Learn More Reviews (7)
Hanover Community Bank	3.30%	$500	-	Learn More Reviews (2)
Sunnyside Federal Savings and Loan Association of Irvington	2.25%	$500	-	Learn More Reviews
Sawyer Savings Bank	2.00%	$500	-	Learn More Reviews
Wells Fargo Bank, National Association	2.00% 1.50%	$100,000 $25,000	-	Learn More Reviews (7)
Sterling Bank and Trust, FSB	1.90%	$500	-	Learn More Reviews (1)
Hingham Institution for Savings	1.65%	$1,000	-	Learn More Reviews
Champlain National Bank	1.50%	$500	-	Learn More Reviews
PCB Bank	1.26%	$1,000	-	Learn More Reviews
Empire State Bank	1.25%	$1,000	-	Learn More Reviews (1)
Habib American Bank	1.20%	$1,500	-	Learn More Reviews (2)
United Orient Bank	1.00%	$500	-	Learn More Reviews
Customers Bank	1.00%	$500	-	Learn More Reviews (3)
Rhinebeck Bank	0.75%	$10,000	-	Learn More Reviews (1)
Hamlin Bank and Trust Company	0.70%	$10,000	-	Learn More Reviews
Shinhan Bank America	0.70%	$10,000	-	Learn More Reviews (1)
Geddes Federal Savings and Loan Association	0.65%	$10,000	-	Learn More Reviews
Catskill Hudson Bank	0.65%	$10,000	-	Learn More Reviews
Hanmi Bank	0.65%	$100,000	-	Learn More Reviews
Global Bank	0.65%	$10,000	-	Learn More Reviews
Wallkill Valley Federal Savings and Loan Association	0.61%	$500	-	Learn More Reviews
BNB Bank	0.60%	$10,000	-	Learn More Reviews
Amerasia Bank	0.56%	$10,000	-	Learn More Reviews (3)
Abacus Federal Savings Bank	0.55%	$1,000	-	Learn More Reviews
First Citizens Community Bank	0.55%	$100,000	-	Learn More Reviews
The Delaware National Bank of Delhi	0.55%	$10,000	-	Learn More Reviews
International Bank of Chicago	0.55%	$10,000	-	Learn More Reviews (5)
USAA Federal Savings Bank	0.50%	$1,000	-	Learn More Reviews (2)
NorthEast Community Bank	0.50%	$1,000	-	Learn More Reviews
Carthage Federal Savings and Loan Association	0.50%	$10,000	-	Learn More Reviews
Maple City Savings Bank, FSB	0.50%	$10,000	-	Learn More Reviews
Citizens & Northern Bank	0.50%	$100,000	-	Learn More Reviews
Rondout Savings Bank	0.50%	$10,000	-	Learn More Reviews (2)
Ulster Savings Bank	0.50%	$10,000	-	Learn More Reviews
Walden Savings Bank	0.50%	$10,000	-	Learn More Reviews
Esquire Bank, National Association	0.50%	$10,000	-	Learn More Reviews
Bank of Hope	0.50%	$100,000	-	Learn More Reviews (1)
Metropolitan Commercial Bank	0.50%	$10,000	-	Learn More Reviews
Alma Bank	0.50%	$10,000	-	Learn More Reviews
Hanmi Bank	0.50%	$10,000	-	Learn More Reviews
PCSB Bank	0.45%	$10,000	-	Learn More Reviews
The Lyons National Bank	0.45%	$10,000	-	Learn More Reviews
The Bank of Greene County	0.45%	$10,000	-	Learn More Reviews
NBT Bank, National Association	0.40%	$10,000	-	Learn More Reviews
The First National Bank of Groton	0.40%	$100,000	-	Learn More Reviews
The Citizens National Bank of Hammond	0.40%	$10,000	-	Learn More Reviews
The Berkshire Bank	0.40%	$10,000	-	Learn More Reviews
Bank of Hope	0.40%	$10,000	-	Learn More Reviews (1)
Carver Federal Savings Bank	0.40%	$10,000	-	Learn More Reviews
Industrial and Commercial Bank of China USA, National Association	0.40%	$100,000	-	Learn More Reviews
CNB Bank	0.38%	$10,000	-	Learn More Reviews
Ballston Spa National Bank	0.35%	$500	-	Learn More Reviews
Pioneer Bank	0.35%	$10,000	-	Learn More Reviews
Alden State Bank	0.35%	$500	-	Learn More Reviews
First National Bank of Scotia	0.35%	$10,000	-	Learn More Reviews (1)
Tioga State Bank	0.35%	$10,000	-	Learn More Reviews
Peoples Security Bank and Trust Company	0.35%	$10,000	-	Learn More Reviews
Metro City Bank	0.33%	$1,000	-	Learn More Reviews (1)
Cathay Bank	0.30%	$50,000	-	Learn More Reviews
The Upstate National Bank	0.30%	$100,000	-	Learn More Reviews
The First National Bank of Groton	0.30%	$1,000	-	Learn More Reviews
Watertown Savings Bank	0.30%	$10,000	-	Learn More Reviews
Solvay Bank	0.30%	$10,000	-	Learn More Reviews
First Citizens Community Bank	0.30%	$10,000	-	Learn More Reviews
Citizens & Northern Bank	0.30%	$10,000	-	Learn More Reviews
Wayne Bank	0.30%	$10,000	-	Learn More Reviews
Jeff Bank	0.30%	$100,000	-	Learn More Reviews
Bank of Millbrook	0.30%	$10,000	-	Learn More Reviews
Orange Bank &Trust Company	0.30%	$10,000	-	Learn More Reviews (1)
Amalgamated Bank	0.30%	$10,000	-	Learn More Reviews
City National Bank	0.30%	$10,000	-	Learn More Reviews
Industrial and Commercial Bank of China USA, National Association	0.30%	$10,000	-	Learn More Reviews
Generations Bank	0.29%	$10,000	-	Learn More Reviews (1)
The First National Bank of Dryden	0.25%	$10,000	-	Learn More Reviews (1)
Valley National Bank	0.25%	$10,000	-	Learn More Reviews (2)
Fulton Savings Bank	0.25%	$10,000	-	Learn More Reviews
TrustCo Bank	0.25%	$10,000	-	Learn More Reviews (1)
Savannah Bank National Association	0.25%	$10,000	-	Learn More Reviews
Cayuga Lake National Bank	0.25%	$100,000	-	Learn More Reviews
Tompkins Trust Company	0.25%	$10,000	-	Learn More Reviews
Salisbury Bank and Trust Company	0.25%	$10,000	-	Learn More Reviews
Northfield Bank	0.25%	$10,000	-	Learn More Reviews
Kearny Bank	0.20%	$500	-	Learn More Reviews
Adirondack Bank	0.20%	$10,000	-	Learn More Reviews (1)
Glens Falls National Bank and Trust Company	0.20%	$10,000	-	Learn More Reviews
The Adirondack Trust Company	0.20%	$10,000	-	Learn More Reviews (2)
Saratoga National Bank and Trust	0.20%	$10,000	-	Learn More Reviews
Chemung Canal Trust Company	0.20%	$10,000	-	Learn More Reviews
Cayuga Lake National Bank	0.20%	$10,000	-	Learn More Reviews
Seneca Savings	0.20%	$10,000	-	Learn More Reviews
Jeff Bank	0.20%	$1,000	-	Learn More Reviews
The Putnam County National Bank of Carmel	0.20%	$10,000	-	Learn More Reviews
Webster Bank, National Association	0.20%	$10,000	-	Learn More Reviews
Popular Bank	0.20%	$10,000	-	Learn More Reviews (2)
KEB Hana Bank USA, National Association	0.20%	$10,000	-	Learn More Reviews
Lake Shore Savings Bank	0.15%	$500	-	Learn More Reviews
MUFG Union Bank, National Association	0.15%	$350	-	Learn More Reviews (3)
Berkshire Bank	0.15%	$10,000	-	Learn More Reviews (2)
Woodforest National Bank	0.15%	$10,000	-	Learn More Reviews (2)
Pathfinder Bank	0.15%	$10,000	-	Learn More Reviews
Northwest Bank	0.15%	$10,000	-	Learn More Reviews
Evans Bank, National Association	0.15%	$10,000	-	Learn More Reviews
First Horizon Bank	0.10%	$1,000	-	Learn More Reviews (1)
Provident Bank	0.10%	$10,000	-	Learn More Reviews (1)
The North Country Savings Bank	0.10%	$500	-	Learn More Reviews
Community Bank, National Association	0.10%	$100,000	-	Learn More Reviews
Gouverneur Savings and Loan Association	0.10%	$10,000	-	Learn More Reviews
Five Star Bank	0.10%	$10,000	-	Learn More Reviews (1)
Cattaraugus County Bank	0.10%	$10,000	-	Learn More Reviews (1)
The First National Bank of Long Island	0.10%	$10,000	-	Learn More Reviews
East West Bank	0.10%	$10,000	-	Learn More Reviews (2)
The Northern Trust Company	0.10%	$10,000	-	Learn More Reviews
Alpine Capital Bank	0.07%	$100,000	-	Learn More Reviews
KeyBank National Association	0.05%	$2,500	-	Learn More Reviews (2)
U.S. Bank National Association	0.05%	$500	-	Learn More Reviews (1)
Community Bank, National Association	0.05%	$10,000	-	Learn More Reviews
Manufacturers and Traders Trust Company	0.05%	$10,000	-	Learn More Reviews (3)
Genesee Regional Bank	0.05%	$10,000	-	Learn More Reviews
Cattaraugus County Bank	0.05%	$100,000	-	Learn More Reviews (1)
PNC Bank, National Association	0.03%	$25,000	-	Learn More Reviews (1)
Bank of America, National Association	0.03%	$100,000	-	Learn More Reviews (6)

All rates listed are Annual Percentage Yield (APY). The Min listed is the minimum deposit account balance required to obtain the rate listed.

See rates for Online Banks →

See rates for Credit Unions →

BestCashCow strives to maintain the most accurate rates. If you believe a rate is not accurate, please let us know.

PRODUCT INFORMATION

Certificates of Deposit - Branch Banks 2023

A certificate of deposit (CD) is a savings product offered by a bank in which a depositor (someone who has money to put into the bank) agrees to commit a certain amount of money for a set period of time, in return for a fixed rate of interest. While it is possible to withdraw the money earlier (breaking the CD) doing so comes with high interest penalties and is generally not advised.

CD Terms

The time period in which money is held in a certificate of deposit is called the term. Terms can run for any period of time but in general, banks use the following terms: 3 months, 6 months, 12 months, 18 months, 24 months, 36 months, 48 months, and 60 months. Terms can either be described in months or years. The term that is right for each individual depends on their goals, the rate they which to earn, and their future plans for the money. In general, if rates are going up, savers should avoid putting the money into a long-term CD. If rates are going down, then the opposite is true, and savers should try and lock into a good rate for an extended period of time. In stable rate environments, CDs that are over 12 months in length can enable depositors to pick up a slight premium over savings accounts.

CD Risk

Almost all banks provide CDs to their consumers and they have been a mainstay of savers and retirement accounts for years. If FDIC insured, the CD represents a safe place to put money that will generate a predictable return.

Inflation is the main risk of a CD. Inflation can often run higher than the inflation adjusted return on a CD, thus eroding the value of the money stored in the CD over time. This is especially true for longer-term CDs opened in low interest rate environments.

How Interest is Paid

The method of distributing the interest earned on a CD varies by bank. Some banks pay interest monthly, other semi-annually, and others at the maturity of the CD. One advantage of a branch-based bank is that a depositor can walk into the bank and receive their interest that day in the form of a check. Online banks tend to use electronic funds transfer or check via mail.

Interest Rate

Since the financial crisis in 2008, CDs have become less popular because the yields they offer have dropped precipitously, making it difficult for retirees and savers to generate sufficient income. But investors looking for a place to stash some cash might still find CDs an attractive place for some of their savings. Online banks generally offer better rates on six month CDs but the accounts must be opened online. View online bank rates.

When interest rates are falling, it is often preferable to lock in high rates for an extended period of time with a longer-term CD. When interest rates are rising, depositors should avoid committing their money for long periods of time. To see interest rate trends, visit the BestCashCow rate analysis page.

ADVANTAGES AND DISADVANTAGES

The advantages of a Certificate of Deposit from a branch bank are:

Funds deposited in FDIC banks and within insurance limits are protected by the full faith and credit of the United States government.
CDs provide a predictable, set rate of return.
Depositors can walk into a local branch and open the CD and fund it that day. Question and inquiries can also be handles in-person.

The disadvantages of branch-based CDs are:

The deposited money is committed for a certain period of time and can only be withdrawn with substantial penalties.
One year CDs from branch banks often pay less interest than from online banks. Please see those rates here.

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, please visit the FDIC website.

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