Investing money in a CD is a great way to grow your earnings with a hands-off investment. Knowing the best CD rates in New York can help you grow your earnings and reach your financial goals.
Best CD Rates in New York
We’ve located the best CD rates in New York to help you maximize your investment. Always check the latest rates and read the fine print to ensure you understand the rates and terms.
- Valley Direct: 5.60% APY
- Sallie Mae: 5.10% APY
- Blue Federal Credit Union: 5.25% APY
- Quontic Bank: 5.30% APY
- Discover® Bank: 4.70% APY
- CIT Bank: 5.00% APY
- First Tech: 5.35% APY
1. Valley Direct 
- Minimum Deposit: $500
- APY: 4.60% – 5.60%
- Terms: 12 to 36 months
Savers in New York looking for different options than traditional banks can find great CD options at Valley Direct, including a variable rate CD. However, the CD only has a 36-month term, so you must be able to tie up your funds for that long.
The variable rate CD guarantees a rate of 0.1% above the Federal Funds Target Rate Upper Limit to keep pace with inflation.
Other options include 12 and 24-month fixed-rate CDs. With a low barrier to entry, it’s easy to start saving, but watch out for the early withdrawal penalties. Only lock up your funds for as long as you can be without them to ensure maximum earnings.
Pros:
- Opportunity for high APYs
- Low barrier to entry
- Variable CD allows adjustments for inflation
Cons:
- Only three-term options
- No term less than 12 months available
2. Sallie Mae 
- Minimum Deposit: $1
- APY: 4.70% – 5.10% APY
- Terms: 10 to 14 months
Sallie Mae offers the opportunity to invest in no-penalty CDs to allow more flexibility to withdraw funds early while still earning money. The APYs are slightly lower on no-penalty CD options, but it can be worth it if you need the flexibility.
Sallie Mae requires only a $1 minimum deposit for any of its CD options and has terms of 10 or 14 months. This allows you to grow your earnings for short-term goals or roll over the funds into another CD upon maturity.
Pros:
- Low barrier to entry
- Interest compounds daily
- Option for no-penalty CDs
Cons:
- Only two CD term selections
- Pays a lower APY if you need a no-penalty option
3. Blue Federal Credit Union 
- Minimum Deposit: $1
- APY: 5.00% – 5.25%
- Terms: 9 to 15 months
Blue Federal Credit Union offers opportunities for members to grow their funds in CDs with terms of 9 to 15 months, including a no-penalty CD option. Anyone can become a Blue Federal Credit Union member by donating to the Blue Foundation and earning high CD rates.
Savers who need the reassurance of a no-penalty option can invest in the 9-month no-penalty CD with access to funds within 30 days of opening the account. Interest compounds daily with Blue Federal Credit Union CDs; each account is NCUA-insured up to $250,000 per depositor.
Pros:
- Options for no-penalty CD
- High APYs
- NCUA-insured
Cons:
- A limited selection of terms
- Must be a credit union member
Open a CD with Blue Federal Credit Union
4. Quontic 
- Minimum Deposit: $500
- APY: 4.30% – 5.30%
- Terms: 6 months to 5 years
It takes only three minutes to open a Quontic CD, and they offer several options for short and long-term goals. Quontic CDs renew automatically, but you have a 10-day grace period to change your mind without paying a penalty.
Despite being a digital bank, all Quontic CDs have high APYs and several options to contact customer service, including phone and live chat. Like most banks, Quontic compounds interest daily and pays it monthly to grow your earnings.
Pros:
- Low barrier to entry
- Many term options
- Daily compounded interest
Cons:
- Digital-only bank
- High penalties for early withdrawals
5. Discover® Bank 
- Minimum Deposit: $2,500
- APY: 2.00% – 4.70% APY
- Terms: 3 months to 10 years
Discover® Bank offers more than credit cards to New York savers. With CD terms from short to long-term, there are many options to save for your financial goals.
The CDs are fixed-rate terms, no matter the length, but each has an early withdrawal penalty if you withdraw funds before maturity.
Discover® Bank operates 100% online, and opening an account takes only a few minutes. They offer the option to fund the account later if you aren’t ready to deposit your funds. All deposits at Discover® Bank are FDIC-insured up to $250,000 per depositor.
Pros:
- Savings opportunities for short and long-term goals
- Transparent with rates and early withdrawal fees
- Easy to open
Cons:
- Requires a high minimum balance
- High early withdrawal penalties
6. CIT Bank 
- Minimum Deposit: $1,000 unless you want a jumbo CD, then $100,000
- APY: 0.30% – 5.00%
- Terms: 6 months to 5 years
New York residents looking for a large selection of CDs will not be disappointed at CIT Bank. They offer many options, including CDs with no penalties and RampUp CDs for current customers.
They also offer a no-penalty option with an 11-month term that allows early access to your funds if needed. CIT Bank is a digital bank. There are no monthly fees and plenty of opportunities to reach your financial goals.
Pros:
- Large selection of CDs
- FDIC-insured
- No-penality option
Cons:
- High minimum deposit requirement
- Only a few terms have high APYs
7. First Tech 
- Minimum Deposit: $500
- APY: 2.25% – 5.35%
- Terms: 6 to 60 months
If you worry about investing your money and rates changing, the First Tech Bump Up CDs may be a good option. New York residents can choose 13, 24, or 36-month terms and increase the rate accordingly if market rates change.
First Tech also offers term options with a fixed rate for a specified term if you know how long you want to lock up your funds. This option provides slightly higher APYs in exchange for the lock period.
Pros:
- Low barrier to entry
- Option to bump rates
- FDIC-insured
Cons:
- Bump Up CDs have low APYs
- Must join First Tech credit union
Summary of the Best CD Rates in Ohio
| Company | APY | Minimum Deposit Requirement | Compounding Frequency |
| Valley Direct | 5.60% APY | $500 | Daily |
| Sallie Mae | 5.10% APY | $1 | Daily |
| Blue Federal Credit Union | 5.25% APY | $1 | Daily |
| Quontic | 5.05% APY | $500 | Daily |
| Discover | 4.70% APY | $2,500 | Daily |
| CIT Bank | 5.00% APY | $1,000 | Daily |
| First Tech | 5.35% APY | $500 | Daily |
Learn More:
Types of CDs Available in New York
Knowing the type of CD with the best CD rates in New York to choose is important. Focusing only on the rate could be a mistake if you don’t understand how the CD works.
Short-Term CDs in New York
Short-term CDs typically have a term of 12 months or less. This allows you to choose how to handle your money or provides access to the funds if you need liquidity.
Many short-term CDs have higher APYs, making it easier to reach your goals. Plus, you can roll over the funds into another CD or withdraw the funds without penalty.
Short-term CDs can last a few days to a few months. Always choose the length that coincides with your goals to avoid early withdrawal penalties.
Long-Term CDs in New York
Long-term CDs lock up your funds longer but provide a risk-free investment to grow your earnings. The terms range from two to five years. Some banks offer no-penalty withdrawal options, and others have bump-up rate options.
Always read the fine print and compare what’s offered to your goals. Don’t take a CD with a term you aren’t sure you can satisfy, as you could pay hefty fees for early withdrawal.
In fact, some banks pay higher APYs on shorter-term CDs, providing more flexibility, so always understand the terms.
Liquid CDs in New York
Liquid CDs are available as short and long-term options. Often called no-penalty CDs in New York, they offer the option to liquidate your investment early.
These CDs usually pay lower APYs for the convenience of being able to liquidate your funds, so compare your options and ensure you’re benefiting the most.
Each bank has different requirements regarding how and when you can withdraw your funds. Read the fine print before accepting a CD to ensure you understand.
Step Up/Bump Up CDs in New York
CDs are typically a one-time investment with a fixed rate. They are a hands-off investment, but some banks offer opportunities to step up the rate. These CDs are often called bump-up CDs and, like most CDs, have specific terms.
Understand your options and how to increase your rate to maximize your investment when market rates increase.
Add-on CDs in New York
Add-on CDs are also rare but offer the option to contribute more money to your CD than your original investment. These CDs allow you to continually grow your investment rather than having one lump sum invested.
Our Methodology
The BankBonus team has reviewed dozens of brick-and-mortar banks, online banks, credit unions, and fintech companies offering CD accounts in New York.
To provide you with accurate recommendations for the best CD rates in New York, we used the metrics below to assess each account:
- APY: First and foremost, we evaluate CD offers based on how competitive their APY is
- Compounding schedule: Another major factor we consider is the account’s compounding schedule, prioritizing banks that compound interest daily rather than monthly or quarterly
- CD terms: We also consider the variety of CD term lengths each financial institution offers
- Account minimum: Additionally, we look at each CD’s minimum opening deposit requirements and any ongoing account minimums
- User experience: We carefully consider the ease of applying and managing CD accounts on each bank’s website and factor in reviews of the mobile app from the App Store and Google Play Store
- Customer service: In our review process, we also explore each institution’s customer service channels, hours of availability, and third-party reviews
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