The First National Bank of Long Island is offering a rather competitive CD rate for its 5-year term. At 3.00% APY, it is beating a vast majority of the other 5-year CDs currently available.
The First National Bank of Long Island is a community bank with 34 branches in Long Island and Manhattan, New York. If you are in the search for a nice long-term yield amid a super-low interest rate environment, the 5-Year CD at The First National Bank of Long Island is offering an attractive 3.00% APY.
The 5-Year CD that pays 3.00% APY is currently a rare find since the national 60-month CD rate average is 2.08% APY and interest rates have been dropping across the board. Currently, nationally available 5-year CDs that earns at least 3.00% APY are difficult to come by – they’re more common at smaller community banks. But, don’t expect this rate to stick around for long because they’re usually limited-time offers.
Leading 5-Year CDs in New York
For the 5-Year CD at The First National Bank of Long Island, the minimum opening deposit is $1,000 and the maximum deposit is $1,000,000. The early withdrawal penalty is quite hefty at 18 months of interest.
|Bank||APY (as of 3/15/11)||Minimum opening deposit||Early withdrawal penalty|
|The First National Bank of Long Island||3.00%||$1,000||18 months of interest|
|Sovereign Bank||2.80%||$500||12 months of interest|
|Valley National Bank||2.75%||$500||540 days of interest|
Accounts at The First National Bank of Long Island are only available to New York residents and they must be opened in person at a local branch.
If you are not located in New York, check CD rates by state to see the highest CD rates available to you.