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A New York-based bank is offering multiple online CD promotions available to all savers.
For example, M.Y. Safra Bank says its 18-month CD pays 1.57 percent APY. Among banks serving customers nationwide, that’s one of the best short-term CD rates.
Best 18-month CD rates
| Institution |
APY |
Minimum deposit |
| First Internet Bank of Indiana |
1.56% |
$1,000 |
| Popular Direct |
1.55% |
$10,000 |
| VirtualBank |
1.51% |
$10,000 |
| Northpointe Bank |
1.5% |
$1,000 |
| CDBank.com |
1.5% |
$10,000 |
Any adult depositing at least $5,000 can qualify.
48-month CD promotion
M.Y. Safra Bank also offers one of the highest mid-term CD rates in the market. Its 4-year CD pays 2.05 percent APY.
Best 4-year CD rates
| Institution |
APY |
Minimum deposit |
| First Internet Bank of Indiana |
2.02% |
$1,000 |
| Home Savings Bank |
2% |
$5,000 |
| EverBank |
2% |
$5,000 |
| Popular Direct |
2% |
$10,000 |
| Synchrony Bank |
1.95% |
$2,000 |
Savers concerned about a June interest rate hike could opt for the 18-month CD. If interest rates climb again — which analysts anticipate — you can cash in on another deal in less than two years.
If you’d rather have a CD with a higher yield, consider buying a 4-year CD instead. Calculate how much interest you could earn by your maturity date.
Just watch out for the early withdrawal penalty. By pulling out some of your savings before your CD matures, you could lose credited or 90 days interest (whichever is greater).
Opening a CD
To take advantage of M.Y. Safra Bank’s CD promotions you must:
- Be at least 18 years old
- Have a Social Security number
- Have ID issued by the U.S. government
- Complete an online application
- Provide your bank account and routing number (if transferring funds from another bank)
You can fund your CD through a wire or ACH transfer. The bank also accepts checks mailed to its headquarters in New York City.
Existing bank customers can only fund the promotional CDs with new money deposits.
About M.Y. Safra Bank
M.Y. Safra Bank is an FDIC-insured institution with a single branch in the Big Apple. Initially established as T. Rowe Price Savings Bank, it changed its name and moved to New York in 2013.
The institution earned four out of five stars on Bankrate’s latest Safe & Sound Ratings, which measures the financial health of banks and credit unions throughout the United States.
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