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CD Rates in New York for June 2025

Updated June 20, 2025

Interest rates on certificates of deposit (CDs) have skyrocketed in recent years. Some banks are offering CDs with annual percentage yields (APYs) that are even outpacing inflation. With so many options out there, it's hard to know which is right for you. Here's what you need to know to find the best CD rates in New York.

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Current 1 year CD trends
Bankrate Partner average
4.06% APY
National average
2.02% APY

How to find the best CD rates in New York

There are three main components you should consider when choosing a CD: the term length, the yield and the penalty for early withdrawal. 

Choosing the CD term

A CD term determines how long your money remains in the account. While terms typically range from three months to five years, some institutions offer periods as short as seven days or as long as 10+ years. When selecting a term, honestly assess how long you can leave your funds untouched, as most CDs charge early withdrawal penalties for accessing money before maturity.

Consider minimum deposit requirements as well. Many online banks now offer CDs with no minimum deposit, while traditional New York banks typically require $500-$1,000. For jumbo CDs, expect to need around $100,000.

Choosing the yield

With today's competitive rate environment, yield is typically the main consideration when choosing a CD. The best rates now exceed 4% APY, though traditional brick-and-mortar banks typically offer significantly lower returns than online banks.

However, the highest yield isn't always the best choice if liquidity is a concern. If you might need early access to your funds, consider Bankrate's best no-penalty CDs or shorter term options.

Understanding the early withdrawal penalties

Banks typically impose penalties for withdrawing principal before maturity. For a 12-month CD, penalties generally range from two to six months of interest, with some institutions adding flat fees that further increase the cost.

Consider your risk tolerance when balancing term length and yield against potential penalties. If early withdrawal seems likely, explore CDs with lower penalties or high-yield savings alternatives that maintain access to your funds.

Short-term vs. long-term CDs

Your financial situation should guide your choice between short and long-term CDs:

New Yokers who don't need to touch their money for a couple of years may benefit from locking in today's high rates with longer-term CDs. Long-term CDs in today's market have the potential to outpace inflation. As such, if you have enough cash, now might be a good time to invest in a CD ladder.

Residents of New York who don't want to tie up their money for too long will still find high yields for short-term CDs. Moreover, these CDs shave off some of the risk associated with early withdrawal penalties, since your money is locked down for a shorter amount of time.

How to compare CD rates in New York

The most popular banks in New York by number of branches include Chase Bank, M&T Bank and Bank of America. While these institutions offer the convenience of local branches, their CD rates typically lag significantly behind online alternatives.

For the highest yields, explore nationwide online banks like Synchrony, Ally, and Marcus by Goldman Sachs, which offer their products to New Yorkers regardless of location. These institutions not only provide better rates but often feature stronger digital banking tools and customer service.

If you already bank with a New York institution, check whether they offer relationship rates for existing customers with multiple accounts, which might boost otherwise mediocre CD yields.

Research methodology

Since 1976, Bankrate has been a leading publisher of rates and personal finance articles. It is also often cited by some of the most respected and well-known publications and websites. The Bankrate promise is that we strive to help our readers make smarter financial decisions, adhering to strict principles of editorial integrity and transparency.

Bankrate’s editorial team is made up of seven banking experts. These experts have researched many banks and at least twice a month go to bank websites to make sure readers stay up to date on the latest rates and bank products.

We select banks that have high annual percentage yields (APYs) and that are popular and broadly available, and we include some of the largest banks.

Note: Bankrate doesn’t include callable CDs or brokered CDs on this page and compares regular CDs and no-penalty CDs separately.

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