New York certificate of deposit rates went against the tide this week and ended with mostly higher interest rates.  The best six month CD rate was unchanged at 2.56% from Massena Savings and Loan but the average of the best six month CD rates was up measurably to 2.28% from 2.14% the prior week.  The addition of Wilshire State Bank’s six month CD with an interest rate of 2.52% pushed the average higher as did the addition of LibertyPointe Bank’s six month CD that yields 2.33%.  These bank rates are significantly above the best national rate that lingers at 2.20%.

One year CD rates in New York also managed to increase for the week.  The best one year CD rate is once again being promoted by Massena Savings and Loan at 2.87% which surpasses the best national rate by seven basis points or 7/100 of a percent.  Following this rate is last week’s leader, Mutual Bank, which squeaks in with a 16 month CD that yields 2.56%.  The average of the top one year CD rates increased to 2.51% from the 2.37% the previous week.

The best New York two year CD rates continue to beat the best national rates.  Massena Savings and Loan holds the top spot at 3.08% followed by Atlas Savings and Loan with a two year CD rate of 2.89%, both bank rates are above the national rates.  Depth in this term category remains strong with a 2.80% two year CD rate from First Republic Bank and a two year CD at 2.78% from State Bank of India.

Making a clean sweep of beating the national rates, the best five year CD rate is unchanged at 3.82% from Atlas Savings and Loan and is above the best national rate by seven basis points.  First Republic falls into second position with a five year CD rate of 3.75%.  The average for the five year bank CDs in New York rose to 3.64% from 3.62% for the week of May 22.

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