CD rates in New York dropped measurably for the short term, six month CDs, but were little changed for the longer term CDs.  The best New York CD rates with a term of six months fell by ten basis points from 2.28% last week to 2.18% for the week ending June 5, 2009.  The average of the best one year CD rates in New York rose by two basis points to 2.53%.  The average of the two year CD rates dropped by one basis point to end the week at 2.78%.  The average of the best five year CD rates were unchanged for the week at 3.64%.

The best six month CD rate in New York remains a product of Massena Savings & Loan with an interest rate of 2.56%.  The runner up for this term is also unchanged with Wilshire State Bank’s six month CD that yields 2.52%.

The highest one year CD rate is also a product of Massena Savings & Loan and stands at 2.87%.  This rate is now well above the best national rate which has now fallen to 2.63%.  The second best one year CD rate comes from Mutual Bank which has a 16 month promotional CD that earns a rate of 2.56%.  The 15 month term CD of Atlas Savings and Loan is only three basis points lower with an interest rate of 2.53%.

Massena Savings & Loan wins the trifecta by having the best two year CD rate along with the six month and one year.  The best two year CD rate in New York coming from Massena is at 3.08% which is appreciably above the best national rate.  Atlas Savings and Loan falls behind this offer with a two year CD rate at 2.89%, which is also above the best national rates.  First Republic Bank rounds out the top three with a two year CD rate of 2.80%.

The best five year CD rates in New York have were unaltered for the week.  The top four bank rates for this term in New York are at or exceed the best national rate.  The highest CD rate remains with Atlas Savings and Loan with an interest rate of 3.82%.  Following this rate is the five year CD of First Republic Bank that yields 3.75%.  Rounding out the top four is Intervest National Bank at 3.66% and State Bank of India with a five year CD rate of 3.65%.

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