Certificate of deposit rates in New York continue to outpace the best national rates but the depth in the number of banks offering top CD rates is starting to wane.  Within the six month CD rates, Massena Savings & Loan maintains the highest rate with an interest rate of 2.56%.  The next best CD rate drops off dramatically with the six month CD rate of Trustco Bank that earns a rate of 2.15%.  Mutual Bank’s six month CD falls nine basis points back with a rate of 2.09%.  Hudson City Savings Bank and EastBank follow with six month CDs that have yields of 2.00%.

The best one year CD rate in New York is also a product of Massena Savings & Loan.  Massena’s one year CD rate of 2.87% continues to beat the highest CD rate in New York as well as those offered nationally.  Again, the next best CD rate drops down in rate rather considerably.  Mutual Bank holds the next best CD rate at 2.62%.  Atlas Savings and Loan has a 15 month promotional CD with an interest rate of 2.53% that trails Atlas.  Another large step down in rate is the next best one year CD at 2.30% which is marketed by Intervest National Bank.

In order to make the two year CD rates easy to follow, Massena Savings & Loan continues to offer their two year CD with a rate of 3.08% to lead the group.  Atlas Savings and Loan remains in the number two positions with a two year CD rate of 3.04%.  Both of these banks exceed the highest national two year CD rate set by GMAC Bank at 2.90%.  State Bank of India is close behind with a two year CD that offers a rate of 2.78%.  Mutual Bank has a two year at 2.76% and City National Bank wraps up the list with a two year CDs yielding 2.75%.

The best five year CD rate in New York is modestly lower this week but remains one of the top five year CD rates available in any state.  First Republic Bank offers a five year CD with an interest rate set at 3.85%.  Atlas Savings and Loan’s five year CD is nipping at Republic’s heals with a five year CD rate of 3.82%.  Intervest National Bank is the second best national rate and third best for the state of New York bank rates.  Dime Savings Bank and City National Bank remain in the clean up position with five year CDs that stand at 3.50%.

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