CD rates in New York moved higher on the short term CDs while moving lower for the longer term CDs.  On average, the rate changes were relatively mild with the exception of the five year CD rates which fell measurably.

The best six month CD rates in New York were up two basis points or 2/100 of a percent for the week.  The average for the best six month CD rates averaged 1.83%, up from 1.81% in the prior week.  The best bank rate with this maturity comes from Massena Savings and Loan which has been dominating the leader board for several weeks.  Granted, Massena New York is not exactly adjacent to Manhattan but they do offer online banking and the bank is well capitalized with low levels of loan delinquencies on the books.

The best one year CD rates in New York were higher by one basis point.  The average one year rate closed the week at 2.20%.  The best one year CD rate is also a product of Massena S & L with a one year CD rate at 2.56%. 

New York two year CD rates moved in the opposite direction of the short term CD rates and lost two basis points for the week.  The average of the best two year CD rates ended the week at 2.61%, down from the prior’s week average of 2.63%.  Massena leads this term category as well followed by Hamptons State Bank which offers a two year CD rate at 2.75%. 

The average of the best five year CD rates joined the two years in moving lower for the week.  The best five year CD rates in New York average d 3.40% for the week, down from 3.46% in the previous week.  City National Bank continues to offer a five year CD rate at 3.50% that leads the list along with Hamptons State Bank which also offers a five year CD at 3.50%.

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