Top 12 Month CD Rates

Average bank CD rates were down again this week but bank CD rates should start heading up later this year. The Federal Open Market Committee (FOMC) meets tomorrow and Thursday to decide the direction of interest rates. The FOMC is expected to keep interest rates in the low targeted range of zero percent to one quarter percent for now.

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The Fed's next three meetings occur in mid March, late April and late June. We anticipate the Fed will start raising the Fed funds rate by the June meeting if the economic recovery continues. When the Fed starts raising rates, banks will follow suit and raise CD rates, savings account rates and mortgage rates.

The current average 12 month certificate of deposit rate is 1.01 percent. Following is a list of the top CD rates in New York City above the national average rate.

UFB Direct  1.86% APY Min $8000
Eastbank  1.75% APY Min $2500
Discover Bank  1.75% APY Min $2500
Giantbank.com  1.71% APY Min $2500
Ally Bank  1.70% APY Min $ 1
Nationwide Bank  1.70% APY Min $10000
Maspeth Federal S&L  1.70% APY Min $1500
Broadway National Bank  1.67% APY Min $500
Bank of Internet USA  1.65% APY Min $1000
First Central Savings Bank  1.65% APY Min $500
ING DIRECT  1.60% APY Min $ 1
AIG Bank  1.60% APY Min $2500
Tennessee Commerce Bank  1.60% APY Min $2500
EverBank 1.56% APY Min $1500
American Express Bank FSB  1.50% APY Min $ 1
Bay Ridge Federal Credit Union  1.50% APY Min $500
Marathon National Bank  1.50% APY Min $1000
Bridgehampton National Bank  1.50% APY Min $1000
Brooklyn FSB  1.50% APY Min $1000 1.50%
Ridgewood Savings Bank  1.35% APY Min $500
Cross County Federal Savings  1.35% APY Min $500
Great Eastern Bank  1.31% APY Min $2500
Intervest National Bank  1.30% APY Min $2500
Allstate Bank  1.30% APY Min $1000
Community Fed Svngs Bank  1.30% APY Min $500
State Bank Long Island  1.30% APY Min $2500
PenFed 1.25% APY Min $1000 1.25%
First Internet Bank of IN  1.25% APY Min $1000
HSBC Direct  1.25% APY Min $1000
Ponce de Leon FSB  1.25% APY Min $1000
Astoria Federal Savings  1.25% APY Min $500
American Community Bank  1.25% APY Min $1000
Carver Federal Savings Bank  1.25% APY Min $2500
Bank of Smithtown  1.20% APY Min $2500
Suffolk County National Bank  1.16% APY Min $2500
Ameriprise Bank FSB  1.15% APY Min $2500
North Fork Bank  1.15% APY Min $500
Banco Popular  1.15% APY Min $10000
BankDirect  1.11% APY Min $10000
Flatbush Federal S&L  1.11% APY Min $500
E-LOAN.com  1.10% APY Min $10000
First National LI  1.10% APY Min $1000
Roslyn Savings Bank  1.10% APY Min $500
Citibank  1.01% APY Min $10000
New York National  1.01% APY Min $2500

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