• Written By
    Christian Simmons

    Christian Simmons

    Financial Writer and Certified Educator in Personal Finance

    Christian Simmons is a financial writer who has worked professionally as a journalist since 2016. As an active member of the Association for Financial Counseling & Planning (AFCPE), Christian prides himself on his ability to break down complex financial topics in ways that Annuity.org readers can easily understand.

    Read More
  • Edited By
    Lamia Chowdhury
    Lamia Chowdhury

    Lamia Chowdhury

    Financial Editor

    Lamia Chowdhury is a financial editor at Annuity.org. Lamia carries an extensive skillset in the content marketing field, and her work as a copywriter spans industries as diverse as finance, health care, travel and restaurants.

    Read More
  • Financially Reviewed By
    Stephen Kates, CFP®
    Stephen Kates, CFP® Headshot

    Stephen Kates, CFP®

    Founder of Clocktower Financial Consulting

    Stephen Kates is a Certified Financial Planner™ and personal finance expert specializing in financial planning and education. Stephen has expertise in wealth management, personal finance, investing and retirement planning.

    Read More
  • Updated: August 24, 2023
  • 6 min read time
  • This page features 5 Cited Research Articles
Fact Checked
Fact Checked

Annuity.org partners with outside experts to ensure we are providing accurate financial content.

These reviewers are industry leaders and professional writers who regularly contribute to reputable publications such as the Wall Street Journal and The New York Times.

Our expert reviewers review our articles and recommend changes to ensure we are upholding our high standards for accuracy and professionalism.

Our expert reviewers hold advanced degrees and certifications and have years of experience with personal finances, retirement planning and investments.

Why Trust Annuity.org
Why You Can Trust Annuity.org
Content created by Annuity.org and sponsored by our affiliates.

Annuity.org has been providing consumers with the tools and knowledge needed to confidently make financial decisions since 2013.

We accept limited advertising on our site to help fund our work, including the use of affiliate links. We may earn a commission when you click on the links at no additional cost to you.

The content and tools created by Annuity.org adhere to strict editorial guidelines to ensure quality and transparency.

Our Criteria

When examining available CD rates, Annuity.org’s editorial staff set several criteria that needed to be met for a bank or credit union to be considered. Each choice must:

  • Offer CDs in New York or have nationally available options.
  • Be federally insured.
  • Rank as one of the top 25 banks or top 10 credit unions by assets.

Understanding Our Methodology

Annuity.org employed a strict and research-focused methodology when selecting banks and certificates of deposit for consideration.

A bank or credit union must have ranked in the top 25 or top 10, respectively, by total assets nationally to be considered. The bank also needed to offer its CD rates in New York.

CD rates often vary by location, but companies sort this information in different ways. For banks that provide rates by zip code, a standard New York zip code with a high population was used. Keep in mind that the exact rate could potentially vary throughout the state. Banks that offer standardized nonstate-specific rates were also included.

On top of comparing available rates, Annuity.org evaluated numerous other factors including minimum deposits, specialty offerings versus standard offerings, withdrawal penalties and the reputability of each bank or credit union.

CDs are exciting again! After more than a decade of uninteresting yields pressing savers into the stock and bond markets in the search of better returns, CDs are back in a big way thanks to the rate hikes of the Federal Reserve.

Editor’s Choice: Best Overall

GREAT FOR: Strong Rates Across the Board

Bank Details:

BMO Harris is the 13th largest bank in the U.S. by consolidated assets and with over 1,000 domestic branches. The bank offers CD terms that range from three months to 60 months.

5.10% APY for a 1-Year CD

Pros & Cons


  • High rates across many terms
  • Strong one-year rates
  • Reasonable minimum deposit


  • Poor short-term rates

Our Take:

BMO Harris stands out among the many other CD offerings available in New York thanks to its consistently high rates across many terms. The bank offers a competitive APY on CDs that range from 12 months to five years in length.

An incredibly attractive 5.10% APY is offered on one-year CDs and the variety of high rates helps to ensure that consumers with various needs or priorities can find a CD that makes sense for them. BMO Harris requires a minimum deposit of $1,000 to open a CD, which is largely the industry standard.

The one area where the bank falls short is in some of its short-term offerings. A nine-month term with a reasonable 3.50% APY is available, but its three-month and six-month terms lag significantly. However, many choices are still offered that may fit into your personal finance plan.

Best for Short-Term CDs

GREAT FOR: Short-Term Investments

Bank Details:

Ally Bank is the 23rd largest bank in the U.S. It is an online bank with no physical branches. Its CD offerings include terms ranging from three months to five years.

APY for a 9-Month CD

Pros & Cons


  • Strong short-term offerings
  • No minimum deposit


  • No physical branches

Our Take:

Ally Bank is an entirely online bank, meaning its CD rates are available nationally, and it has no physical branches. It stands above many New York-based rates when it comes to a short-term selection.

The bank offers three terms under a year in length, each of them paired with a competitive APY. Its most attractive choice in this range is the nine-month CD, which offers a APY.

Its 12-month CD with a 4.85% APY is a strong option as well. Ally also requires no minimum deposit, meaning you can invest any amount you feel comfortable with.

Best for Mid-Range CDs

GREAT FOR: Mid-Range Offerings

Bank Details:

KeyBank is the 21st largest bank in the U.S. by consolidated assets and with nearly 1,000 branches. The bank offers CD terms that range from seven months to 18 months.

4.49% APY for a 10- and 13-Month CD

Pros & Cons


  • Strong rates for mid-range terms


  • Only a handful of terms offered
  • High minimum deposit 

Our Take:

KeyBank does not offer CDs everywhere but does hold attractive rates for New Yorkers. The bank has strong rates for many mid-range terms that toe the line between being too short or overly long.

On terms that range from seven months to 18 months in length, KeyBank includes competitive APYs. Its 10-month and 13-month rates are available with a 4.49% APY.

One drawback to be aware of with KeyBank is its high minimum deposit requirement of $2,500. There are also only a handful of rates offered, limiting customizability.

Best for Long-Term CDs

GREAT FOR: Long-Term Investments

Bank Details:

Capital One is the ninth-largest bank in the U.S. by consolidated assets and has 292 physical branches. The bank offers terms from six months to 60 months and does not require a minimum deposit.

4.75% APY for an 18-Month CD

Pros & Cons


  • Strong long-term rates
  • No minimum deposit 
  • Rates are consistent nationally 


  • Beaten on some short-term rates

Our Take:

For New Yorkers looking to secure a long-term CD at a high rate, Capital One offers many strong choices. The bank provides six different terms of over a year, with each choice offering a solid rate.

Its most attractive offerings include 4.75% APY on its 18-month CDs. Terms of up to five years are available.

Capital One offers online CDs, meaning their options are standard nationally and there is also no required minimum deposit. You can invest in a CD with whatever amount makes sense for you.

Others We Considered

The following banks met the initial criteria and were also considered but were eliminated due to numerous factors, including uncompetitive rates, competitive rates that were beaten out by a listed bank, lack of available information or high minimum deposits.

Frequently Asked Questions

How do CD rates in New York compare to other states?

New York has generally strong CD options, both from locally available rates and from nationally available online CDs.

Are online banks a good option for higher CD rates in New York?

Online banks can be a strong choice for CD rates, in part because they may sometimes offer higher rates. They are generally no less safe than investing with a brick-and-mortar bank.

What factors should I consider when comparing CD rates in New York?

There are numerous factors to keep in mind when comparing CDs, including the APY, the minimum deposit, the term length and the withdrawal penalties.

Are CD rates in New York fixed or variable?

CDs are generally fixed-rate investments.

Are CD rates insured in New York?

As long as you are working with a reputable bank or credit union, then your CD should be insured.

Please seek the advice of a qualified professional before making financial decisions.
Last Modified: August 24, 2023