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Want to avoid a locked rate when market rates rise? Then our Step-Up CD is ideal for you!
Enjoy the higher rate of a longer term CD — with the same security.* Best of all, avoid the risk of being locked into a fixed rate when market rates rise. Rates may Step Up two times a year, every year of the CD term.
The Step-Up CD is tied to the Fed Funds Rate. We determine the rate on your account by adding .60% for the 3 Year Term or .85% for the 5 Year Term to the top of the target rate for Federal Funds as reflected by the Federal Reserve Bank of New York. Rates may adjust semi-annually on June 30 and December 31.
*APY is the annual percentage yield and is subject to change. APY assumes that interest is compounded semi-annually and stays on deposit until maturity. Withdrawal of interest and/or fees may reduce earnings. Substantial penalty for early withdrawal. $10,000 minimum to open this CD and earn the APY.
*10 days after maturity CDs automatically renew for the same term as the original product at the current interest rate on the date of renewal.