3.15% APY 5-Year Special at Limited Branches of First National Bank, Long Island
Just in case you’re one of the lucky few who live near one of the branches of First National Bank in Long Island , you might benefit from the 3.15% APY promo CD the bank is offering for a limited time only. The downsides are: 1) the bank is offering this to limited branches only and; 2) You need a checking account before you can open this CD.
On the plus side, you get to enjoy gifts when you open this CD. The gifts listed include a portable DVD player and a digital camera, depending on the amount you deposit. It’s a tiered account, with a generous $500 minimum deposit. Most long term CDs offering the same yield require at least $10,000 minimum deposit. There’s also no denying that 3.15% APY is one of the highest CD rates being offered in the market this month.
To look at the latest list of branches offering this promo CD, just go to the bank’s main website and look at their “branches” page. On the fine print, it says that the promo should have ended last October 15, but apparently, the bank extended their generosity and it’s still available now. CD promos and top CD rates tend to expire without warning, though, so just to be on the safe side, give the phone banker a call before visiting the branch.
In Cold Spring Harbor, for example, the promo was extended till November 12, 2010. Perhaps each branch has a unique promo extension, so a call to the specific branch is necessary. While the 3.15% APY is tempting, you should take note, though, that this is a long term account. A five-year-maturity period takes a lot of discipline.
Unless you’re able to keep your money for that long, you will be obliged to pay a standard federal penalty, which is six months’ worth if simple interest. This can be a very big deal if you’ve deposited a lot of money into the account. With the gift rewards on offer, though, it’s hard to keep your deposit at $500. Just make sure that you’re signing up for only what you can truly afford.
The financial health rating of the bank is above average. It scored 4 stars from BauerFinancial.com, which is an attractive score for most applicants. The bank has been around since 1934 and is insured through FDIC Certificate #7072.
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