The Valley National Bank branch at Borough Park in Brooklyn still push for their opening certificate of deposit promo which gives consumers a chance to open a 12-month CD and earn the highest cd rate of 2.25% APY. The Borough Park branch is located at 4501 13th Avenue, and you can contact them through 718-633-9470.

To enjoy the best interest rate the bank requires an opening deposit of $500. They have a set cap of $50,000 per certificate of deposit and limit it to $100,000 for every household.

These cd interest rates are not listed on the bank’s website. These may also be offered in other braches in New York City. We have only confirmed another branch, Avenue U, which offers this special cd rates. There is also a 10 day grace period upon CD maturity during which no earnings will be paid if you decide to close the account.

The earnings of the certificates of deposit may be compounded upon maturity, or on a quarterly, monthly, or daily basis depending on the terms. So be sure to inquire and instruct the bank how you want your investment to go.

The bank usually has special offers during their branch openings. They have also done this with their money market account before.

Valley National Bank also offers competitive regular certificate of deposit. The most competitive ones are the following: 2.00% APY (24 months), 2.50% APY (30 months), and 2.75% (36 months). These cd rates can be opened for as little as $500 with a ceiling of $500K.

When you verify the interest rates with the bank, please also confirm the prevailing penalties for early withdrawal. The website post say that they charge 3 months of interest for CDs with less than 12 months of maturity, and 180 days of earnings for 12 months to less than 36 months of maturity.