Updated
Fact Checked
Nathan Alderman
Based out of New York City, Flushing Bank stands out as a strong contender among top-paying CD providers nationwide. While it doesn't have many CD terms, the APYs that it does offer are attractive and hard to beat. Below we'll take a look at Flushing Bank CDs and see if they're the best place for your money.
Flushing Bank CD rates for 2024
Rates as of May 14, 2024
APY = Annual Percentage Yield
Flushing Bank CD
MINIMUM DEPOSIT $1,000
| 1 Yr. APY | 15 Mo. APY |
|---|---|
| 5.00% | 4.60% |
Compare Flushing Bank CD rates
For a local bank in New York City, Flushing Bank's CD rates are high enough to compete with larger institutions. For perspective, here's how Flushing Bank CDs stack up against the competition.
Rates as of May 14, 2024
| Bank & CD Offer | APY | Term | Min. Deposit | Next Steps |
|---|---|---|---|---|
Member FDIC.
| APY: 4.70% | Term: 1 Year | Min. Deposit: $2,500 | |
| APY: 5.05% | Term: 1 Year | Min. Deposit: $1 | |
|
| APY: 5.15% | Term: 9 Months | Min. Deposit: $1 | |
Member FDIC.
| APY: 4.75% | Term: 1 Year | Min. Deposit: $500 |
Flushing Bank CD review
Unlike other banks, Flushing Bank doesn't have a variety of CD types, like no-penalty or jumbo CDs. Instead, it offers one personal CD for all clients. Let's take a closer look at its fine print.
Flushing Bank Personal CD
PROS
- Competitive APY
- FDIC insured
- No account fees
- Interest withdrawal option
CONS
- Limited term lengths
- $1,000 minimum deposit
Flushing Bank's CD comes with two terms -- 12 and 15 months -- and requires a minimum opening deposit of $1,000. Interest will be compounded every day and credited to your account monthly. Unlike some CD providers, Flushing Bank will let you withdraw this interest after it has been credited to your account.
The headliner perk on this CD is its high APY, which bests most national banks and can compete with digital ones. The downside is its lack of CD terms. With only two terms to choose from, you can't build an extensive CD ladder.
Like other CDs, the Flushing Bank CD has an early withdrawal penalty. The penalty is equal to six months of interest and it will be imposed regardless of if you've had your CD for six months or not. That's pretty standard for CDs, though it's something to consider if you're wavering between CDs and a high-yield savings account.
All in all, the Flushing Bank CD combines a high APY with a decently long term to offer you a good deal. If you're certain a CD is the right savings product for you, take a closer look at Flushing Bank and compare it with other top-paying CD providers.
Who is a Flushing Bank CD right for?
A Flushing Bank CD is right for savers who want to earn the most interest on their savings. It's also great for those who have a decent amount of savings, or at least enough to meet the $1,000 minimum opening deposit.
Bottom line: Flushing Bank CD rates
Keep reading about Flushing Bank
Our CDs methodology
At The Motley Fool Ascent, certificates of deposit (CDs) are rated on a scale of one to five stars, primarily focusing on annual percentage yield (APY) and early withdrawal penalty fees. Our highest-rated CDs generally include competitive APYs without complex qualification tiers, low withdrawal fees, reliable brand trust and reputation, and ease of use.
Learn more about how The Motley Fool Ascent rates bank accounts.
FAQs
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Withdrawing money early means you will either dip into the principal or forfeit a portion of interest, depending on when the withdrawal is made.
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You should get a Flushing Bank CD if earning interest is important to you, and you've considered the reasons for and against locking your money up for the near term. It's not a great choice, however, if you want to build a CD ladder, as the bank only offers two terms.
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For many savers, the high APY on a Flushing Bank CD makes it worth locking their savings for the near term.
Our Banking Experts
Steven is a personal finance writer covering topics from mortgages to credit cards to market news. He has written for The Motley Fool Canada, Ramsey Solutions, Nerdwallet, Clever Real Estate, and other major outlets. Steven launched his writing career at the age of four with his first book, "Revenge of the Bad Guys." He currently lives in Portland, Oregon.
Fact Checked
Nathan Alderman
Nathan Alderman has worked with The Motley Fool since 2005, making errors his arch-enemies in a variety of roles including a six-year stint as the dedicated fact-checker for The Motley Fool's premium newsletter services. As The Ascent's Compliance Lead, he makes sure that all the site's information is accurate and up to date, which ensures we always steer readers right and keeps various financial partners happy. A graduate of Northwestern University's Medill School of Journalism, Nathan spends his spare time volunteering for civic causes, writing and podcasting for fun, adoring his wife, and wrangling his two very large young children.
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