Flushing Bank CD Rates: Exploring Your Savings Options

Understanding Certificate of Deposits (CDs)

Flushing Bank's Certificate of Deposits (CDs) are an excellent way to earn a guaranteed rate of return on your savings. CDs are time-deposit accounts that offer higher interest rates than traditional savings accounts, with the funds being locked in for a specified term.

Why Choose Flushing Bank CDs?

There are several reasons why Flushing Bank's CDs should be considered for your savings strategy:

1. Competitive Rates: Flushing Bank offers competitive CD rates, allowing you to maximize your returns.

2. FDIC Insurance: All CDs at Flushing Bank are insured by the Federal Deposit Insurance Corporation (FDIC) up to $250,000, providing unparalleled security for your savings.

3. Flexible Terms: You can choose from a range of CD terms, from short-term (90 days) to long-term (60 months), to match your financial goals and risk tolerance.

How to Open a Flushing Bank CD

Opening a CD at Flushing Bank is a straightforward process:

1. Choose a Term: Decide on the length of time you want to lock your funds into a CD.

2. Determine Your Investment Amount: Flush Bank CDs require a minimum deposit amount, which varies depending on the term.

3. Visit a Branch or Call Customer Service: You can open a CD by visiting one of Flushing Bank's branches or calling their customer service team.

4. Provide Identification and Funding: Bring your government-issued ID and the necessary funds for the initial deposit.

Step-by-Step Guide to Opening a Flushing Bank CD:

Step 1: Gather Documents:

• Government-issued ID
• Proof of address

Step 2: Visit a Branch or Call Customer Service:

• Locate a Flushing Bank branch near you or call their customer service line (718-961-8000).

Step 3: Choose Term and Amount:

• Select the desired CD term and determine the amount you wish to invest.

Step 4: Verify Personal Information:

• The bank representative will verify your personal information and review the CD terms and conditions with you.

Step 5: Sign the Agreement:

• Once you are satisfied with the terms, you will be asked to sign the CD agreement.

Step 6: Fund the Account:

• Transfer the funds for the initial deposit into the CD account.

Step 7: Receive Confirmation:

• You will receive a confirmation of your CD investment, including the term, interest rate, and maturity date.

Flushing Bank CD Rates Comparison

The following table compares the CD rates offered by Flushing Bank to industry averages, as of June 1, 2023, according to Bankrate.com:

Benefits of Flushing Bank CDs

Investing in Flushing Bank CDs offers several benefits:

1. Guaranteed Returns: CDs provide a fixed interest rate, ensuring you a predictable return on your investment.

2. FDIC Insurance: Your savings are protected by FDIC insurance, providing peace of mind and security.

3. Ladder Your Savings: By investing in CDs with varying terms, you can create a "ladder" of investments that mature at different times, allowing you to access your funds as needed while still earning interest.

Drawbacks of Flushing Bank CDs

There are a few potential drawbacks to consider:

1. Locked-In Funds: Once you invest in a CD, your funds are locked in for the entire term. You may face a penalty for early withdrawal.

2. Risk of Inflation: If inflation exceeds the CD's interest rate, your returns may be eroded over time.

3. Limited Liquidity: CDs typically offer less liquidity than other investments, such as money market accounts or savings accounts.

Conclusion

Flushing Bank CDs offer a competitive and secure way to grow your savings. By understanding the terms, benefits, and drawbacks of CDs, you can make an informed decision about whether this investment is right for you. Consider your financial goals, risk tolerance, and time horizon when making your choice.