Flushing Bank, founded in 1929 and headquartered in Uniondale, New York, has over $8.5 billion in assets and is the 183rd largest bank in the country.

They have a community focus with customers primarily located in Brooklyn, Queens, Manhattan and Long Island, New York, and they only accept customers in certain New York and New Jersey counties.

They have a 12 month CD and 15 month CD available online, but you still must live within their geographical footprint to open a CD online.

If you stop by a local branch they have more CDs available along with IRA CDs that are not advertised on their website. You can find a local branch here.

To see if their two online CDs are right for you, continue reading our review below.

Flushing Bank CD Rates + Account Details

Flushing Bank is member FDIC, and all consumer deposits are federally insured up to $250,000 per depositor. Flushing Bank CDs require a minimum deposit of $1,000 to open.

CD Rates

To put these yields into perspective, the current national average for 12 and 24 month CDs sit at just 1.72% and 1.37% APY, respectively, according to FDIC data.

As of the Fed’s most recent rate increase of 0.25%, however, the top yields from online banks and nationally available credit unions are now surpassing 5.25% APY for ~12 month terms.

Compounding and Crediting Interest

Interest is compounded daily on all Flushing Bank CDs and then credited back to the account monthly for further compounding.

Grace Period and Early Withdrawal Fees

Flushing Bank CDs automatically renew upon maturity for the same term and the going APY at that time if nothing is done during the grace period. The grace period starts when your CD matures and is generally a 7 – 10 day window of time in which you may close out your CD or modify it (either by term or deposit size) without facing any early withdrawal fees.

Flushing Bank does not provide a grace period within their disclosure forms (download the PDF here). However, they will give you notice 30 days prior to your CD’s maturity prompting you to contact them if you plan on making changes to the CD or plan on withdrawing funds.

If you need access to the funds in your Flushing Bank CD prior to its maturity, you will face an early withdrawal fee. The fee structure is as follows:

• For CDs with terms of 3 months to less than 1 year, the fee is 3 months simple interest on the amount withdrawn.
• For CDs with terms of 1 year to less than 3 years, the fee is 6 months simple interest on the amount withdrawn.
• For CDs with terms of 3 years to less than 7 years, the fee is 1 year simple interest on the amount withdrawn.
• For CDs with terms of 7 years or greater, the fee is either: 1) all interest earned on the amount withdrawn or 2) half the interest amount that would have been earned on the amount withdrawn during the entire term of the CD, whichever is greater.

How to Open and Fund a CD

To get started, you’ll first need to apply for the CD. You can select the CD you’d like to open and begin the online application process here.

To complete the application you’ll need to have the following pieces of personal identity information available:

• Email
• Phone Number
• Home Address
• Social Security Number
• Driver’s License or State Issued ID

Once Flushing Bank has approved the account, you can fund your CD. If these funds are coming from an outside bank or credit union, you’ll need the following information:

• Current bank or credit union’s routing number.
• Current bank or credit union account number where funds will be withdrawn from to fund your Flushing Bank CD.