Banks for You!

The Bank of New York CD rates comes from a financial institution that was started by one of America’s founding fathers, Alexander Hamilton, in 1784. On July 2, 2007, it merged with Mellon Financial Corporation to form the Bank of New York Mellon. This is the oldest bank in the United States.

BNY Mellon Capital Markets has become the number one broker-dealers for Certificates of Deposits Account Registry Service or CDARS. They achieved this by having placements of $10 billion last year.

Unlike other financial institutions that have set rates and terms with low minimum deposits, this brokerage service is for the wealthy. This is the place where a large sum of money can be deposited and BNY will handle all the breaking up of the deposit into many different accounts with several network banks it is affiliated with. This way the depositor only has to deal with the CDARS. There is only one rate and one statement.

The overall deposit can be more than is covered by the FDIC. By breaking up the deposit into as many fractions as necessary to keep each CD below the $250,000 limit, all funds are federally insured by the FDIC.

The BNY Mellon has been in the CDARS business for over 25 years and has a client list over 5000 strong. The financial assets of this company are in 34 different countries serving more than 100 markets around the world.

For specific Bank of New York CD rates, consultation with a bank representative is necessary. This is when the bank CD rates will be decided on and offered.

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