Savings and CD Specials (2.75% for 120 days, 3.75% 5-year CD) at a First National Bank of Long Island Branch in NY - Local Only read and submit comments for this post

Update 11/08/09: A reader provided some updates on this promotion. Please refer to the reader's comments below.

First National Bank of Long Island is having a grand opening special at its Bayville branch that's scheduled to end 11/14/2009. One of the specials offers a high rate for 120 days on the Platinum Savings Account and a free gift. The details of the promo are listed at this bank's webpage. A checking account is also required. The rates and the gifts depend on your opening deposit:

• 2.75% APY and a Garmin Nuvi 260 GPS ($295 value) Minimum opening deposit of $150,000
• 2.25% APY and an Insignia 15-in LCD TV ($235 value) Minimum opening deposit of $75,000
• 2.00% APY and an Insignia Portable DVD Player ($149 value) Minimum opening deposit of $50,000
• 1.75% APY and an Olympus FE-360 Digital Camera ($135 value) Minimum opening deposit $25,000
• 1.50% APY and a Pyrex Covered Casserole dish ($18.25 value) Minimum opening deposit of $2,500

The reader who emailed me info on this mentioned that the free checking qualifies ($50 minimum). He also mentioned that if you turn down the free gift, you can close the account before a year without having to pay for the gift. Details of the Platinum Savings Account are listed in the bank's savings account comparison page. Note, there's a $7.50 monthly fee for balances under $150,000. The standard rate is based on the Feds Fund rate plus 50 basis points.

There are also some competitive rates in the CD special. These are listed in the bank's CD promotion page as of 11/04/09:

• 3.75% APY 5-year CD
• 3.00% APY 3-year CD
• 2.00% APY 1-year CD

Minimum deposit is $1,000. These are simple interest CDs, so the interest rate should be the same as the APY. This special also ends on 11/14/2009.

For the phone number and address of the Bayville branch, please refer to the bank's locator page. If you're considering driving a long distance for this promotion, it would be wise to call the branch to ensure they don't limit accounts to local customers.

The bank's ratings for safety and soundness are strong: 5 stars (superior) at BauerFinancial and 4 stars (sound) at Bankrate.com. Both ratings are based on 6/30/09 financial data. The bank has been a FDIC member since 1934 (FDIC Certificate # 7072).

Thanks to the reader who emailed me news of these specials.

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