NewBank, member of FDIC with 4 star rating, is offering very high rates on their short term and long term installment savings accounts.

The Vacation/Christmas Club account has a six-month (168 days) term with a yield of 6.50% APY. Contract amounts are $1000, $3000, and $5000.

The Education Club account has a fifteen-year term with a yield of 7.00% APY and a ten-year term with a yield of 6.50% APY.

Contract amounts are $10K, 25K, 50K, and 100K. Customers can open theses accounts for any purpose, not just for what the names of the accounts suggests. I was told customers are allowed to open as many accounts as they wanted. Accounts can only be opened in-branch with locations in Flushing, NY and Fort Lee, NJ.

146-01 Northern Boulevard
Flushing, NY 11354
718.353.9100