Credit Products

Give Your Institution the Strategic Flexibility to Maintain a Competitive Edge

The FHLBNY offers credit products designed to help facilitate your balance sheet strategies. Members can customize advances with a wide variety of maturities and structures, allowing you to choose funding that meets your objectives. FHLBNY advances can be customized by size, term, settlement date, amortization schedule, call/put options, symmetry and more. If this is your first time borrowing with the FHLBNY, we created an interactive Borrower’s Guide to assist members who want to initiate their first borrowing.

Click on an advance for more information or view a printable version of all the descriptions.

As a true cooperative, all of our members are treated equally, regardless of asset size; your institution will receive the same terms, whether you are borrowing $1 million or $100 million.

Overnight Advance

A quick source of liquidity to help manage daily cash flows and provide funding for various short-term uses



Same-day access to funds for immediate cash needs


Ability to borrow up to maximum borrowing capacity


No additional borrowing limit restrictions above standard FHLBNY credit and collateral limits


No set-up or renewal fees


Can be initiated conveniently through 1Link®, our secure internet banking system

Adjustable-Rate Credit (ARC) Advance

Match the interest rate characteristics of your adjustable-rate loan portfolio



Reduce basis risk by funding adjustable rate assets with financing tied to the same repricing index


Can be tailored to meet specific financing needs with a wide range of maturities, up to 30 years


Can be linked to a wide variety of indices, including 1-, 3-, and 6-month LIBOR, the Secured Overnight Financing Rate (SOFR),Treasury bills, notes, bonds, and Fed Funds


Can limit exposure to rising and falling interest rates by using embedded options

Fixed-Rate Advance

Achieve a wide variety of financial management goals, with maturities ranging from overnight to 30 years*



Meet liquidity needs


Fund long-term assets


Lock in rates for future funding purposes


Forward start dates are available


Available with Symmetry for non Community Lending Program Advances with maturities of one year or greater and minimum advance size of $3 million

The FHLBNY also offers the Callable Fixed-Rate Advance, where the borrower has the option of prepaying funding without any penalty. Please contact a Relationship Manager for more information.


*Dependent on financial condition and member type

Repo Advance

Obtain preferential pricing when using Treasury or Agency issued Mortgage-Backed, or CMO securities collateral



Effectively utilize your securities portfolio as collateral and obtain improved advance pricing


No penalties for pledging smaller blocks of securities


Receive the same low rates for AAA-rated Agency and Non-Agency securities


Maturities from 2 days to 10 years


Available with Symmetry for Fixed-rate, non Community Lending Program Advances with maturities of one year or greater and minimum advance size of $3 million

Amortizing Advance

Match the amortization characteristics of your fixed-rate mortgages and mortgage-backed security portfolios



Enhance match funding of long-term assets


Borrow fixed-rate funds with the option of customizing the amortization schedule to match a selected prepayment profile


Maturities and amortization schedule from 1 to 30 years

Callable Advance

An advance with built-in prepayment options that can help members reduce interest rate risk and prepayment risk at minimal added cost


No prepayment fees when “called” after the pre-determined lockout period

Offers protection amidst rising rates with flexibility to lower your cost of funds in static and declining rate environments

Tool to mitigate both interest rate and prepayment risks

For more information on how the Callable Advance can help meet your institution’s funding needs, please read this funding strategy article or download the overview.

Fixed-Rate Advance with a LIBOR Cap

Combines a fixed-rate borrowing with an embedded interest-rate cap in which the rate remains fixed but may be reduced quarterly if 3-month LIBOR rises above the pre-selected cap



Provides protection against rising interest rates (lowers your institution’s cost of funds as rates rise)


Flexible medium-long-term funding option best used to extend liabilities, potentially enhance spreads, and preserve margins


Available with Symmetry for non Community Lending Program Advances with maturities of one year or greater and minimum advance size of $5 million

For more information on how the Fixed Rate with Cap can help meet your institution’s funding needs please visit our Fixed-Rate Advance with a LIBOR CapPage.

Principal-Deferred Advance (PDA)

A hybrid advance product that combines elements of the Fixed-Rate and Amortizing Advance. It begins as a Fixed-Rate Advance, allowing members to choose a specific amount of time they would like to defer the principal payment of the advance up to 5 years. When the lockout or principal-deferred period ends, the advance becomes an Amortizing Advance, where the member makes principal and interest payments on the loan up to another 30 years.


Valuable asset/liability management tool

Fully amortizing (back-end) with a choice of varying balloon terms

Mirrors characteristics of a typical construction deal with a permanent take-out

No embedded options in the advance


For more information on how the PDA can help meet your institution’s funding needs please visit our PDA page. You can also read this funding strategy article or download the overview.

Putable Advance


Notice: Terms and conditions will vary based on market conditions and regulatory review.

A wide array of maturities and lockouts for medium- to long-term funding where the FHLBNY owns an option to terminate the advance at specified times



Competitive pricing


Customize maturities from 2 to 10 years and lockout periods from 1 year or greater


One-time or quarterly option exercise


Customized strikes are available

View our Putable Rate Information.

Interest Rate Derivatives

Reduces income fluctuations caused by interest rate volatility



Lower the cost of funding


Hedge interest rate exposure or increase the certainty of future funding costs


Achieve asset/liability management goals

Note: Available for institutions with total assets less than $10 billion

Advance Rebate Program

Provides members with a cash rebate on a portion of the fees paid relating to the early extinguishment of eligible advances when new eligible advances are obtained within 30 calendar days. To receive the cash rebate, the prepaid advance(s) must have a remaining term of one year or longer, and new advance(s) must have a term of six months or longer.


Members receive cash rebate

Provides additional flexibility with balance sheet management

Strengthens and adds value to your Co-op

For more information on the Advance Rebate Program, please read this funding strategy article or download the overview.

Rate Information

Contact our Credit Services Representatives at (212) 441-6600 for a live quote or sign up to receive the daily rate indications (members only)

Structured Advance Pre-Transaction Disclosure

Putable Information