Asian Bank has added another special CD to its promotions. In addition to a 4.05% APY 10-month CD that I reported on in June, there's also a 4.35% APY 15-month CD. The 10-month CD has a minimum deposit of $10,000, and the 15-month has minimum of $5,000.
A branch visit is likely required to open the CD. Asian Bank is a one-branch bank located in Philadelphia, Pennsylvania.
When I reported on this bank in June, Bankrate.com's rating of this bank based on 12/31/07 data was only 1 star (lowest). It's now 2 stars (below peer group) based on 3/31/08 data. However, BauerFinancial still gives the bank a 1 star (troubled) based on 3/31/08 data. As I recommend with any bank, make sure you stay below the FDIC limits. It has been FDIC insured since 1999 (FDIC Certificate # 34759).
Other High Certificate of Deposit Rates
With several major banks offering some competitive CD specials, hopefully we'll see more CD specials from small banks like Asian Bank. For a 12-month term, both WaMu and Wachovia are offering a 4.25% APY. For a 7-month term, both Bank of America and Countrywide are offering a yield around 4.10% APY. For more details about these, please refer to my latest weekly summary.