Royal Asian Bank just did something you don't see too often these days. It increased the rate of its special 17-month CD from 3.00% to 3.25% APY. I had just posted on the 3% special last Thursday. Minimum deposit is $1,000. This rate is listed at the bank's rate table as of 3/23/09.
Royal Asian Bank's sister bank, Royal Bank America, has the same 3.25% CD special. The rate is listed at the bank's rate table as of 3/23/09. This special also appears to be available as an IRA CD.
According to a banking rep, the CD must be opened in person at one of the banks' branches. However, accounts can be opened by residents of any state. Royal Asian Bank branches are located in the New Jersey cities of Fort Lee and Palisades Park, in Flushing, New York, and in the Pennsylvania cities of Philadelphia and Upper Darby. Royal Bank America has 14 branches in Southeast Pennsylvania and one in New Jersey.
Royal Asian Bank and Royal Bank America are part of the same bank holding company, Royal Bancshares of Pennsylvania. It was recently reported that they received $30.4 million from the Treasury in investments under the $700 billion bailout program.
Royal Asian Bank appears to be in better shape financially than its sister bank. Royal Asian Bank has a 3-star rating (adequate) at BauerFinancial and a 3-star rating (performing) at Bankrate.com. Royal Bank America has a 2-star rating (problematic) at BauerFinancial and only a 1-star rating (lowest) at Bankrate.com. BauerFinancial ratings are based on 12/31/08 financial data. Bankrate is a little behind with its ratings based on 9/30/08 data. Royal Asian Bank has been FDIC insured since 2006 (FDIC Certificate # 58196) and Royal Bank America has been FDIC insured since 1963 (FDIC Certificate # 18962).
Other High Certificate of Deposit Rates
For top CD rates nationally available, refer to my weekly rate summary. Many of the best CD deals are only locally available. To find the best deals in your state, refer to the index of state CD and bank deals.