Dedicated to Deposits: Deals, Data, and Discussion

2.48% Jumbo 9-Month CD at Cathay Bank in Several States

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Cathay Bank
Cathay Bank is offering a CD promotion with some competitive rates for a 9-month term. For a $100K minimum deposit, the rate is 2.48% APY and for a $25K minimum deposit, the rate is 2.22% APY. These rates are listed at the bank's promotion page as of 4/21/09.

It appears that a branch visit is required. Branches are located in several major metropolitan areas of the country including Los Angeles, San Diego, San Francisco, Chicago, Boston, New York, Houston, Plano and Seattle.

Cathay Bank is a Chinese-American bank, and like many Asian-American banks in the last few months, it's offering some competitive rates. However, I don't see any installment savings accounts that many Korean-American banks are offering.

Cathay Bank has some decent ratings for safety and soundness: 3.5 stars (good) at BauerFinancial and 3 stars (performing) at Bankrate.com. Both ratings are based on 12/31/08 financial data. The bank has been FDIC insured since 1962 (FDIC Certificate # 18503).

Thanks to calwatch who mentioned this CD in the comments. He also provided a useful description of how you can find advertised CD deals in an online Chinese-American newspaper.

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.
  Tags: Massachusetts, New York, California, Washington, Illinois, Cathay Bank, CD rates, Texas

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