2.75% 12-Month CD & 2.30% 6-Month CD at First Asian Bank in Las Vegas - Local Only

First Asian Bank continues to offer very competitive CD and savings account rates. The CD rates have gone down a bit since my May post, but they remain very competitive. The CD rates as listed in the bank's rate table as of 6/23/09 include:

• 2.00% APY 3-month
• 2.30% APY 6-month
• 2.75% APY 12-month
• 2.80% APY 24-month
• 3.00% APY 36-month
• 3.28% APY 60-month

Minimum deposit is $1,000. There's also an 18-month IRA CD with a 2.88% APY. One nice feature of these CDs is a mild early withdrawal penalty (only 90 days of interest for the long-term CDs).

The bank's money market account has the same rates as it did in April with a 2.08% APY for minimum balance of $50,000, and a 1.78% APY for a minimum balance of $2,000. These rates are listed in the bank's rate table as of 6/23/09.

It appears a branch visit is required to open an account. The bank has two branches in Las Vegas, Nevada. The phone numbers and addresses of these branches are listed at the bottom of the home page.

It's a fairly new bank that was established in June 2007. Consequently, BauerFinancial doesn't have a rating for it. Bankrate.com gives it a 3-star rating (performing) based on 12/31/08 data. The bank is a member FDIC (FDIC Certificate # 58499).

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Tags: Nevada, money market accounts, First Asian Bank, CD rates, IRA rates