2.50% 17-Month CD at Royal Asian Bank in PA, NJ & NY - Local Only

Update 11/28/09: The special CD rates have fallen, but they remain competitive. Please check the bank's website for the latest rates.

Royal Asian Bank is offering a three very competitive CD specials:

• 2.25% APY 12 months
• 2.35% APY 14 months
• 2.50% APY 17 months

Minimum deposit is $1,000. These rates are listed at the bank's CD page as of 11/05/09.

At the bottom of the rate table, it states that "Geographic restrictions apply to state-specific accounts." A bank representative commented that a CD is available to residents of any state; however, the CD must be opened in person at a Royal Asian Bank branch.

Branches are located in the New Jersey cities of Fort Lee and Palisades Park, in Flushings, New York, and in the Pennsylvania cities of Philadelphia and Upper Darby.

Royal Asian Bank's ratings for safety and soundness are a little weak: 3 stars (adequate) at BauerFinancial and 2 stars (below peer group) at Bankrate.com. Both ratings are based on 6/30/09 financial data. The bank has been a FDIC member since 2006 (FDIC Certificate # 58196).

Thanks to the reader who mentioned these CD rates in the Bank Deals hub page.

Other Competitive Certificate of Deposit Rates

• My weekly list of hot nationwide and local CD deals
• My weekly list of all nationwide CD deals
• Index of state CD and bank deals

Tags: New York, Pennsylvania, CD rates, New Jersey