Dedicated to Deposits: Deals, Data, and Discussion

2.50% 24-Month CD at First American International Bank in New York City - Local Only

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First American International Bank
Update 12/27/09: The 24-month and 36-month CD rates have fallen 25 basis points.

First American International Bank has some competitive mid-term CD rates. These include a 2.10% APY 18-month CD, a 2.50% APY 24-month CD and a 2.75% APY 36-month CD. Minimum deposit is $500. These rates are listed at the bank's rates page as of 12/22/09. The 2-year and 3-year rates are also listed for IRAs.

It appears higher rates are available for larger balances. There's a promo ad on the home page that lists special rates for the 3-year CD of 2.85% APY for $50K to under $250K and 2.95% APY for a minimum balance of $250,000.

The bank also has a competitive rate for its High Yield Passbook Savings Account. The rate is 1.50% APY for balances of at least $10K. This is listed at the top of the bank's rates page as of 12/22/09.

It appears that a branch visit is required to open an account. Branches are located in New York City, Brooklyn, Elmhust, Flushing and Forest Hills.

The bank's ratings for safety and soundness are above average: 3½ stars (good) at BauerFinancial (based on 9/30/09 data) and 4 stars (sound) at Bankrate.com (based on 6/30/09 data). The bank has been a FDIC member since 1999 (FDIC Certificate # ).

Thanks to the reader who mentioned these rates in the comments of the bank deals hub.

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  Tags: New York, CD rates, IRA rates, First American International Bank

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Comments
Comment #1 by Anonymous posted on
Anonymous
Wow, the bank finally came out with a website and decent rate tiers to boot on CD's but at terms too long that I wouldn't even consider them.

Too many banks in the universe to even comprehend. This bank is a Chinese American bank which I have passed for a long time wondering who did business with them since they had no internet site and low gift rate account bonuses with items like free pearls.

Putting money in at these rates does squat for me.

I really just wanted to meet someone who I thought I could relate to, and then I find out before we even met, she got married allegedly and haven't seen her since. Its like you feel someones presense in your life and everything in your brain gets hurt along the way and you wind up struggling for survival and need someone to help you along the way.

I did find it weird that they actually finally had an internet website after all this time.

But to me a bank is just a place to park money for low returns where profit goes to the banker who only gives you a small cut of the take.

I have a CD @ 2.00% from HSBCDirect @ 12 months but I guess its the old risk vs reward equation. When the stock market went bad, when Bernie Madoff wound up indicted and the like, I retreated to the safety of Banks.

1