Habib American Bank is offering several very competitive CD and IRA CD rates. The highest rates are currently available at the bank's California branches in Los Angeles and Artesia. These include a 2.20% APY 18-month CD and a 3.00% APY 36-month CD. Minimum deposit is $1,500. The rates are 25 basis points lower at its New York and New Jersey branches. All branches offer IRA CD rates that are 25 basis points higher than the regular CD rates. Below is a summary of the best CD rates as shown on the bank's rates page as of 6/15/10:
California CD and IRA Rates as of 6/15/10:
- 3.00% APY 36-month CD (3.25% IRA)
- 2.50% APY 24-month CD (2.75% IRA)
- 2.20% APY 18-month CD (2.45% IRA)
- 1.75% APY 12-month CD (2.00% IRA)
- 1.50% APY 9-month CD (1.75% IRA)
New York & New Jersey CD & IRA Rates as of 6/15/10:
- 2.75% APY 36-month CD (3.00% IRA)
- 2.25% APY 24-month CD (2.50% IRA)
- 2.00% APY 18-month CD (2.25% IRA)
- 1.50% APY 12-month CD (1.75% IRA)
I called the Los Angeles branch this afternoon to confirm these rates. I didn't have a good telephone connection so make sure you confirm this info. The banking rep couldn't say how long these would last. A branch visit is required. According to the bank rep, there's only a 3-month early withdrawal penalty.
Branches are located in New York City and Hicksville, New York; Edison, New Jersey; and Los Angeles and Artesia, California.
Habib American Bank Overview
Habib American Bank appears to be similar to State Bank of India. It's an American bank that's a subsidiary of a large foreign bank. Instead of India, Habib American Bank's parent is headquartered in Pakistan. According to Wikipedia:
Habib Bank Limited commonly referred to as "HBL" and head-quartered in Habib Bank Plaza, Karachi, Pakistan, is the largest bank in Pakistan. The bank has a network of over 1450 branches in Pakistan and 55 branches worldwide.
In 1984, HBL opened its USA bank:
HBL established Habib American Bank in New York with a branch each in Manhattan and Queens, and a US International Banking Facility. HBL also opened a branch in California.
Even though it has international connections, Habib American Bank is a FDIC member (FDIC Certificate # 25093). In addition to being a FDIC member, its financial health is solid: 5 stars (superior) at BauerFinancial, 4 stars (sound) at Bankrate.com and 3 out of 5 at DepositAccounts.com (see our Habib American Bank rates and reviews page). These ratings are based on 3/31/10 data except for Bankrate which is based on 12/31/09 data.