Dedicated to Deposits: Deals, Data, and Discussion
DETAILSINSTITUTIONAPYMINMAXPRODUCT
HAB Bank1.15%$1,500-12 Month CD - California
HAB Bank1.00%$1,500-2 Year CD - Queens & NJ & Hicksville
HAB Bank1.00%$1,500-3 Year CD - Queens & NJ & Hicksville
HAB Bank1.00%$1,500-2 Year IRA - Queens & NJ & Hicksville
Accounts mentioned in this post. Rates as of April 18, 2014

Top CD and IRA CD Rates at Habib American Bank in CA, NY & NJ - Local Only

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HAB Bank

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.

  Tags: HAB Bank, New York, California, New Jersey, CD rates, IRA rates

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Comments
5 comments.
Comment #1 by Anonymous posted on
Anonymous
Hi When I spoke to a branch here in New Jersey this morning and mentioned the slightly higher rates offered on the west coast the rep told me they are negotiable here depending on how much you are depositing

2
Comment #2 by Anonymous posted on
Anonymous
I don't think I'd feel comfortable having my assets invested in a Pakistani bank, could be funnelled into a terrorist group! Sure, some American banks use our money to invest in questionable causes. But at least I know our guys aren't going to use our money to fund terrorism.

3
Comment #3 by Anonymous posted on
Anonymous
Agree with Anon #2. Let's not forget BCCI, once the 7th largest private bank in the world, which laundered drug money and financed terrorism. Its principals, all Pakistani, were given shelter and protection in their home country after the fraud was uncovered. Investing in a Pakistani bank would be like investing in a North Korean bank!

3
Comment #4 by Anonymous posted on
Anonymous
Im not a Pakastani but I use to work in the Los Angeles branch. This branch does not affilate with any terrorists and they offer the best rates! I recommend this bank to everyone.

3
Comment #5 by Anonymous posted on
Anonymous
Rate page now says that their non-IRA CDs require a qualifying checking account.

1