Royal Asian Bank is offering a 1.75% APY 11-month CD special. There's also a fairly competitive 3-year CD with a 2.25% APY. Minimum deposit for both is $1,000. These rates are listed in the bank's CD page as of 9/12/2010. The rate table also lists some fairly competitive rates for checking and money market accounts.
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. It would be wise to contact the bank for the latest new-account policies.
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.
The bank's overall health score is 2 out of 5 with a Texas Ratio of 48.19% (average) based on 6/30/10 data. Please refer to our financial overview of Royal Asian Bank for more details. The bank has been a FDIC member since 2006 (FDIC Certificate # 58196).
Searching for the Best CD Rates
If you are looking for a short-term CD like this special at Royal Asian Bank, you might want to consider long-term CDs with mild early withdrawal penalties. In this post I reviewed Ally Bank's 5-year CD with some top short-term CD rates.
To search for the best nationwide CD rates and the best CD rates in your state, please refer to the CD rates section of DepositAccounts.com.