Royal Asian Bank is advertising two competitive CD specials for its New Jersey branches. These include a 1.75% APY 1-year CD and a 2.50% APY 2-year CD. These specials don’t seem to be listed at the bank’s website. A reader emailed me news of these from an newspaper ad. According to the ad, these are scheduled to last until May 27, 2011. I was able to reach the bank’s Fort Lee branch, and I confirmed these rates. I was told the minimum deposit is $1,000.
A branch visit is required to open an account. The ad was for the branches in the New Jersey cities of Fort Lee and Palisades Park. The bank also has branches in Flushing, New York, and in Upper Darby and Philadelphia, PA. I wasn’t able to confirm if this special was available at these other branches. If you live near those branches and you are interested in this special, you should call the branch. If you call, please leave a comment.
Thanks to the reader who emailed me news of this special.
Royal Asian Bank used to be part of Royal Bancshares of Pennsylvania, but according to Philly.com it was sold off to an investor group led by the president and chief executive of Royal Asian Bank in December.
It’s a small bank with $88.02 million in assets. It has an overall health score at DepositAccounts.com of 3 stars (out of 5) with a Texas Ratio of 25.55% (average) based on December 2010 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).
How These Compare with the Best Nationally Available CD Rates
Without a checking account requirement, the best nationally available 1-year CD rate is 1.41% APY at Melrose Credit Union , and the best 2-year CD rate is 1.77% APY at Self-Help Credit Union (as of 5/20/2011).
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.