Dedicated to Deposits: Deals, Data, and Discussion
DETAILSINSTITUTIONAPYMINMAXPRODUCT
HAB Bank2.10%$1,500-5 Year CD - Manhattan
HAB Bank2.10%$1,500-5 Year CD - Queens & NJ & Hicksville
Accounts mentioned in this post. Rates as of August 22, 2014

Competitive 5-Year CD Rate at Habib American Bank in CA, NY & NJ - Local Only

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HAB Bank

Habib American Bank is again offering some competitive CD and IRA CD rates. The most competitive is the 5-year CD and IRA CD which has a 2.00% APY. A checking account is required for non-IRA CDs. Minimum deposit is $1,500. This CD rate is listed for all branches at the bank's rates page as of 6/12/2012. Thanks to the reader who emailed me news of this CD rate.

When I last checked with the bank in June 2010, I was told that there's only a 3-month early withdrawal penalty. This can often change so make sure to check with the bank for the latest early withdrawal penalty before opening the CD.

A branch visit is required to open an account. 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). Its financial health is fair. It has an overall health score of 3 stars (out of 5) with a Texas Ratio of 16.76% (average) based on March 2012 data. Please refer to our financial overview of Habib American Bank for more details.

How This CD Rate Compares

Finding a 2.00% APY on a 5-year CD is becoming difficult. For those in Southern California, BBVA Compass is still offering a 2.00% APY 5-year CD.

The highest 5-year CD rate that's available nationwide is 2.20% APY at Justice Credit Union and Credit Union of New Jersey. Both of these are Jumbo CDs which require a $100K minimum deposit.

These rates are accurate as of 6/12/2012.

Searching for the Best 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.


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

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