Habib American Bank has been adding branches in the New York and New Jersey. Last year it added a branch at Richmond Hill, NY, and just recently it has added a branch at Iselin, NJ. The bank is advertising a special at its Iselin branch. The special includes two top short-term CD rates: 1.10% APY 6-month CD and 1.20% APY 12-month CD. There's also a money market account with a 1.00% APY. These specials require a qualifying checking account and a minimum deposit of $5,000. These rates don't appear to be listed at the bank's website. They were advertised in a newspaper ad on 9/23/2012. The ad is available online here. The branch is located at 1585 Oak Tree Road, Iselin, NJ 08830. The phone number is (732) 205-1777.
If you live near Richmond Hill, NY in Queens, you may want to call the branch at (718) 659-9000 to see if they're still offering good deposit deals. On the bank's front page, they're still saying that this branch is "offering great promotions". The FDIC lists the start date for this branch as 10/30/2011.
Habib American Bank has often had competitive standard rates at its New York, New Jersey and California branches. However, all of the CD rates listed its bank's rates page are currently below average.
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). It has an overall health score of 4 stars (out of 5) with a Texas Ratio of 16.57% (average) based on June 2012 data. Please refer to our financial overview of Habib American Bank for more details.
How These CD Rates Compare
If you're looking for a CD with a term around 6 months, Ally Bank has the best deal with a 0.95% APY 11-month No Penalty CD. The no-penalty feature allows the customer to make this CD have any term from 7 days to 11 months.
If you're looking for a 1-year CD, CIT Bank has the best deal even though its rate is a little below AloStar's rate. CIT Bank offers a 1.10% APY for its 1-year Achiever CD. Minimum deposit is $25,000. What makes this Achiever CD a better deal is an add-on deposit option and a bump-up rate option.
These rates are accurate as of 9/24/2012.
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.