American Bank (Pennsylvania) raised the rate on its 60-month CD Promotion (2.27% APY) earlier this week. The minimum deposit is $500 of new money, with a maximum deposit of $1 Million per household.
The 60-month CD Promotion is also available as an IRA (Traditional, Roth, and CESA), earning the same APY, but the minimum opening deposit is only $250.
The 60-month CD Promotion was first added to American Bank’s product line in September 2014, with an APY of 2.25%. In the past 13 months, there have been five rate changes, resulting in a low of 1.75% APY in January 2015, and this week’s high of 2.27% APY.
As stated in American Bank’s Truth In Savings Disclosure, the Early Withdrawal Penalty reads as follows:
More than one year: You will be charged a penalty, in an amount equal to 180 days simple interest on the amount withdrawn. Penalties are calculated at the rate being paid on the deposit at the time of the withdrawal, regardless of the length of time the funds have remained on deposit. Where necessary, any funds needed to complete the penalty shall be deducted from the principal remaining in the account.
American Bank is a locally-owned, community bank based in Allentown, Pennsylvania, that offers its services and products to all legal U.S. residents, 18 years or older, through its online application. Accounts can also be opened by visiting American Bank’s sole branch location in Allentown.
American Bank has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 2.82% (excellent) based on June 30, 2014 data. In the past year, American Bank has increased its total deposits by $17.99 Million, an excellent annual growth rate of 4.84%. Please refer to our financial overview of American Bank for more details.
American Bank (FDIC Certificate # 34422) opened its doors in 1997. This young, but financially solid, bank is the "child" of Founding Chairman, Fred Jaindl. Mr. Jaindl was a Lehigh Valley farmer, land developer, philanthropist, and banker, who was recognized for his unwavering honesty, integrity and loyalty. His principles, focused on honesty and integrity, have become the foundation of American Bank’s mission statement.
How the CD Compares
When compared to the 110 similar length-of-term CDs tracked by DepositAccounts.com, requiring a similar minimum deposit and available nationwide, American Bank’s 60-month CD Promotion currently ranks third.
The above rates are accurate as of 10/30/2015.
To look for the best nationwide CD rates and the best CD rates in your state, please refer to our CD rates table.