Philadelphia-based Asian Bank is currently offering four promotional CD Specials: 10-month (1.25% APY), 15-month (1.50% APY), 18-month (1.75% APY), and 30-month (1.90% APY). The minimum deposit is $1k, with no stated balance cap. Of the four, the 18-month is the most competitive.
According to CSR, the Early Withdrawal Penalty is six months interest.
Money Market Account
Asian Bank’s Money Market Account earns 1.28% APY on balances between $50k and $100k. (The other tiered rates are 0.30% APY, $1k+; 0.50% APY, $10k+; and 0.60% APY, $100k+.) The rate was increased three months ago when the long-standing 0.60% APY was boosted to the current 1.28% APY. The minimum opening deposit is $1k, which is also the minimum daily balance required to avoid the $10 monthly service charge. There is limited check writing with this account and an ATM card is provided.
|1.28*%||$50k||$100k||Asian Bank||Money Market Account|
|OTHER TIERS: 0.30% → $1k - $10k | 0.60% → $100k+ | 0.80% → $10k - $50k|
Headquartered in Philadelphia, Asian Bank has expanded its market area in the past year, and now offers its product line to most of southeast Pennsylvania, portions of south New Jersey, New York City, and northern Delaware.
Asian Bank still has only one brick-and-mortar branch, which is located in the Chinatown neighborhood of Center City Philadelphia.
Even though Asian Bank has expanded their market area to include out-of-state markets, there still is no online application. Opening a CD can be opened in-branch or by downloading an application (available in both English and Chinese) and returning it by mail or secure email. You can also contact the Bank to have an application mailed or emailed to you. Complete details are available on the Apply Today page.
Asian Bank has an overall health rating of "B+" at DepositAccounts.com, with a Texas Ratio of 10.39% (excellent), based on June 30, 2017 data. In the past year, Asian Bank has increased its total non-brokered deposits by $8.16 million, an excellent annual growth rate of 6.61%. Please refer to our financial overview of Asian Bank (FDIC Certificate # 34759) for more details.
Asian Bank was established in June 1999 to serve as a community bank to the residents of Philadelphia's Chinatown. In the 18 years since opening its doors, Asian Bank's total assets have grown to over $171 million. The Bank’s President and CEO, James Wang, was recently named by the Federal Reserve Bank of Philadelphia to its Community Depository Institutions Advisory Council. His three-year term will end in March 2020.
How the CD Special Compares
When compared to the 261 similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are available within the market area, Asian Bank’s 18-month CD Special APY ranks in the top six.
The above rates are accurate as of 10/12/2017.