Asian Bank's 15-month CD Special Is A Rate Leader

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Deal Summary: 15-month CD Special, 1.68% APY, $10k minimum deposit. 48-59 month CD, 2.02% APY, $1k min deposit.

Availability: Market area includes southeast Pennsylvania, portions of south New Jersey, portions of New York City and Westchester County, and northern Delaware.

Last July, I wrote about Philadelphia-based Asian Bank’s promotional CD Specials. At that time, there were four CD Specials in Asian Bank’s product line, but today there’s only one – a 15-month, which earns 1.68% APY. The minimum opening deposit is $10k, with no stated balance cap. According to CSR, the Early Withdrawal Penalty is six months interest, with partial withdrawals allowed.

APYMINMAXINSTITUTIONPRODUCTDETAILS
1.00%$10k-Asian Bank15 Month CD Special
1.00%$10k-Asian Bank15 Month IRA Special
Rates as of August 9, 2020.

The 15-month CD Special is also available as an IRA CD Special (Traditional), earning the same APY with the same deposit requirements.

Asian Bank is also offering a competitive 2.02% APY on its 48-59 month and 60-month CDs and IRA CDs. Unlike the 15-month CD Special, these CDs only require a minimum opening deposit of $1k.

APYMINMAXINSTITUTIONPRODUCTDETAILS
1.25%$1k-Asian Bank60 Month CD
1.25%$1k-Asian Bank60 Month IRA
1.00%$1k-Asian Bank48-59 Month CD
1.00%$1k-Asian Bank48-59 Month IRA
Rates as of August 9, 2020.

As stated in the Application Instructions PDF, funding a CD Special can be done by a wire transfer or by mailing a check.

Account must be funded by applicant within
30 days of receipt of disclosures and signature cards.

CSR stated maturing funds can be sent as a cashier’s check to the address on file, by a wire transfer, or transferred to an Asian Bank checking/savings account.

Availability

Headquartered in Philadelphia, Asian Bank has expanded its market area about four years ago. Its product line is now offered to U.S. citizens and permanent resident aliens in most of southeast Pennsylvania, portions of south New Jersey, portions of New York City and Westchester County, and northern Delaware.

There are two Pennsylvania branches located in the Chinatown neighborhood of Center City Philadelphia and on Castor Avenue in Northeast Philadelphia.

Even though Asian Bank has expanded its 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.

Bank Overview

Asian Bank has an overall health rating of "A" at DepositAccounts.com, with a Texas Ratio of 4.25% (excellent), based on March 31, 2020 data. In the past year, Asian Bank has increased its total non-brokered deposits by 22.26 million, an excellent annual growth rate of 14.58%. 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 21 years since opening its doors, Asian Bank's total assets have grown to over $244 million. The Bank’s President and CEO, James Wang, was named by the Federal Reserve Bank of Philadelphia to its Community Depository Institutions Advisory Council in 2017.

How the CD Special Compares

When compared to the similar length-of-term CDs tracked by DepositAccounts.com that require a minimum deposit of $10k or less and are available within the market area, Asian Bank’s 15-month CD Special APY currently ranks first.

How the CD Compares

When compared to the 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 48-59 month CD APY currently ranks first.

The above rates are accurate as of 7/9/2020.

To look for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table page.

Related Pages: Philadelphia CD rates, 1-year CD rates

Comments
famewolf
  |     |   Comment #1
Why not put rate in title? Unless your goal is to force site hits by making folks read the article just to see what the rate is.
Ken Tumin
  |     |   Comment #2
I'm afraid rates are falling too fast. The title tends to stay around on the site longer than the body. We do include the rate in the deal summary at the top for quick reading.
#3 - This comment has been removed for violating our comment policy.
MikeG62
  |     |   Comment #4
Opened a 15-month special CD yesterday (ARP of 1.68%). Was pretty straight forward. CSR was quite helpful. Wired funds to ensure they had them same day (so I could lock into the rate).
Asian Bank's 18-Month CD Special Earns 2.80% APY
Deal Summary: 18-month CD Special, 2.80% APY, $10k minimum deposit.

Availability: Market area includes southeast Pennsylvania, portions of south New Jersey, portions of New York City, and northern Delaware.

Philadelphia-based Asian Bank recently updated its promotional CD Specials selection, with the 18-month (2.80% APY) now offering the most competitive rate. (I had planned on writing about the 30-month CD Special (3.00% APY), but it was removed from the product line yesterday.) The 18-month CD Special requires $10k minimum opening deposit, with no stated balance cap....

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Asian Bank (PA/NJ/NYC/DE) Promotes 18-Month CD Special
Deal Summary: 18-month CD Special, 1.75% APY, $1k minimum deposit.

Availability: Market area includes southeast Pennsylvania, portions of south New Jersey, portions of New York City, and northern Delaware.

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

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No Penalty 18-Month CD Available At Asian Bank (PA)
Deal Summary: No Penalty 18-month CD, 1.28% APY, $1k minimum deposit, new money.

Availability: Market area includes southeast Pennsylvania, portions of south New Jersey, portions of New York City, and northern Delaware.

Philadelphia-based Asian Bank is currently promoting a limited-time No Penalty 18-month CD (1.28% APY). The minimum deposit is $1k of new money, with a maximum deposit of $250k.

The promotional page states:

Thanks to DA reader, terryb, for the Forum post about the No Penalty 18-month CD.

Availability

When I last wrote about Asian Bank,...

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Asian Bank (Philadelphia) Offers Competitive 15-Month CD Special
Availability: Market area is metropolitan Philadelphia

It’s been almost a year since the Philadelphia based Asian Bank had a noteworthy CD. That changed yesterday when the rate on the 15-month CD Special was raised to 1.58% APY.

This limited-time offer requires a minimum opening deposit of $25K of new money, with no maximum balance cap.

The fine print of the promotional advertisement states:

Must be accompanied by opening a new Asian Bank DDA or Savings Account with a $1,000 minimum balance to be maintained during the term of the...

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Asian Bank (PA) Introduces New 30-Month CD With A Competitive Rate

Asian Bank (Philadelphia) made its debut on DepositAccounts.com's Best CD Rates Summary last week with three CD Specials: 30-month CD (1.68% APY), 18-month CD (1.28% APY), and 10-month CD (0.80% APY). While the 18- and 10- month CD Specials have been in existence for a while, the 30-month CD is a new addition. These CDs all require a $1K minimum deposit to open, and according to CSR, the EWP equates to all interest earned at time of withdrawal.

Availability

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