No Penalty 18-Month CD Available At Asian Bank (PA)

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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.

APYMINMAXINSTITUTIONPRODUCTDETAILS
1.28%$1k$250kAsian Bank18 Months No Penalty CD
Accounts mentioned in this post. Rates as of May 27, 2017.

The promotional page states:

With our No Penalty CD, you will not be charged a penalty for early withdrawal.

You can withdraw your full balance and interest any time after the first 6 days following the date you funded the account.

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

Availability

When I last wrote about Asian Bank, its market area was confined to the Philadelphia metropolitan area. The Bank’s market area now includes most of southeast Pennsylvania, portions of south New Jersey, New York City, and northern Delaware.

Asian Bank still has only one branch, which is located in the Chinatown neighborhood of Center City Philadelphia.

After seeing the expanded market area, I expected to see an online application; I was wrong. Opening a CD or Savings account can be opened in-branch or by downloading an application 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 "B+" at DepositAccounts.com, with a Texas Ratio of 9.68% (excellent), based on December 31, 2016 data. In the past year, Asian Bank has increased its total non-brokered deposits by $29.2 million, an excellent annual growth rate of 28.11%. 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 $170 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 No Penalty CD Compares

When compared to the 263 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 No Penalty CD APY is not that impressive, only ranking in the top 15. The real value lies in the No Penalty feature.

The above rates are accurate as of 4/20/2017.

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


Comments
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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My last post on this bank was in June when they were offering a 2.65% 15-month CD.

It appears a branch visit is required to open an account. Asian Bank is a one-office bank located in Philadelphia, Pennsylvania.

The bank's ratings for safety and soundness are a little weak: 2 stars (problematic) at BauerFinancial and 1 star...





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Update 8/10/09: The CD rates have fallen. Please check the bank's website for the latest rates.

Asian Bank is offering a competitive 15-month CD special with a 2.65% APY. Minimum deposit is $1,000. This rate is listed at the bank's promotions page as of 6/16/09

It appears a branch visit is required to open an account. Asian Bank is a one-office bank located in Philadelphia, Pennsylvania.

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Asian Bank has added another special CD to its promotions. In addition to a 4.05% APY 10-month CD that I reported on in June, there's also a 4.35% APY 15-month CD. The 10-month CD has a minimum deposit of $10,000, and the 15-month has minimum of $5,000.

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