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:
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.
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.
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.