Asian Bank's 18-Month CD Special Earns 2.80% APY

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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. According to CSR, the Early Withdrawal Penalty is six months interest.

According to 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.

4-month CD Special

When I was checking out the CD Specials on Asian Bank’s Rates page, the first thing my eye was drawn to was a 4.00% APY. My enthusiasm was tamped down when I saw the term was only four months, with an $8,888 balance cap. The fine print contains the following:

Set up direct deposit of Social Security or payroll into an Asian Bank Checking Account. At least one direct deposit during term of CD.

Interest credited at maturity. Promotional rate not valid and defaults to regular 4 month CD rate if requirements are not met.

FYI – the current rate for a regular 4-month CD is 0.30% APY.

When the high rate, small maximum balance, and checking/direct deposit requirements are taken as a whole, the 4% CD Special looks more like a checking account bonus.

Availability

Headquartered in Philadelphia, Asian Bank has expanded its market area about three years ago, and now offers its product line to most of southeast Pennsylvania, portions of south New Jersey, New York City, 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 5.14% (excellent), based on March 31, 2019 data. In the past year, Asian Bank has increased its total non-brokered deposits by $7.49 million, an excellent annual growth rate of 5.08%. 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 20 years since opening its doors, Asian Bank's total assets have grown to over $215 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, with his three-year term ending in March 2020.

How the CD Special Compares

When compared to 273 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 18-month CD Special APY currently ranks fourth.

Interest RateCD Length of TermCredit Union/Bank
3.00% APY19-Month CD Special ($1k min)Hanscom Federal Credit Union
2.95% APY17-Month Certificate Special ($1k min)Andrews Federal Credit Union
2.89% APY15-Month CD Special ($2.5k min)State Bank of India (IL)
2.80% APY18-Month CD Special ($10k min)Asian Bank

The above rates are accurate as of 7/18/2019.

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
jcb194
jcb194   |     |   Comment #1
Seems to be a discrepancy about opening accounts at Asian Bank. Their website has a section detailing how to open accounts by mail. Called them last week and rep insisted that accounts can only be opened in person in Philly. I live about an hour north in PA so had to pass on these CDs.
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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2.40 18-Month CD at Asian Bank in Philadelphia - Local Only
Asian Bank has two new CD promotions. These include a 2.40% APY 18-month CD and a 2.10% APY 12-month CD. These rates are listed at the bank's promotions page as of 8/10/09. Minimum deposit is $1,000.

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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