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.
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.
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.
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.
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.