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 CD.
According to a helpful CSR, the Early Withdrawal Penalty is six months interest.
A Friend Of Yours Is A Friend Of Ours
Asian Bank has a referral program that pays $25 to both referring customers and referred new customers when opening a qualified Checking, Savings, or Money Market account. Now through July 30, 2015, referred accounts will earn an additional $10. Completed details, including the "Refer A Friend Coupon," can be found here.
Asian Bank views itself as a community bank primarily serving the Chinatown area of Philadelphia, but its market area is metropolitan Philadelphia.
An in-person visit to Asian Bank's sole branch, located in the Chinatown neighborhood of Center City Philadelphia, is required to open the 15-month CD Special or any other of the Bank’s products. While Asian Bank offers online tools to manage any existing accounts, currently there is no online application to open accounts.
Asian Bank's staff members are multi-lingual (English, Chinese and other Asian languages) to better serve their customer base.
Asian Bank has an overall health rating of "B+" at DepositAccounts.com, with a Texas Ratio of 18.50% (above average), as of March 31, 2015 data. In the past year, Asian Bank has increased its total deposits by $5.55 Million, an excellent annual growth rate of 6.82%. Please refer to our financial overview of Asian Bank for more details.
Asian Bank was established in June 1999 (FDIC Certificate #34759) to serve as a community bank to the residents of Philadelphia's Chinatown. In the 16 years since opening its doors, Asian Bank's total assets have grown to over $109 Million.
How the CD Compares
When compared to other similar length of term CDs tracked by DepositAccounts.com available to Pennsylvania residents, Asian Bank’s 15-month CD Special’s APY currently ranks first, regardless of minimum deposit requirements.
The above rates are accurate as of 7/1/2015.
To search for nationwide CD rates and CD rates in your state, please refer to the CD rates section of DepositAccounts.com.