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.
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.
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.
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.