Asian Bank (Philadelphia) Offers Competitive 15-Month CD Special

POSTED ON BY

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 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.

Availability

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.

Bank Overview

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.

Comments
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

Continue Reading
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...





Continue Reading
2.65% 15-Month CD at Asian Bank in Philadelphia - Local Only
Update 8/10/09: The CD rates have fallen. Please check the bank's website for the latest rates.

Asian Bank is offering a competitive 15-month CD special with a 2.65% APY. Minimum deposit is $1,000. This rate is listed at the bank's promotions page as of 6/16/09

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 (based on 3/31/09 data) and 2 stars (below peer group) at...





Continue Reading
4.35% 15-Month / 4.05% 10-Month CD at a Philadelphia Bank (Asian Bank)
Update 6/15/09: The CD rates have fallen. Current CD special is a 2.65% APY 15-month CD. Please refer to the bank's website for the latest rates.

Asian Bank has added another special CD to its promotions. In addition to a 4.05% APY 10-month CD that I reported on in June, there's also a 4.35% APY 15-month CD. The 10-month CD has a minimum deposit of $10,000, and the 15-month has minimum of $5,000.

A branch visit is likely required to open the CD. Asian Bank is a one-branch bank located in Philadelphia,...



Continue Reading
4.05% 10-Month CD at a Philadelphia Bank (Asian Bank).
Asian Bank is offering a special 4.05% APY 10-month CD. The minimum deposit is $10,000. There's also a less-competitive special CD with a yield of 3.50% APY and a term of 3 years.

A branch visit is likely required to open the CD. Asian Bank is a one-branch bank located in Philadelphia, Pennsylvania.

I Last reported on this bank in January 2007 when it was offering a 5.39% 15-month CD. At that time the bank had a 3 star rating (performing) at Bankrate.com. It now has a 1 star rating (lowest) at...



Continue Reading

More Past Offers