First American Int'l Bank (NY) Offers New Year Special Rate CDs

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Availability: Market area is New York City and the Boroughs of Brooklyn and Queens.

In less than 24 hours, we will be celebrating the arrival of 2017, and 27 days later, the Chinese New Year will be observed. To commemorate both holidays, First American International Bank (FAIB) is offering three New Year Special Rate CDs. The minimum opening deposit for any of these New Year CDs is $500, with deposits of $100k+ earning an additional 5 basis points. New money is required, regardless of deposit amount.

APYMINMAXINSTITUTIONPRODUCTDETAILS
1.60%$500$100kFirst American International Bank26 Month CD
1.35%$500$100kFirst American International Bank19 Month CD
1.15%$500-First American International Bank13 Month CD
Accounts mentioned in this post. Rates as of May 23, 2017.

In addition to the Special Rates, FAIB is offering a variety of Gift Rewards when opening any of the three New Year CDs. A complete list can be found on the promotion page.

According to a very helpful CSR, the Early Withdrawal Penalty is as follows:

    13-month CD Special – 135 days interest

    19-month CD Special – 225 days interest

    26-month CD Special – 390 days interest

Availability

Headquartered in the Sunset Park neighborhood in Brooklyn, First American International Bank's market area includes New York City and the Boroughs of Brooklyn and Queens.

FAIB is the largest locally-owned Chinese American community bank in New York, with most of its employees and directors speaking Mandarin, Cantonese and/or Fuzhou dialect.

Any type of FAIB account must be opened in person at any of eight New York branches located in Brooklyn (2), Elmhurst, Flushing (2), and Manhattan’s Chinatown (3).

Bank Overview

First American International Bank (FDIC Certificate # 35186) has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 3.88% (excellent) based on September 30, 2016 data. In the past year, FAIB has increased its total non-brokered deposits by $95.76 million, an excellent annual growth rate of 21.15%. Please refer to our financial overview of First American International Bank for more details.

First American International Bank was founded in 1999, “with the dream of bringing meaningful banking services and financial guidance to the Chinese American immigrant community.” FAIB is currently New York State’s 55th largest bank, with assets in excess of $792 million and more than 35,500 customer accounts.

How the CDs Compare

When compared to the 379 similar length-of-term CDs tracked by DepositAccounts.com that are available within the Bank’s market area, First American International Bank’s 13-month New Year CD Special APY currently ranks third, regardless of minimum deposit.

When compared to the 300 similar length-of-term CDs tracked by DepositAccounts.com that are available within the Bank’s market area, First American International Bank’s 19-month New Year CD Special APY currently ranks third, regardless of minimum deposit.

When compared to the 386 similar length-of-term CDs tracked by DepositAccounts.com that are available within the Bank’s market area, First American International Bank’s 26-month New Year CD Special APY currently ranks first, regardless of minimum deposit.

The above rates are accurate as of 12/31/2016.

To look for the best nationwide CD rates and the best CD rates in your state, please refer to our CD rates table or our Rates Map page.


Comments
Anonymous
Anonymous   |     |   Comment #1
Happy New Year and Gung Hay Fat Choy
Anonymous
Anonymous   |     |   Comment #2
"Market area is New York City and the Boroughs of Brooklyn and Queens" For the geographically challenged, Brooklyn and Queens are part of New York City.
Anonymous
Anonymous   |     |   Comment #3
Get over yourselves, "Coastal". The rest of the country was happy for the clarification, even at the slight and harmless risk of mild repetition.
Anonymous
Anonymous   |     |   Comment #4
Bank of Ozarks, NYC (Manhattan) branch, 1.36% for 13-mo. cd.
Top CD Rates at First American International Bank in New York City - Local Only

First American International Bank is offering a special 1.50% APY on its 15-month and 18-month CD. Minimum deposit is $500. For the 18-month CD, higher rates are listed in a graphic: 1.60% APY for a $100K and 1.70% APY for $250K. The 18-month CD is also available in an IRA. These rates are listed at the bank's rates page as of 12/21/2010.

Compared to internet banks as of 12/21/2010, the best 12-month CD rate is 1.50% and the best 18-month CD rate is 1.65% APY at CNB Bank Direct with...

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2.50% 24-Month CD at First American International Bank in New York City - Local Only
Update 12/27/09: The 24-month and 36-month CD rates have fallen 25 basis points.

First American International Bank has some competitive mid-term CD rates. These include a 2.10% APY 18-month CD, a 2.50% APY 24-month CD and a 2.75% APY 36-month CD. Minimum deposit is $500. These rates are listed at the bank's rates page as of 12/22/09. The 2-year and 3-year rates are also listed for IRAs.

It appears higher rates are available for larger balances. There's a promo ad on the home page that lists special rates for the 3-year CD...



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