First American Int'l Bank (NY) Has 24-Month Year Of The Dog CD Special

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Deal Summary: 24-month Year of the Dog CD Special, 2.28% APY, no minimum deposit requirement, new money.

Availability: Market area includes the New York Boroughs of Brooklyn, Manhattan, and Queens.

The Chinese New Year begins on February 16, 2018, ushering in the Year of the Dog. First American International Bank (FAIB) is celebrating by offering two Year of the Dog CD Specials: 24-month (2.28% APY) and 12-month (1.58% APY). Of the two, the 24-month obviously offers the most competitive rate. There is no minimum deposit requirement, but new money is needed, regardless of the deposit amount.

According to a very helpful CSR, the Early Withdrawal Penalty for the 24-month is 365 days of interest.

Collateral trivia – people born during the Year of the Dog (1934, 1946, 1958, 1970, 1982, 1994, 2006, 2018) are believed to inherit some of the animal’s characteristics, such as loyalty, patience, and reliability.

Availability

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

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), Queens (2), and Manhattan’s Chinatown (3).

Bank Overview

First American International Bank has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 3.73% (excellent) based on September 30, 2017 data. In the past year, FAIB has increased its total non-brokered deposits by $65.42 million, an excellent annual growth rate of 12.07%. Please refer to our financial overview of First American International Bank (FDIC Certificate # 35186) for more details.

Currently New York State’s 55th largest bank, 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.” In December, FAIB announced it will become a sponsor of the 2018 Asian & Pacific Islander American Scholarship Fund, providing a scholarship for the 2018-19 academic year.

How the CD Compares

When compared to the 379 similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are available within the Bank’s market area, First American International Bank’s 24-month Year of the Dog CD Special APY currently ranks fourth.

The above rates are accurate as of 2/12/2018.

To look for the best CD rates, both nationwide and state-specific, please refer to our CD rates table page.

Related Pages: New York CD rates, 1-year CD rates, 5-year CD rates

Comments
uneducated2
uneducated2   |     |   Comment #1
Note that both interest rates end in 8, this number is very welcome among Chinese people. Too bad they didn't go with 2.88% or 1.88% for us savers!
First American Int'l Bank (NY) Offers New Year Special Rate CDs
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.

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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.

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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.

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