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.
|1.20%||$500||$100k||First American International Bank||26 Month CD|
|1.10%||$500||$100k||First American International Bank||19 Month CD|
|0.80%||$500||-||First American International Bank||13 Month CD|
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
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).
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.