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.
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).
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.