HAB Bank (NYC/NJ) Adds 12-Month CD Special

POSTED ON BY

UPDATE 11/5/2017: Southern California is now offering a 12-month CD (1.78% APY) and 24-month CD (2.08% APY).

Deal Summary: CD Specials - 12-month (1.75% APY), 18-month (1.90% APY), 36-month (2.30% APY), $5k minimum deposit.

Availability: New York City metropolitan area and northern New Jersey.

UPDATE: While reading today’s Los Angeles Times, I saw a HAB Bank advertisement that goes against what CSR told me about the CD Specials being offered by the Bank’s Southern California branches. According to what’s on page 15, a 12-month (1.78% APY) and 24-month CD (2.08% APY) are currently available. The minimum deposit is $5k and a “qualifying consumer or business checking account” are required.

On Thursday, DA reader, hwhiteco, posted about new CD Specials being offered by HAB Bank, which were published this week in the Star Ledger (New Jersey). These CD Specials are not listed on HAB Bank’s website. During several phone calls to all the branches, I discovered that the top rates are only being offered in the New York City metro area and northern New Jersey. The CD Specials offered in Southern California are less competitive, and as such, are not included in this blog post.

NYC/NJ Rates

  • 1.75% APY – 1-year CD Special
  • 1.90% APY – 18-month and 2-year CD Specials
  • 2.30% APY – 3-year CD Special
  • 2.50% APY – 5-year CD Special

The minimum opening deposit for any of the CD Specials is $5k, with no stated balance cap. Several CSRs stated that a checking account was not required, but was “highly recommended.” When I ask why it was recommended, I was told it “would just be easier for the Bank and the customer.” I could not get a straight answer to my question. On the positive side, the checking account has no minimum balance requirement or monthly fees.

According to CSR, the Early Withdrawal Penalties are as follows:

  • 3 months interest – 1-year term
  • 6 months interest – 18- and 24-month terms
  • 12 months interest – 3-year term
  • 24 months interest – 5-year term

Many thanks to hwhiteco for his Forum post about the CD Specials.

Who Is HAB Bank?

In the past, there has been a fair amount of confusion about HAB Bank (Habib American Bank), and this confusion has increased recently due to Habib Bank Limited, the largest bank in Pakistan, being the target of New York State's Department of Financial Services (DFS) “enforcement actions.” In a September 7, 2017 press release, HAB Bank stated,

In light of recent news regarding HBL, HAB Bank, strongly affirms it has no direct, indirect or any affiliation whatsoever or shared ownership with Habib Bank Limited, a Pakistan-based financial institution with an office in Manhattan. HAB Bank is a U.S.-based community bank headquartered in Manhattan with FDIC membership. HAB Bank has no operations outside the US. The institution has operated continuously and successfully since its original incorporation in 1983 and has branches in NY, NJ and CA.

Furthermore, the DFS also released a statement on September 8, 2017:

Habib American, doing business as HAB Bank, is an FDIC-insured domestic commercial bank chartered by the New York State Department of Financial Services (DFS) and is not affiliated in any way with Habib Limited and was not subject to the enforcement action taken by DFS against Habib Limited on Thursday, September 7, 2017.

Availability

Headquartered in New York City, HAB Bank’s market area includes the greater NYC metropolitan area, northern New Jersey, and Southern California, but only the NYC/NJ branches are offering the higher rates on the CD Specials.

Opening a CD Special can be done at any of four New York branches, located in Manhattan, Long Island (Hicksville), and Queens (Jackson Heights and Richmond Hill), or at the single New Jersey branch, located in Iselin (Middlesex County).

Bank Overview

HAB Bank has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 3.52% (excellent) based on June 30, 2017 data. In the past year, the Bank has increased its total non-brokered deposits by $154.12 million, an excellent growth rate of 15.88%. Please refer to our financial overview of HAB Bank (FDIC Certificate # 25903) for more details.

HAB Bank is currently the 43rd largest bank headquartered in New York, with assets in excess of $1.2 billion. HAB Bank’s holding company, Maham Beteiligunsgesellschaft AG is located in Zurich, Switzerland. (“Beteiligunsgesellschaft” is German for “investment company.”)

How the CD Specials Compare

When compared to the 390 similar length-of-term CDs tracked by DepositAccounts.com, requiring a similar minimum deposit and available within the Bank’s NYC/NJ market area, HAB Bank’s 12-Month CD Special APY currently shares the top rung with INOVA Federal Credit Union’s 14-month CD and Banesco USA’s 12-month CD.

Interest RateCD Length of TermCredit Union/Bank
1.75% APY12-Month CD SpecialHAB Bank
1.71% APY12-Month CDLimelight Bank
1.70% APY1-Year CDableBanking

When compared to the 287 similar length-of-term CDs tracked by DepositAccounts.com, requiring a similar minimum deposit and available within the Bank’s NYC/NJ market area, HAB Bank’s 18-Month CD Special APY currently ranks first.

Interest RateCD Length of TermCredit Union/Bank
1.90% APY18-Month CD SpecialHAB Bank
1.81% APY15-Month Special CDVeridian Credit Union
1.80% APY18-Month CDHanover Community Bank

When compared to the 373 similar length-of-term CDs tracked by DepositAccounts.com, requiring a similar minimum deposit and available within the Bank’s NYC/NJ market area, HAB Bank’s 36-Month CD Special APY currently second.

Interest RateCD Length of TermCredit Union/Bank
2.38% APY35-Month CDUSALLIANCE Financial
2.30% APY36-Month CD SpecialHAB Bank
2.21% APY30-Month CDEBSB Direct

The above rates are accurate as of 11/4/2017.

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

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

Comments
Anonymous
Anonymous   |     |   Comment #1
As I previously commented last week or before in regard to another promotion on the blog, HAB Bank has advertised in Newsday on page A39 this week Thursday, November 2, their CD promotional rates. That advertisement shows a rate or APY of 2.10 for 24 months. It also includes the 12 mo and 18 mos rates or APYs as noted above
me1004
me1004   |     |   Comment #2
Why don't I see these rates at their Website, nor even at the HAB page here at DepositAccounts?
SYC
SYC   |     |   Comment #3
From Ken's blog:
"On Thursday, DA reader, hwhiteco, posted about new CD Specials being offered by HAB Bank, which were published this week in the Star Ledger (New Jersey). These CD Specials are not listed on HAB Bank’s website. During several phone calls to all the branches, I discovered that the top rates are only being offered in the New York City metro area and northern New Jersey. "
Promotional CDs and Money Market Accounts with Top Rates at HAB Bank

Availability:

Los Angeles and NYC Metro areas

HAB Bank is offering a very competitive 1-year CD rate and a competitive 5-year CD rate. In addition, it has a promotional money market account with a top rate that’s guaranteed for 3 months. These deals are listed at the bank’s rates page as of 1/31/2015. The rates vary some between New York City and Los Angeles.

For Los Angeles, the 1-year CD has a 1.30% APY, and the money market account has a 1.20% APY. There’s no 5-year CD listed for California, but...

Continue Reading
Top 1-Year CD Rate in California at HAB Bank

Update 8/5/13: The bank is now offering 1.10% APY at its branches in the NYC metro area. Also note, according to the small print under the bank's rate tables, the CD requires a qualifying consumer or business checking account.

HAB Bank (formerly known as Habib American Bank is listing a very competitive 1-year CD rate for its California branches. The CD has a 1.15% APY for a minimum deposit of $1,500. Unfortunately, a much lower rate is listed for the bank’s New York and New Jersey branches. This rate is listed...

Continue Reading
New-Branch CD Special at Habib American Bank in New Jersey - Local Only

Habib American Bank has been adding branches in the New York and New Jersey. Last year it added a branch at Richmond Hill, NY, and just recently it has added a branch at Iselin, NJ. The bank is advertising a special at its Iselin branch. The special includes two top short-term CD rates: 1.10% APY 6-month CD and 1.20% APY 12-month CD. There's also a money market account with a 1.00% APY. These specials require a qualifying checking account and a minimum deposit of $5,000. These rates don't appear to...

Continue Reading
Competitive 5-Year CD Rate at Habib American Bank in CA, NY & NJ - Local Only

Habib American Bank is again offering some competitive CD and IRA CD rates. The most competitive is the 5-year CD and IRA CD which has a 2.00% APY. A checking account is required for non-IRA CDs. Minimum deposit is $1,500. This CD rate is listed for all branches at the bank's rates page as of 6/12/2012. Thanks to the reader who emailed me news of this CD rate.

When I last checked with the bank in June 2010, I was told that there's only a 3-month early withdrawal penalty. This can...

Continue Reading
Competitive CD Rates at Habib American Bank in NJ and CA - Local Only

Habib American Bank is advertising three very competitive CD rates at its Edison, New Jersey branch. These include a 1.20% APY 6-month CD, a 1.60% APY 18-month CD and a 1.85% APY 2-year CD. Minimum deposit is $5,000, and a checking account is required. According to the ad, it's available only at the Edison branch, and it's scheduled to end on July 31, 2011. It's not listed at the bank's website. It was advertised in the NJ Star Ledger on 6/26/2011. The ad is available online here.

It's not quite as...

Continue Reading

More Past Offers