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 good as the above CD specials, but Habib American Bank is listing some competitive rates for its California branches. The two best are a 1.50% APY 1-year CD and a 1.65% APY 2-year CD. Minimum deposit is $1,500, and like the above special, these require a checking account. These rates are listed in the bank's rates page as of 6/26/2011.
The CD rates at other New Jersey and New York branches are a little lower. The best deal is a 2-year IRA CD with a 1.75% APY. The listed IRA CD rates also require a checking account.
Habib American Bank branches are located in New York City and Hicksville, New York; Edison, New Jersey; and Los Angeles and Artesia, California.
Habib American Bank Overview
Habib American Bank appears to be similar to State Bank of India. It's an American bank that's a subsidiary of a large foreign bank. Instead of India, Habib American Bank's parent is headquartered in Pakistan. According to Wikipedia:
Habib Bank Limited commonly referred to as "HBL" and head-quartered in Habib Bank Plaza, Karachi, Pakistan, is the largest bank in Pakistan. The bank has a network of over 1450 branches in Pakistan and 55 branches worldwide.
In 1984, HBL opened its USA bank:
HBL established Habib American Bank in New York with a branch each in Manhattan and Queens, and a US International Banking Facility. HBL also opened a branch in California.
Even though it has international connections, Habib American Bank is a FDIC member (FDIC Certificate # 25093). In addition to being a FDIC member, its financial health appears to be strong. It has an overall health score of 4 stars (out of 5) with a Texas Ratio of 13.92% (above average) based on March 2011 data. Please refer to our financial overview of Habib American Bank for more details.
Searching for the Best CD Rates
If you're in New Jersey, a reader just commented that Union County Savings Bank is offering a 2.00% APY 2-year CD (see forum thread).
For those in California, State Bank of India (California) continues to offer a 1.50% APY 15-month CD special as of 6/26/2011. I have more details in my review of State Bank of India (California).
To search for the best nationwide CD rates and the best CD rates in your state, please refer to the CD rates section of DepositAccounts.com.