One of the USA’s leading industrial banks in deposit products and issuer of business purpose credit cards, Advanta Bank Corp. was founded in the year 1991 by Advanta Corp., which is a publicly held financial service company. Advanta Bank Corp., popularly known as ABC, is a wholly owned subsidiary of Advanta Corp. ABC was established with a goal to offer comprehensive deposit products with competitive rates. Since the inception it had a mission to make the customer feel secured about their deposits. ABC made sure that customers’ deposits grow with a faster rate than others. ABC is headquartered at Draper, Utah and is regulated by Utah Department of Financial Institutions. It is a member the Federal Deposit Insurance Corporation (FDIC) as well. As the security of customers’ deposit is the prime objective of ABC, all its deposits are insured by FDIC at the maximum rate allowed by the insurer.

Advanta Corp. was envisaged by Jack Alter, a schoolteacher in the year 1951 to provide need based loans to the fellow school teachers. It has come a long way since that day. Over the past five years, through ABC, it has become one of USA’s largest issuer of business related credit cards to small businesses and business professionals. As on 31st March’09 ABC had total assets base of $ 2.9 billion & total deposits of $ 2.5 billion. It also had Tier 1 Leverage Ratio at 10.79, Tier 1 Risk Based Capital Ratio at 19.7 and Total Risk Based Capital Ratio at 21.83.

ABC has specialized itself in credit card business. It has different ranges of credit cards to suit different section of customers. The cards offered by ABC include no-fee Platinum and Executive Cards. It has even custom design cards to suit certain customers. The most popular card which it offers is Bonus Miles Card which gives the user the benefit of converting its business travel expenses in to free travel. Another category of business, which ABC is focused in, is customer deposits. The reason behind the success story of ABC is that it strives to minimize its running expenses so that it can pass on the savings to its depositors in the form of higher interest rates on deposits. As the bank services its customers through mail, phone or electronically, it keeps its running expenses on a lower side. Not only that, as the customers receive their interest cheques or other important communication without any operation delays, it has added another feather in bank’s success. ABC operates with vision of total customer satisfaction and strives to accomplish the same.

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Contact Information

Website : https://vault.advantabankcorp.com

Phone Number : (800) 788-2632 8:30AM – 5PM Mon – Fri

Address : 11850 Election Rd Draper, UT 84020

Minimum Balance : Money Market/Savings: $2,500 CDs: $10,000

Interest : Compounded Daily

Current Savings Account Rates: https://vault.advantabankcorp.com

Current CD Rates : https://vault.advantabankcorp.com