Royal Asian Bank offers competitive CD Rates, 17-month Special at 2.50% APY
The Royal Asian Bank still pushes for their best cd rates. Consumers from New York, New Jersey, and Pennsylvania can enjoy the following highest cd rates:
12 months 1.75% APY
14 months 2.35% APY
17 months 2.50% APY
You can enjoy the top cd rates by opening an account with an initial deposit of at least $1,000. The interest rates above are still listed on the bank’s website as of November 18 but they can be changed any time.
According to the customer service representative of the bank, the certificate of deposit deals are available for people from any state. The fine print below the current interest rate page however says that geographic restrictions may apply.
A bank visit seems to be necessary to open an account. Royal Asian Bank has branches in Palisades Park and Fort Lee in New Jersey; Upper Darby and Philadelphia in Pennsylvania; and Flushings in New York.
The website does not detail any fee which may affect your earnings. You may want to inquire before you open any account with the bank.
The ratings of the bank are not that impressive. BauerFinancial stamped their report with 3 stars for performance while bankrate.com gave 2 stars which is below peer when it comes to soundness and safety. These ratings were based on their June 2009 data.
Royal Asian Bank is indexed with the FDIC. They are covered by certificate number 58196.
