bank rates

HAB Offers Special CDs In Three States

Savers in California, New Jersey and New York may want to consider special deposit rates now being offered at local branches of HAB bank.

Rates for three CD terms are noteworthy:

  • 1.30% APY for 12-month CDs at California branches; 1.25% APY for 12-month CDs at New Jersey and New York branches.
  • 1.35% APY for 18-month CDs at New Jersey and New York branches.
  • 1.55% APY for 36-month CDs at all branches.

The California 12-month rate beats by 0.05% the top nationally available 12-month rate on our CD Rates Leaderboard.

The 36-month CD rate available at all branches beats the Leaderboard’s best 36-month rate by the same amount.

HAB is also offering top-notch promotional rates for money market accounts – 1.20% APY in California and 1.10% APY in New Jersey and New York.

These promotional rates do not apply to IRA CDs, and accounts must be opened at a branch. A minimum balance of $1,500 is required to get the CD and money market account promotional APYs.

HAB (whose legal name is Habib American Bank) is a New York State-chartered bank headquartered in New York City. A subsidiary of HBL, the largest bank in Pakistan, it is an FDIC member and its deposit accounts are federally insured.

Its California branches are located in Los Angeles and Artesia; its New Jersey branch in Iselin; and its New York branches in Manhattan, Queens and Hicksville.

HAB has about $780 million in deposits and earns four out of five stars from Bankrate’s Safe & Sound rating system, which measure’s a bank’s financial condition.

Website information ( is sketchy, but I gleaned the following details from a representative in the Los Angeles branch:

  • CD interest may be withdrawn once posted, either by transfer to a HAB checking, money market or savings account, or by check mailed to the depositor.
  • The early withdrawal penalty for the CDs offering promotional rates is 90 days’ interest.
  • Establishing a CD requires that the customer open a HAB checking account (but with no minimum balance or service fees).

Because I’m still waiting (perhaps in vain) for more of those elusive 2- and 3-year 2% CD promotions to materialize, either nationally or here in California, I won’t be making the 125-mile trek from my desert home to Artesia to participate in these promotional deals.

But those having a less rosy outlook than me – and living near a HAB branch – may be otherwise inclined.

Don't miss out on the next bank deal. Get the newest deals delivered straight to your inbox!

Comments (0)
1 Star2 Stars3 Stars4 Stars5 Stars (6 votes, average: 4.17 out of 5)
No Existing Comments

Comments are closed.