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Review American Bank Certificate of Deposit Rates
By: Conor Keenan Last updated on June 28, 2024
Conor Keenan, co-founder of CompareAccounts.com, is a notable personal finance expert, with work seen in The Wall Street Journal, CNN, Fox News, MSN and Yahoo Finance.
Editorial Independence: Our opinions, reviews, and recommendations are our own and not influenced by financial institutions or partners. Partner commissions keep our site free, but our content remains independent and is not commissioned by any partner or financial institution.
Read our review & open a new certificate of deposit with confidence. American Bank and other CD offers on this page are FDIC insured up to $250,000 per depositor. Fund your new account & take advantage of the power of compound interest today!
American Bank Certificate of Deposit Rates:
| Term | Interest Rate | APY |
|---|---|---|
| 120 Day Instant Access | 0.25% | 0.25% |
| 90 Day | 0.75% | 0.75% |
| 182 Day | 4.88% | 5.00% |
| 9 Month | 2.32% | 2.35% |
| 12 Month | 1.00% | 1.01% |
| 18 Month | 1.00% | 1.01% |
| 24 Month | 1.49% | 1.50% |
| 30 Month | 1.49% | 1.50% |
| 36 Month | 1.49% | 1.50% |
| 48 Month | 1.98% | 2.00% |
| 60 Month | 2.47% | 2.50% |
- Minimum Deposit – $500
- Interest is compounded daily & earned on the daily balance
- FREE access to Online Banking1
- Penalties may apply for early withdrawal
- Instant Access CDs are not available for IRAs
- Fees may reduce earnings on the account
- Rates are subject to change at any time without notice
Soure: https://www.ambk.com/rates/personal-deposits/cds/
Main Benefits You Get From This CD
American Bank’s CD accounts are designed for long-term savers who want a stable return without the risks associated with other investments. The main benefits include:
- Competitive interest rates that are often higher than those of traditional savings accounts, but lower than other CD offers.
- A wide range of term lengths to fit different savings goals, from short-term to long-term investments.
- The security of FDIC insurance up to the maximum allowed by law.
- No monthly maintenance fees.
However, given the low interest rates from American Bank, you may be better off with an account from one of our partners below.
Customers Also Viewed These High-Yield Certificate of Deposit Accounts From Our Partners
3.00% APY
On Raisin's Secure Site
for Western Alliance Bank,
FDIC Insured
Best For: High APY From a Top Performing Bank
Term: 12 Months
Western Alliance Bank offers 3.00% APY exclusively through the Raisin Platform on their 12 month CD.
Interest compounds daily and is posted to your account monthly.
This APY is substantially higher than what you’ll find at most brick-and-mortar banks and even most online banks.
In addition to this high APY, Western Alliance offers $0 monthly maintenance fees and is insured by the FDIC for up to $250,000 per depositor.
Customer service is located in New York, they are available via phone or email. You'll also have 24/7 access to your account and funds.
Western Alliance Bank was founded in 1994 and is consistenly ranked among the top banks. They were ranked #1 top-performing large bank with assets greater than $50 billion in 2021 by both American Banker and Bank Director. Serving clients across the country wherever business happens.
See Raisin's Secure Site for Western Alliance Bank to Get More Details.
3.60% APY
On Discover Bank's Secure Site,
Member FDIC
Best For: Longer Term + Customer Service
Term: 24 Months
Discover Bank offers 3.60% APY with no monthly fees and $2,500 initial deposit on their 24 Month CD.
Discover Bank is one of the first online focused banks to offer no monthly fees and what they call "No. Fees. Period."
Deposits are insured through the FDIC for up to $250,000 per depositor and if you have any questions Discover offers 100% U.S.-based Customer Service Available 24/7.
Interest compounds daily so lock in your 24 Month CD rate today & start earning guaranteed interest now.
See Discover Bank's Secure Site For More Details.
To recap our recommendations.
Best Certificate of Deposits According To CompareAccounts™
American Express® Certificate of Deposit Account: 5.25% APY as of October 14, 2024 - 11 Month Term
Western Alliance Bank® High-Yield CD: 3.00% APY - 12 Month Term
Discover® Bank Certificate of Deposit Account:3.60% APY - 24 Month Term
To See All of Our Recommended Certificate of Deposit Accounts Go To Our Best CD Rates Page.
Brief History of American Bank:
American Bank, with its roots in Allentown, Pennsylvania, emerged on the banking scene in 1997, under the foundational leadership of Fred and Mark Jaindl, who served as Chairman and President & CEO respectively123. With Fred Jaindl’s diverse background as a farmer, land developer, philanthropist, and banker, and his unwavering pursuit of perfection, the bank was poised from the outset to deliver unparalleled service to its customers1.
Being at the forefront of the virtual banking movement since its early days, American Bank showcased its innovative approach by offering online banking services, which was a significant leap towards modern banking at the time4. This innovative step not only set American Bank apart but also aligned it with the evolving needs and expectations of its clientele both locally in Eastern Pennsylvania and across the nation.
As the years rolled by, Mark Jaindl continued to helm the bank, being appointed as the Chairman of the Board of Directors in 2004, while retaining his position as the President and CEO2. His sustained leadership has been instrumental in guiding American Bank on a trajectory of growth and customer satisfaction.
The bank, being a state-chartered and FDIC insured institution, has not only upheld the trust and confidence of its customers but also adhered to the regulatory standards, ensuring a secure and reliable banking environment5. Its nationwide community banking model reflects a blend of local community engagement coupled with a broader outreach, encapsulating a vision of growth, inclusivity, and excellent service delivery.
American Bank’s journey from its inception to its current standing portrays a narrative of visionary leadership, customer-centric approach, and an adaptive business model that resonates with the evolving banking landscape. Through its commitment to great rates, exceptional service, and fostering a robust community of satisfied customers, American Bank has etched its mark as a reputable banking institution with a rich history and a promising future.
American Bank CD Account Pros:
Pros:
- Guaranteed returns: Your interest rate is locked in for the duration of your CD term.
- Flexible terms: Choose from a variety of term lengths, from months to years, based on your financial goals.
- Easy to open: Setting up a CD account is straightforward, requiring just a minimum deposit.
American Bank CD Cons:
Cons:
- Limited liquidity: Your money is tied up for the duration of the CD term, with penalties for early withdrawal.
- Rate variability: Rates might not be as high as other investment options, especially during times of low-interest rates.
Who Should Open a Certificate of Deposit Account from American Bank
CDs are ideal for individuals looking for a low-risk investment option. They’re particularly suited to those with a lump sum to invest and who won’t need access to these funds for the duration of the CD term.
How to Open a Certificate of Deposit Account with American Bank
Opening a CD with American Bank is a straightforward process:
- Visit the American Bank website or your nearest branch.
- Decide on the amount you want to deposit and the term length that suits your savings goals.
- Provide necessary identification and documentation.
- Complete your deposit, and start earning interest right away.
Other Products American Bank Offers:
Beyond CDs, American Bank delivers a comprehensive portfolio of financial solutions. Their personal banking suite includes versatile checking and savings accounts, an array of loan options, and customized credit cards, each designed to enhance financial security and convenience for diverse lifestyles.
For businesses, American Bank offers robust commercial solutions, including specialized loans, merchant services, and tailored checking and savings accounts, all structured to support operational efficiency and growth. These offerings are complemented by sophisticated payroll and advisory services, ensuring businesses of all sizes can navigate their unique financial landscapes with expertise.
In summary, American Bank is a multifaceted financial institution committed to delivering targeted solutions for individuals and businesses alike.
American Bank Near You:
The corporate headquarters are situated at 615 Waterfront Drive, Suite 501, Allentown, PA, while the operational branch can be found at 4029 West Tilghman Street, also in Allentown, PA.
Customers should visit the Tilghman Street branch for their banking inquiries and transactions.
American Bank Contact Information:
Branch Hours: 4029 West Tilghman Street in Allentown, PA
Monday – Thursday / 9:00 AM – 5:00 PM Eastern time
Friday / 9:00 AM – 6:00 PM Eastern time
Saturday / 9:00 AM – 12:00 PM Eastern time
Customer Service Toll-Free Call Hours
888.366.6622
Monday – Friday / 8:00 AM – 6:00 PM Eastern Time
Saturday / 9:00 AM – 12:00 PM Eastern Time
See More CD Rates by Term & Type
Compare the best rates for various CD terms and types:
See More Reviews
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CIT® Bank Savings Account Review
Blue Federal Credit Union CD Rates Review
Western Alliance Bank® High-Yield Savings Premier Account Review
American Bank Certificate of Deposit FAQ
Where is American Bank located?
American Bank’s branch is located at 4029 West Tilghman Street in Allentown, PA.
What is American Bank’s routing number?
American Bank’s routing number is 031302997.
Who Might Want To Pass on American Bank's CD Options?
People looking for higher APYs should pass on American Bank’s CDs.
Conclusion of American Bank CD Rates:
American Bank’s CD accounts offer a secure way to grow your savings, thanks to their somewhat competitive interest rates and the stability of a trusted financial institution.
Potential investors should consider their personal financial landscape, especially regarding liquidity needs. Visit American Bank for the most recent information on their CD rates and to learn if this investment option aligns with your financial goals.
*National Savings Rate Average as published by FDIC