About Specialty Banks
A specialty bank is a term that refers to a bank that is offering bank products to a particular group of people. For instance, a specialty bank could be targeting customers of a particular ethnic background, an age group, or even a personality type. Students, senior citizens, or foreign nationals living in the United States could all potentially be the selected demographic targeted by a specialty bank. A specialty bank is usually offering more than just a special bank deal to their customers, these banks want to be creative in marketing unique bank products that are not widely offered by other banks. MoneyRates.com is reporting on the FDIC-insured specialty banks listed below:
Cathay Bank
The Chinese-American community in the greater Los Angeles area has been serviced by Cathay Bank for over forty years. The bank has operations in Taiwan, China and Hong Kong and can handle foreign exchange transactions from their California offices. While the bank does cater to the Asian community, anyone can take advantage of the 6-month Australian Dollar TCD that is being marketed by Cathay Bank. This unique CD, denominated in Australian dollars, is offering a 4.35% APY. Currency risk does exist when converting funds back to U.S. dollars. The minimum investment for the Cathay Bank Australian Dollar TCD is $10,000 USD.
SmartyPig
SmartyPig is a website that combines a high yielding online savings account with a social networking platform that can be used to raise funds for a financial goal. Customers use social networking tools to encourage friends and family to contribute to a financial goal like a vacation, a wedding, or college tuition. Social networking tools can be used to publicize and promote to friends and family. When a financial goal is achieved, cash rewards are available from participating retailers and travel companies. At the moment SmartyPig accounts are held at West Bank, a FDIC-insured bank based in Iowa, but starting August 1, 2010 all savings accounts will be held at BBVA Compass Bank. The SmartyPig online savings account currently pays a 2.15% APY on all balances. Is SmartyPig truly a social lending site? That is a question for each individual of whether the contributions made on SmartyPig are considered loans or donations?
EverBank
Offers a variety of foreign-denominated CDs and money markets. Foreign currencies available include:
Basket CDs, which are multi-currency CDs are also available from EverBank. FDIC-insurance applies to only losses due to failure of institution and does not cover potential currency fluctuations.
Wells Fargo Bank
The Wells Fargo Bank College Combo features features many free accounts and services. Students who enroll are eligible for a checking account, Online Banking with Bill Pay, and a Check Card. A savings account or credit card are also available. Minimum opening deposit $100. Details.
Redneck Bank
Redneck Bank is the internet banking division of Bank of the Wichitas located in Kansas. If you are looking for a bank with a sense of humor, look no further. But beyond the humorous website designed tongue-in-cheek to appeal to country folk, Redneck Bank offers a variety of accounts that can be opened online including regular checking accounts, reward checking accounts, and money market accounts. Information about Redneck Bank.
One United Bank
One United Bank calls themselves the first African-American owned internet bank and the largest African-American owned bank in the country. One United has committed itself to developing urban communities across the country and distinguished themselves by winning awards for community development lending. One United Bank also offers deposit rates in the top 1% in the country on CDs, money market accounts, savings accounts, and checking accounts.
Hanmi Bank
Serving the Korean-American community for over twenty five years, Hanmi Bank is the largest Korean-American bank in the country. Hanmi offers online banking on a an English-version and Korean-version site with a wide variety of checking, money market, and savings products. More.
American Bank
This bank offers individuals age 50 and over special rates on their American Gold Checking account. No monthly minimum balance or no monthly fees. $100 minimum opening balance. Tiered rates apply. Apply online at pcbanker.com.
State Bank of India
This New York-based FDIC-insured bank serves as a financial gateway to India. Any person or business doing business in India can benefit from the banking services of State Bank of India. In addition, excellent CD rates which consistently place in the nation's top 1% are currently available to any depositor. The english-version of the State Bank of India site is here.
Bank of China
A leading Hong-Kong based banking group with branches in Hong Kong, mainland China, and the United States. Offers wide menu of personal and commercial banking features including online banking and foreign exchange trading accounts. More information here.
Bank of America
Bank of America is offering a student banking package featuring checking accounts, savings accounts and credit cards designed just for students. The package includes online banking and access to over 18,000 ATMs. Sign up online in minutes at Bank of America's website.
Home Savings Bank
This Wisconsin bank is promoting a Greener Choices Checking account, which is an environment-friendly checking account. Home Savings Bank will pay bonuses of up to $40 to customers who choose four or more green options to add to their checking account. Read more about this innovative green banking account.
East West Bank of China
Chinese-Americans can find a full compliment of banking services from East West Bank, including a Chinese-version of the bank's website. Products available to East West Bank customers include a Chinese Renminbi-linked CD and a Greater China Index CD. These equity-indexed CDs allow CD investors to receive a rate of return indexed to the Chinese stock market. Currency transactions and online banking for chinese-language customers is also available. More information.
Alden State Bank
A senior citizen checking account is available to customers of Alden State Bank who are 55 years of age or older or who are permanently disabled. A minimum deposit of $25.00 is required to open the account, but there are no minimum balance requirements. In addition, no monthly maintenance fees or per item charges are charged on this checking account. Account details.
The Bank of East Asia
Investors or businessman that deal with foreign exchange or currency speculation can find a full complement of global banking services from The Bank of East Asia. Cyberbanking options include currency exchange, international wire transfers, and the ability to purchase CDs denominated from currencies that include the Australian dollar, Canadian dollar, Euro, Hong Kong dollar, Japanese Yen, New Zealand dollar, Pound Sterling, and Swiss Franc.The CDs issued from The Bank of East Asia can be purchased with deposit of $25,000 USD or more for deposit terms of 7 days, 1 month, 3 month or 6 month. More account information.
Last Updated: 8/24/10
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