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First American International Bank
Individual Retirement Account (IRA)
Free Gift for New 1, 2, 3, 4, 5 Year Certificate of Deposit (CD)
New Account, Roll-over or Consolidation
DEFER TAX* while you SAVE for your RETIREMENT
As we approach the tax-filing deadline, it might be a good time for you to consider opening an “Individual Retirement Account” (IRA). An IRA provides tax advantages* while you save for your retirement. If you have a variety of accounts that you opened over time, including a 401(K), you might want to have the time and cost-saving benefits of rolling-over or consolidation.
Today’s IRA offers more options than ever before to better reflect your individual needs. For example: Certificate of Deposits (CDs) offer a fixed yield for a fixed term of your choice. First American International Bank (FAIB) continuously provides competitive rates and steady returns. As of 2/11/14, 3-year CD rates are 1.10%; 4-year rates are 1.35%; and 5-year rates are 1.55%. The minimum opening balance is only $500 and funds are insured by the FDIC.
Free Gift for New 1, 2, 3, 4, 5 Year CD
Aside from the IRA CD special rate, First American International Bank (FAIB) is also launching a Gift Promotion from 3/17/2014 through 4/15/2014, offering free gifts for new Certificate of Deposits (CDs). For new 1- to 5-year CDs, FAIB offers Year of Horse Lucky Money; Best-selling 16GB 7.9” Tablet; Brand-name Sterling Silver Open Heart Pendant with 16” Necklace; Brand-name MP3 Player; Crystal-glass Rabbit Figurine; 8mm Freshwater Pearl Bracelet; 8mm Freshwater Pearl Necklace; Silk Brocades and Small Calculators. A higher new deposit amount will be complimented with a more valuable gift. FAIB is proud to continue offering competitive CD rates in our community market. As of 2/11/2014, FAIB’s 3-year CD rate is as high as 1.00%.
All deposits at FAIB are covered by FDIC insurance up to $250,000 per depositor. The Bank also provides a wide range of life insurance and investment products.
FAIC Insurance Services
FAIC Insurance Services** also provides other wealth management options such as “Fixed Annuities.” In view of the fact that CDs rates incline to go down, “Fixed Annuities” is a product offered by insurance companies and is another great option for your retirement savings. As long as you meet the minimum opening balance requirement, you can enjoy higher rates and returns. One of the traits of FAIC “Fixed Annuities” is tax-deferred growth. Therefore, under the condition of same interest rates, your funds will grow faster compared to regular CDs. In addition, “Fixed Annuities” principal will be protected since it is not affected by the fluctuation of security market. However, early withdrawals may incur tax penalty and surrender charges and cause loss in principal. “Fixed Annuities” is not insured by FDIC.
At FAIB, we are committed to helping you choose the best options to achieve your financial goals. There is no charge for consultation and you are under no obligation to open any account. Meet with a FAIC Financial Consultant today for a free consultation and portfolio evaluation to identify investments that are appropriate for your individual financial objectives, age, and risk tolerance. Please call 718-353-3833 now for more information.
* Some IRAs have contribution limitations and tax consequences for early withdrawals. For complete details, consult your tax advisor or attorney.
** Securities and some insurance products are offered through Cetera Investment Services LLC, member FINRA/SIPC. Cetera Investment Services LLC is not affiliated with First American International Bank or its affiliates.
FAIB offers a full array of consumer and business banking products such as checking and saving account, certificate of deposit, commercial real estate loan, residential mortgage, home equity loan, credit card and letter of credit. Branch services include 7-day banking, ATM, safe deposit, domestic and international wire transfer and online banking. It also offers a complete line of insurance and investment products. The Bank has multi-lingual and multi-dialect staff, and its customer materials are mostly written in both English and Chinese. FAIB currently operates nine branches with home loan centers and one loan office, covering Brooklyn, Manhattan and Queens: 5503 8th Avenue, Brooklyn; 5902 8th Avenue, Brooklyn; 29 Bowery, Manhattan; 240 Grand Street, Manhattan; 123 East Broadway, Manhattan; 42-08 Main Street, Flushing; 40-48 Main Street, Flushing; 86-55 Broadway, Elmhurst; 107-50 Queens Boulevard, Forest Hills; and Brooklyn Loan Office at 5417 8th Avenue, 3rd Floor, Brooklyn.