Dedicated to Deposits: Deals, Data, and Discussion

3.00% 25-Month CD & 2.70% 13-Month CD at Broadway Bank in Chicago

POSTED ON BY

Update 6/20/09: The special CD rates have fallen. Please check the bank's website for the latest rates and specials.

Update 5/09/09: The 13-month special CD rate has fallen to 2.50% APY.

Broadway Bank is offering two special CDs with competitive rates: a 3.00% APY 25-month CD and a 2.70% APY 13-month CD. Minimum deposit is $2,500. The bank also has some competitive rates on its standard long-term CDs including a 4.00% APY for 60 months and 3.50% APY for 48 months. The standard CDs have a minimum deposit of $1,000 and are also available as IRAs. These rates are listed at the bank's rate table as of 4/12/09.

The bank does a good job at listing the details of these CDs under the rate table. Some of the important details include:
  • You may not withdraw any principal from this Certificate before maturity without the bank's consent (which may be withheld)
  • Early withdrawal penalty is 180 days of interest on amount withdrawn for maturities over one year
  • Grace period at maturity is 10 days
  • You may elect to receive monthly interest checks
A branch visit appears to be required to open an account. Branches are located in Chicago and Glencoe, Illinois.

Broadway Bank's ratings for safety and soundness are a little weak: 2 stars (problematic) at BauerFinancial (based on 12/31/08 data) and 1 star (lowest) at Bankrate.com (based on 9/30/08 data). The bank has been FDIC insured since 1979 (FDIC Certificate # 22853).

Other High Certificate of Deposit Rates

For top CD rates nationally available, refer to my weekly rate summary. Many of the best CD deals are only locally available. To find the best deals in your state, refer to the index of state CD and bank deals.
  Tags: Illinois, CD rates, IRA rates

Related Posts

Comments