2.53% 12-Month Online CD at Broadway Federal Bank in CA - Nationally Available
Jun 22, 2009 - 7:01 AM by Ken Tumin
My last post on Broadway was in November 2008 when they were offering a very competitive savings account. They stopped offering this special savings account in April and began offering the online CD. A few readers who had opened the savings account reported poor customer service and a hard credit inquiry.
The Open An Account page has the link to the online application. The first page of the application lists some important requirements and features:
- You must be a U.S. Citizen or resident alien, have a U.S. address and be 18 years or older
- Required that you send a copy of your driver’s license or ID
- You can fund the CD by check or by an ACH transfer
- You will receive the rate in effect on the date the application is submitted
It's a small bank with 5 offices in Los Angeles and Inglewood, California. It has been a FDIC member since 1947 (FDIC Certificate # 30306).
Thanks to the reader Mike who mentioned this CD in the comments.
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Anonymous - #1, Sunday, June 28, 2009 - 5:46 PM
The CD cannot be funded via ACH. I tried this and I got an email the next day saying their ACH system wouldn't allow it. I called their online banking department and the lady said that it worked in 'beta', but they just realized it doesn't work for real. She said mail a check instead, along with a copy of my driver's license, and the account would open when they get the check.
Anonymous - #2, Sunday, June 28, 2009 - 7:41 PM
It's probably a good thing you can't use ACH given some bad ACH problems/delays people reported when opening an Anniversary Savings Account with Broadway Federal (still paying 2.53% APY today but closed to new applicants). I opened the Savings with a check, sent along with the required i.d info *at the same time as the application copy*, and all went smoothly. Of course there's always a greater chance of getting stung by a CD rate drop that way, but their history is pretty good for keeping an advertised rate awhile even as rates are dropping elsewhere. But no guarantees, of course...
CinFlorida (anonymous) - #3, Wednesday, July 1, 2009 - 4:22 PM
Banking Guy: Please check out Broadway Federal Bank's 24-month online CD, 3.05% APY. I just opened one and am attempting an ACH transfer. Seems easy enough, I'll post again if it isn't.
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