Broadway Federal Bank continues to offer top mid-term and long-term CD rates. I last reported on the bank on May 1st when the bank raised its 24-month internet CD rate to 2.53% APY. This 24-month CD can be opened online from any state. In addition to the internet CDs, the bank offers CDs that are not available via the online application. I was told by the CSR that these CDs must be opened in a branch or via mail. According to the CSR, they're available nationwide. These rates are listed at the bank's current rates page as of 5/18/2010:
- 3.56% APY 72 months
- 3.05% APY 60 months
- 2.79% APY 48 months
- 2.79% APY 36 months
- 2.53% APY 24 months
In addition to the 2-year CD rate, the 3-year CD rate and the 6-year CD rate are especially competitive. Minimum deposit is $1,000.
For more details about opening Broadway Federal CDs by mail, please refer to my May 1st Broadway Federal review. Readers also shared their experiences with this bank in the comments. It was noted that Broadway Federal is a small bank that may be seeing a large demand for their CDs. So customer service may be a little slow. Also note, it's common for small banks to change their nationwide policy.
Broadway Federal branches are located in Los Angeles and Inglewood, California.
The bank's ratings for safety and soundness are mixed: 4 stars (excellent) at BauerFinancial, 2 stars (below peer group) at Bankrate.com and an overall health score of 3 out of 5 at DepositAccounts.com (see our Broadway Federal rates and reviews page). All ratings are based on 12/31/09 financial data. The bank has been a FDIC member since 1947 (FDIC Certificate # 30306).
Searching for the Best CD Rates
To search for the best nationwide CD rates and the best CD rates in your state, please refer to the CD rates section of DepositAccounts.com. The tables now have a new & improved format!