Competitive Long-Term CD Rates at Broadway Federal Bank in Los Angeles - Available Nationwide

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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).

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Comments
Anonymous
Anonymous   |     |   Comment #1
I just opened a 24 mo CD online with no problems.  Online account linked with Quicken too.
DanTheMan
DanTheMan   |     |   Comment #2
Just checked their web site and the 2 year CD is showing a rate of 2.00%
Very Competitive 2-Year CD Rate at Broadway Federal Bank - Available Nationwide

Broadway Federal Bank has increased the rate of its 2-year online CD from 2.02% to 2.53% APY. Minimum deposit is $1,000. This is listed at Broadway Federal's home page and on its Open-An-Account page as of 5/01/2010.

It's nice to see a sizable rate increase like this. For a 2-year term, a 2.53% APY is very competitive. It's the highest rate at the DepositAccounts.com 2-year CD rate table which includes Alliant Credit Union's 2.25% APY for a 2-year term for a $25K minimum. The best nationwide 24-month CD rate currently listed...

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Looking for the Best CD Rates - How I Found a Deal at Broadway Federal Bank in SoCal

I received an email this morning from a reader who asked about the highest CD rate available in Southern California. The reader had a 5-year CD that was maturing, and she wanted to roll it over into another local CD. For those with CD ladders, it's depressing to have to roll over 5-year CDs in this interest rate environment. You might think it's unwise to go with a long-term CD these days, but if you believe in the CD ladder strategy, buying long-term CDs is still reasonable. Three years ago,...

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5.13% Online Savings Account at Broadway Federal Bank - Nationally Available
Update 08/22/09: For existing customers, the rate has fallen to 1.00% APY.
Update 05/15/09: For existing customers, the rate has fallen to 2.53% APY. The Special Anniversary Savings Account is no longer available for new customers.
Update 04/25/09: The Special Anniversary Savings Account is no longer listed on the bank's website. Contacting bank to find out if account is still available.
Update 03/11/09: APY has fallen to 3.05%.
Update 02/27/09: APY has fallen to 3.56%.
Update 11/26/08: APY has fallen to 4.08%.

Broadway Federal Bank is offering a special anniversary savings account that's paying 5.13%...






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3.05% 24-Month CD at Broadway Federal Bank in CA - Nationally Available
Update 7/22/09: The 24-month CD rate has fallen to 2.53% APY.

Broadway Federal Bank has just started offering a very competitive 24-month online CD with a 3.05% APY. Minimum deposit is $1,000. This rate is listed on the bank's home page as of 7/01/09.

Last month I posted on their 12-month online CD which had a rate of 2.53% APY. It appears this 12-month CD is no longer an option. On their Open An Account Page, they now only list a 3-month, 6-month and this 24-month online CD. For some reason they...



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2.53% 12-Month Online CD at Broadway Federal Bank in CA - Nationally Available
Broadway Federal Bank is offering an online 12-month CD with a 2.53% APY. Minimum deposit is $1,000. This rate is listed on the bank's home page as of the morning of 6/22/09.

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...



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