Best 24 month certificate of deposit found at Broadway Federal Bank
Broadway Federal Bank tops our best 24 month CD rates list with a sweet rate of 3.05% APY. The national average for 2 year CDs sits at around 2.0% APY. Although Broadway Fed is located in Las Angeles, their products are available nationwide. This particular product comes with a minimum deposit amount of $1000 and is only available online.
Who is Broadway Federal Bank:
They are a community bank providing banking products to customers in the LA area (where their branches are located) as well as a online savings products available to anyone in the country. They have 87 full time employees, 5 offices in California and approximately $439 million in total assets (as of March 31, 2009). They are a wholly owned subsidiary of Broadway Financial Corp. which is a publicly traded company on the NASDAQ small-cap market under the ticker BYFC.
24 month online certificate of deposit terms and conditions:
- $1,000 minimum deposit required
- Only available online
- Interest rate is guaranteed for the initial term of the account. The initial term is the day of the initial opening deposit. Early withdrawal penalties may apply
- Member FDIC
They also have two other featured online products. One is an online “free checking account” the other is an online savings account. Their free checking account comes with unlimited check writing, no monthly maintenance fees and a free debit card. The online savings account requires only $50 to open but has a variable interest rate that is subject to change without notice.
