Broadway Federal Bank’s Online Savings Account

April 21, 2009 3 Comments »

Many thanks to BankVibe reader Paul for pointing out a phenomenal savings rate offered through Broadway Federal Bank. Currently they have an “Online Anniversary Savings Account” yielding a whopping 3.05% APY!

This marks the third 3.0% plus APY savings account in which BankVibe has covered this month. Hopefully this is a trend that is here to stay. With the rate of inflation heading downward, these 3.0% interest rates are becoming even more attractive.

One thing to note before opening one of these accounts is that these are variable interest rates and are subject to change at anytime without notification.

Current 3.0% (plus) APY Savings/Money Market Accounts:

Darby Direct – Online savings account available nationwide. Variable interest rate of 3.05% (currently).

AmericaNet Bank – Money Market Account available nationwide. Variable interest rate of 3.10% (currently).

Evantage Bank – Money Market Account available nationwide. Variable interest rate of 3.10% (currently).

Redneck Bank – Money Market Account available nationwide. Variable interest rate of 3.10% (currently).

Broadway Federal Bank Online Savings Account Requirements:

(as seen on their website)

  • What you need: To apply for an account online, you must be a U.S. Citizen or resident alien, have a U.S. address and be 18 years or older. You also must have a social security number and a State issued Drivers license or Identification card
  • Opening Time: It takes approximately 10 minutes to complete the new account application process. If you are interrupted and leave one screen open longer than 20 minutes you will be asked to start the process over from the beginning.
  • Verification of your identity: We will need to verify your identification and require that you send a copy of your driver’s license or ID. This will assist in preventing anyone else from opening an account in your name.
  • Agreement: Once you read and accept the agreement, you are agreeing to the terms and conditions of Online Banking. You will receive a complete packet of disclosures by mail shortly.
  • Fund your Account: You will be asked how you wish to fund your new account. If you are an existing customer you can identify a Broadway account and have the funds transferred to the new account. If you are a new customer you will be asked to mail a check along with the new account application or you can identify an account at another Bank that you would like the funds withdrawn. In order to complete this process you will need the information at the bottom of one of your current checks.
  • Deposit: Once the funds are received you will be mailed a receipt and may begin using your new account.

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  • Farmer Frank

    Received notice on 4/22 that my Mega Money Market account at Redneck bank will drop its rate from 3.10% APY to 2.00% APY starting May 5, 2009. It’s a shame. Time to look elsewhere.

  • BankVibe

    Farmer Frank,

    Thanks for letting me know! I appreciate your participation. Another BankVibe reader just said that AmericaNet Bank is doing the exact same thing. Ridiculous…anyways I will make note of that in an upcoming post.

  • chuckles

    Evantage Bank, sister bank to Redneck, also has dropped from 3.01% to 2%