bank rates

L.A. Bank Leads In 36-Month CD Rates

Broadway Federal Bank has moved to top of our rankings of the best 36-month CD rates with a “Manager’s Special.”

Broadway Federal Bank has moved to top of our rankings of the best 36-month CD rates

The return of 2.79% APY is better than 2.60% APY paid by our previous leader, Alliance Bank.

The $1,000 minimum deposit is modest and the offer is available nationwide.
But Broadway Federal, which has five branches in the Los Angeles area, is not accepting online applications for this special rate.

We’re kind of baffled by that because the bank also leads our rankings of the best nationally available 24-month CD rates — a 2.53% APY offer that can only be purchased online.

But to buy one of these 36-month certificates of deposit Broadway Federal requires you to call 323-634-1700 and ask to have an application mailed, or emailed, to you. It must be filled out, notarized and returned with copies of two forms of ID, such as a driver’s license and credit card.

You can enclose a check or the bank will tell you how to transfer the funds by wire.

The early withdrawal penalty is also one of the harshest around — 50% of the interest you would have earned over the life of CD.

That means you’ll get back all of your principal, but not a penny’s worth of interest, if you reclaim your savings during the first 18 months.

Click here to compare Broadway Federal’s offer with the best CD rates from scores of other banks in our database.

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