Broadway Federal Bank Review

Overview

Started in 1947, Broadway Federal Bank has assets totaling $412 million as well as $294 million in deposits, classifying the institution as a medium-size bank. Broadway Federal Bank, whose headquarters are in Los Angeles, California, lacks premium access to customer service, with no options for live chat or all-day service. It is a traditional brick-and-mortar bank with in-person service, in addition to its online and mobile apps. Overall, Broadway Federal Bank is a good bank that gets the job done, with a rating of 4.0 stars out of 5 from our experts. Broadway Federal Bank provides customers with a full array of banking products, which include savings accounts, checking accounts, money market accounts, CDs, IRAs and credit cards. It has a fair savings rate compared to the average savings account. If you're looking for a checking account for everyday use, Broadway Federal Bank offers an option without a maintenance or monthly fee. Using a bank with free checking, in addition to a high savings APY is your best bet for returning the most income on your deposits while having easy access to your funds.

The overall rating is a weighted average of rates, fees, service quality and financial health.Read more

Broadway Federal Bank has a savings rate of 0.25%, which is poor compared to the average U.S. bank. Its CD rates are 0.96% and 1.46% for the one-year and five-year term lengths, respectively, while its highest-yielding money market account has an APY of 0.25%. Given its noncompetitive savings rate, you should think about looking elsewhere to open savings accounts.

How Broadway Federal Bank's Savings Rates Compare

Broadway Federal Bank typically has extremely low fees in comparison to other U.S. banks. Its checking account has no monthly fee, ranking it excellent for anyone looking for a simple account. Broadway Federal Bank unfortunately does not reimburse out-of-network ATM fees, meaning you'll be required to locate a Broadway Federal Bank ATM or accept the cost of withdrawal.

Broadway Federal Bank is a brick-and-mortar bank, with three total branches in California. With mobile and web apps, Broadway Federal Bank makes mobile banking straightforward, even on the go. Broadway Federal Bank's mobile app allows you to manage your accounts by looking at current statements, transferring money as well as accessing support representatives. Broadway Federal Bank gets a superb consumer satisfaction rating due to comparatively few complaints reported to the Consumer Financial Protection Bureau (CFPB), a government agency that protects consumers in the financial sector.

Broadway Federal Bank is a medium-size bank and owns $412 million in assets and deposits totaling $294 million. Broadway Federal Bank's Texas Ratio is 4.84%, signifying that the bank is in outstanding financial shape and unlikely to fail. Additionally, Broadway Federal Bank is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.

Texas Ratio Analysis

The Texas Ratio, a measure of a "bad assets" against available capital, can provide an early warning sign of bank failure. A low ratio indicates smaller chance of failure; a higher ratio suggests greater risk.

Products Offered

Broadway Federal Bank has several deposit products like savings accounts, checking accounts, money market accounts and CDs that provide you with many options to manage your money. Broadway Federal Bank does not have the best savings rate, which means you should think about taking a look elsewhere for banks that deliver more return for your money. CDs can be a terrific option to achieve higher returns, but there are limitations to accessing your money. Broadway Federal Bank's CD rates are fair as compared against the national average.

Find a Broadway Federal Bank Near Me

Broadway Federal Bank has three physical branches across the U.S.