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Broadway Federal Bank Review

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We maintain strict editorial integrity in our writing and assessments. This post contains links from our advertisers, and we may receive compensation when you click these links. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone. | Advertiser Disclosure We maintain strict editorial integrity in our writing and assessments. This post contains links from our advertisers, and we may receive compensation when you click these links. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone. | Advertiser Disclosure
Broadway Federal Bank Savings
0.25% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

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.

How We Rated It

SmartAsset's Overall Rating

4.0/5
National Average: 4.1

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

Rates

3.6
SmartAsset Average: 3.5

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 Savings 0.25 National Average 0.26 Compare Offers
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Fees

5.0
SmartAsset Average: 4.4

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.

Monthly Fee $0 National Average: $3.21
Non-network ATM Fee N/A National Average: $1.20
Overdraft Fee N/A National Average: $35.00
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Service Quality

2.5
SmartAsset Average: 3.7

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.

Overall Mobile Rating NR
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
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Financial Health

4.8
SmartAsset Average: 4.8

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

4.84%
High Risk 75% 50% 20% 10% Low Risk

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.

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Compare Broadway Federal Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.25% APY $50
Checking Account 0.15% APY $2500
Certificates of Deposit
  • 12 Month: 0.96% APY
  • 24 Month: 1.06% APY
  • 36 Month: 1.16% APY
  • 48 Month: 1.26% APY
  • 60 Month: 1.46% APY
$1000 for all terms
Money Market Accounts 0.25% APY 0.25% APY $10000 $15000

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.

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Find a Broadway Federal Bank Near Me

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

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