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Broadway Federal Bank Review

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Broadway Federal Bank Savings
0.25% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Established in 1947, Broadway Federal Bank has assets totaling $412 million as well as $294 million in deposits, ranking it as a medium-size bank. Broadway Federal Bank, whose headquarters are in Los Angeles, California, lacks premium access to support representatives, 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 offerings. At a SmartAsset rating of 4 out of 5 stars, Broadway Federal Bank should be near the middle of the pack in your search for a bank. Broadway Federal Bank has a full choice of product offerings, including savings accounts, checking accounts, money market accounts, CDs, IRAs and credit cards. It has a fair savings rate; you can find higher rates with other banks. If you're looking for a checking account for everyday use, Broadway Federal Bank's standard checking account does not have a monthly fee. Locating a checking account with no monthly fee, in addition to a savings account with a high interest rate at the same bank is your best bet for accruing the most income on your deposits while having convenient 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 features a savings rate of 0.25%, which is fair as compared against the national average. Its one-year CD earns at a rate of 0.96% and the five-year CD earns at a rate of 1.46%, while its highest-yielding money market account has a rate of 0.25%. Given Broadway Federal Bank's below average savings rate, you should consider opting for higher earning savings accounts with other banks.

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 has typically extremely low fees compared to other U.S. banks. With no monthly fee, Broadway Federal Bank's checking account is ideal for those who need an easy banking experience. Broadway Federal Bank does not reimburse out-of-network ATM fees, meaning you will be required to search for a Broadway Federal Bank ATM or eat the fee.

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. You can utilize Broadway Federal Bank's app to control your bank accounts by monitoring current statements, transferring money as well as accessing support representatives. Broadway Federal Bank receives a superb consumer satisfaction rating due to relatively 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 currently a medium-size bank owning assets totaling $412 million as well as deposits totaling $294 million. Broadway Federal Bank's Texas Ratio is 4.84%, suggesting a low likelihood of failure. 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
$500 for all terms
Money Market Account 0.25% APY $3000

Broadway Federal Bank has several deposit products including 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 consider looking 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 in comparison to the average U.S. bank.

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Find a Broadway Federal Bank Near Me

Broadway Federal Bank has three locations in the U.S.

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