Apparently Broadway Federal Bank has had a 5% rate for the past year and this is nationally available. The bank is FDIC insured.
http://www.broadwayfed.com/

The account is only available online and you can get an ATM card as well

It sounds like a good deal to me

I would like to credit http://bankdeals.blogspot.com for this finding
Edit by Moderator: Clarified Title

I would like to credit http://bankdeals.blogspot.com for this finding

Actually credit should go to aptvictoria who posted information about this account here. I notified Banking Guy at bankdeals after reading his post.

This is the most RECENT evaluation according to them. Guess they're due for a new checkup.

(to be fair , assuming this means anthying, Bankrate gives them 4 stars, a decent rating)

Its a very small bank , the holding co is trading at $4 a share, down sharply like ALL , and I mean ALL banks, and the market cap is only 8 million. Yep, less than some of you were planning to deposit.

CRA Rating

The Office of Thrift Supervision requires that Broadway Federal Bank's Community Reinvestment Act rating and evaluation be made available to the public. The rating and excerpts from the most recent evaluation are provided.

"Outstanding"
Broadway Federal continued a superior performance of meeting the credit needs of its entire community, including low and moderate income neighborhoods, during the thirteen month review period.

Broadway Federal's geographic distribution reflected an excellent dispersion throughout the assessment area. Its percentage
of loans in low and moderate income census tracts were 84.1 percent. This percentage significantly outperformed both the
1998 HMDA Aggregate, at 14.9 percent, and the demographics of the area. While the 1999 HMDA comparable date is not available, Broadway Federal's performance was significantly above the 1998 levels and continued to be substantial.

They only have like $360 million in deposits, So I'm sure not much in the CSR department. Bring in the FW effect and this is going to be a disaster

Does anyone know if a minor can be added to this account?

pattyb53 said: Rate Chasing gets complicated sometimes but for a 1%+ raise on interest we can't go wrong.
You can go wrong, In a short time Fed rate will be zero and we will be lucky to find 2% accounts. So for me locking in 12 months at 4.25% is better

From the comments I have seen transfers are slow, You should make sure you have a way to pull it out quicker. Also looks like they could put a long hold on your money and if they do get overwhelmed and drop rates quickly you could be waiting a bit for your deposit to become available to get it back out. Then they also are going to hit you with a hard pull. I know the rate seems great but I think with losing interest in transferring you would be better off just putting it in that 4% account

P.S. I did try to call Broadway several times this morning to the ask questions. I couldn't get anything but answering machines.

pattyb53 said:I got an e-mail today from Broadway Federal Bank stating that they had received my application.

When it gets time to write my check for the deposit I will probably change my mind. I don't know what they will ask me to provide to open the account. I simply filled out the online application to see what else is expected. They required 2 personal ID verifications, I gave them my DL and Passport numbers.

When I consider 5.13% for the Savings Account I know this sounds too good to be true. I probably will bail out.
You;ve probably already taken a hard hit, so why not go ahead and open the account with the minimum and let us know how it's working?

Note 4% is the APR; APY is 4.08% which is higher than other 4% accounts.