The rates were last updated on Novembar 17, 2008.
Broadway Bank offers competitive rates of interest on Certificates of Deposit for all terms.
Please call or e-mail us to confirm that they are still in effect. Annual Percentage
Yields are based on a monthly compounding of interest, payable at maturity. You may also elect to receive monthly
interest checks from your C.D. with us at the interest rate stated. The minimum deposit required to open a C.D. with
us is $1,000.
We do our best to keep them current but rates are subject to change without notice.
C.D.'s can be opened at all of our locations during regular business hours or by mail.
Deposit Rates
|
| |
Rate* |
APY** |
|
| N.O.W |
.995% |
1.00% |
|
| MMDA |
1.98% |
2.00% |
|
| SAVINGS |
1.98% |
2.00% |
|
| BRIDAL REGISTRY SAVINGS |
2.47% |
2.50% |
|
| JUMBO SAVINGS |
2.47% |
2.50% |
|
| MINOR SAVINGS |
2.47% |
2.50% |
|
Premier Money Market
|
| |
Rate* |
APY** |
|
| Below $10,000 |
1.98% |
2.00% |
|
| $10,000 to $24,999 |
2.03% |
2.05% |
|
| $25,000 to $99,999 |
2.13% |
2.15% |
|
| $100,000 or more |
2.23% |
2.25% |
|
Certificates of Deposit ($1,000.00 minimum)
|
| |
Rate* |
APY** |
|
| 30 Days |
1.49% |
1.50% |
|
| 90 Days |
1.74% |
1.75% |
|
| 180 Days |
1.98% |
2.00% |
|
| 1 Year |
2.23% |
2.25% |
|
| 2 Years |
2.47% |
2.50% |
|
| 3 Years |
2.72% |
2.75% |
|
| 4 Years |
3.93% |
4.00% |
|
| 5 Years |
4.41% |
4.50% |
|
| Special Promotion New Money ($2,500.00 minimum) |
| 13 months |
3.69% |
3.75% |
|
| 25 months |
3.93% |
4.00% |
|
IRA Deposit Rates
|
| |
Rate* |
APY** |
|
| 30 Days |
1.49% |
1.50% |
|
| 60 Days |
1.49% |
1.50% |
|
| 90 Days |
1.74% |
1.75% |
|
| 180 Days |
1.98% |
2.00% |
|
| 1 Year |
2.23% |
2.25% |
|
| 2 Years |
2.47% |
2.50% |
|
| 3 Years |
2.72% |
2.75% |
|
| 4 Years |
3.93% |
4.00% |
|
| 5 Years |
4.41% |
4.50% |
|
DISCLOSURES
|
| l |
l |
l |
|
* Customers requesting monthly interest check will be paid the rate only.
|
** Interest must be compounded monthly in order toobtain the quoted Annual Percentage Yield (APY).
|
You must maintain the principal balance in your account each day to obtain the annual percentage yield. Interest
begins to accrue on the date of deposit. We use the daily balance method to calculate the interest on your account.
This method applies a daily periodic rate to the principal in the account each day. You may not make any withdrawals
or deposits into your account before maturity. You may withdraw interest credited during the term of you certificate
before maturity without any penalty.Early Withdrawal Penalty: You may not withdraw any principal from this
Certificate before maturity without our consent (which may be withheld), and if we permit such a withdrawal you will
have to pay a penalty as follows:
- Where the original maturity of the account is one year or less, the penalty will be forfeiture of
thirty days of interest or to be earned, on the amount withdrawn, to the scheduled maturity date at the nominal
(simple interest) rate in effect during the term.
- Where the original maturity of the account is more than one year, the penalty will be forfeiture of one
hundred eighty (180) days interest on the amount withdrawn at the nominal (simple interest) rate in effect during the
term.
The account is automatically renewable at maturity, Certificates will automatically renew after the 10 day grace
period for the same term at the rate currently offered.
Two reasons you should consider establishing an IRA are:
- You may be able to deduct some or all of your contributions to your IRA, depending on your income.
- The earnings-interest, dividends, or capital gains-on your IRA are not taxed until they are distributed to
you, which is usually after you retire.
In essence, by establishing an IRA, you will defer paying income taxes on the earnings on the money in the account
and possibly on the money you invest. When you defer paying income tax on the money in the account, your capital will
grow more quickly.
Any individual under the age of 70 1/2 who is receiving taxable compensation may establish an IRA.
A simplified employee pension plan, known as a SEP, is basically an employee individual retirement account (IRA) to
which an employer can make tax deductible contributions.
All employer contributions to an employee's SEP account are fully vested immediately. The employee's W-2 tax form must
include SEP contributions as taxable income, but the amount of the contribution is a tax deduction for the employee
and the employer.
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