By looking only at the yield, the Anniversary Savings Account from Broadway Federal Bank is hard to beat. The 5.13% APY is the highest yield available now as far as I know. However, I am not very confident doing business with them, despite the high return. On the bank’s homepage, you can see this brief introduction:
Broadway Federal Bank is a community bank providing friendly and personal service. We’re an equal opportunity employer with 84 full-time employees, four convenient offices and approximately $390,557 million in total assets as of June 30, 2008.
Is that really $390,557 million assets or it is just $330.557 million?
Of course, for a bank with only 84 employees, I found it’s almost impossible to believe it has $390,557 million in total assets! $330.557 million is more appropriate. If that’s indeed the case, then the bank is probably too small.
Anyway, there’s very little information on the bank’s website about the products they are offering, except that a minimum deposit of $1,000 is required. Bank Deals has a bit more information on this bank, but still a lot are missing.
Despite the apparent typo on the bank’s assets, Broadway Federal Bank, a subsidiary of Broadway Financial Corporation (NASDAQ: BYFC), seems to have a pretty good rating. According to Bankrate.com’s Safe & Sound Rating, BFB get 4 stars out of 5, which is quite impressive.
Are you going to use the bank for its super high return? I would be more comfortable if the rate is around 4.00%.
