5.13% APY Savings Account at Broadway Federal Bank? Really?

(Rates may be out-dated. Please see the Current APY Wiki for updates)

If I were to tell you that there is an FDIC-insured bank paying 5.13% APY right now, how hard would you laugh? Furthermore, what if I told you that they have been offering 5%+ rates for over a year now? Would you bust a gut?

I’m shocked… utterly in denial. Broadway Federal Bank is offering 5.13% APY on their Anniversary Savings Account.

A few details:

• only available online
• Opening minimum balance – $1,000
• ATM card
• Nationally available

From looking at their application page, it seems that you can open a new account via ACH from an existing bank, though you might be required to send a copy of your driver’s license and a blank check for verification.

Broadway Federal is a small bank in California, and of course, the question on everyone’s mind is how long can this rate possibly last? Not long, I suspect, though I hope I’m wrong. I suspect they will soon be flooded with new deposits and will drop the rate down into the 3-4% range.

Still, I’m adding them to the rate Wiki. Let’s see how long they stay at the top.