Exclusive Limited-Time CD Offers for Austin
Jumbo CD
3.50% APY*
3-Month Term
Minimum opening deposit of $90,000
Jumbo CD
3.03% APY*
36-Month Term
Minimum opening deposit of $90,000
Super Jumbo CD
3.85% APY*
12-Month Term
Minimum opening deposit of $500,000
To get started, visit your local Midtown Financial Center or
Open a new account at your Midtown Financial Center
Get personal service from a banker at your nearby Midtown Broadway Bank Financial Center or call (512) 465-6550 to open your account.Midtown Financial Center
911 W. 38th St
Austin, TX 78705
(512) 465-6550
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Jumbo CD Rates and Terms
| Term | Jumbo CD Annual Percentage Yield
|
Jumbo CD Minimum Opening Deposit
|
|---|---|---|
| 3-month | 3.50% APY* | $90,000 |
| 6-month | 3.02% APY* | $90,000 |
| 12-month | 2.52% APY* | $90,000 |
| 18-month | 2.37% APY* | $90,000 |
| 24-month | 2.68% APY* | $90,000 |
| 36-month | 3.03% APY* | $90,000 |
| 60-month | 3.03% APY* | $90,000 |
Standard CD Rates and Terms
| Term | Standard CD Annual Percentage Yield
|
Standard CD Minimum Opening Deposit
|
|---|---|---|
| 3-month | 3.50% APY* | $1,000 |
| 6-month | 2.82% APY* | $1,000 |
| 12-month | 2.07% APY* | $1,000 |
| 18-month | 2.27% APY* | $1,000 |
| 24-month | 2.57% APY* | $1,000 |
| 36-month | 2.98% APY* | $1,000 |
| 60-month | 2.98% APY* | $1,000 |
Super Jumbo CD Rate and Terms
| Term | Super Jumbo CD Annual Percentage Yield
|
Super Jumbo CD Minimum Opening Deposit
|
|---|---|---|
| 12-month | 3.85% APY* | $500,000 |
Frequently Asked Questions - Certificate of Deposit Accounts
When you open a CD, you agree to deposit a specific amount of money with Broadway Bank for a predetermined length of time, known as the term or maturity period. The term can range from a few months to several years. In return, Broadway Bank pays you interest on your deposit. The interest rate is typically higher than what you would receive on a regular savings account because you are committing to keep the money in the CD for the agreed-upon term.
There are several advantages to investing in a Certificate of Deposit:
- Security: CDs are considered a low-risk investment because they are insured by the FDIC.
- Predictable returns: The interest rate on a CD is fixed for the entire term, providing you with a predictable return on your investment.
- Higher interest rates: CDs generally offer higher interest rates compared to regular savings accounts, making them attractive for savers who want to earn more on their money.
- Disciplined saving: Since the funds in a CD are locked for a specific period, it can help you avoid impulsive spending and encourage disciplined saving.
While CDs have their advantages, there are a few points to consider:
- Limited access to funds: With a CD, you cannot withdraw your money before the maturity date without paying an early withdrawal penalty. Therefore, if you need access to these funds in an emergency, a CD may not be the best option.
- Fixed interest rates: While fixed interest rates provide stability, they can be a disadvantage if interest rates rise significantly during your CD's term. You could miss out on the opportunity to earn higher interest on your money.
- Inflation risk: If the inflation rate exceeds the interest rate on your CD, the purchasing power of your money may erode over time.
Yes, but it typically comes with a penalty. If you withdraw money from a CD before its maturity date, you will usually incur an early withdrawal penalty. The penalty amount varies depending on the specific terms of the CD. It's important to carefully consider your financial needs and the potential penalties before deciding to withdraw funds prematurely.
To invest in a Certificate of Deposit, simply follow these steps:
- Open the account: Visit your nearest Broadway Bank Financial Center to open the CD account. You will need to provide identification and complete the necessary paperwork. Determine the length of time (term) for which you want to keep the funds in the CD.
- Deposit funds: Transfer the desired amount of money into the CD account.
- Receive confirmation: Once the CD is opened, you will receive a certificate or statement confirming the details of your investment.
When a Certificate of Deposit reaches its maturity date, you have several options:
- Renew: You can choose to renew for the same term at the current rate or renew the CD for another term.
- Withdraw funds: You can withdraw the principal amount plus any accrued interest.
- Change terms: You may be able to change the terms of the CD, such as the term length or the interest payment frequency, upon maturity.
It's important to be proactive and communicate with Broadway Bank before the maturity date to ensure you make an informed decision.
*APY is the Annual Percentage Yield. The Annual Percentage Yield is accurate as of 10/25/2024. A penalty may be imposed for early withdrawal. Interest will not be compounded for certificates with terms of less than one year. For certificates with terms of one year or greater, interest will be compounded quarterly. Rates may vary based on your location. Subject to change without notice.
