Exclusive Limited-Time CD Offers for Dallas/Fort Worth
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
Certificate of Deposit (CD) Accounts
CDs can earn higher yields and provide guaranteed returns on the dollars you save. We offer flexible terms and rates. You can choose the level of commitment that's right for you and your savings goals.
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.
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.
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.
