5.25% 11-Month CD at Wachovia
Jun 11, 2006 - 2:35 PM by Ken Tumin
Wachovia is offering a special 5.25% APY 11-month certificate of deposit. The minimum deposit is $5K ($2K for IRA CD). The CD requires a new or existing Wachovia personal checking account. The special ends on June 30, 2006. This special is not advertised on their website. It's being advertised in several newspapers including ones in Dallas, Savannah and Philadelphia. The ad is available online here.
The CD special is not a great deal, but the fact that a major bank like Wachovia is offering a competitive CD is good news for savers. Wachovia is now the nation's fourth largest bank, and it's in the process of taking over several smaller banks such as the parent of World Savings and Western Financial Bank. Clark Howard has some interesting things to say about how Wachovia and the other three mega banks (Bank of America, Citibank and J.P. Morgan Chase). These four mega banks will eventually handle up to 40% of banking in the US. That probably won't be good for future banking rates and services.
The CD special is not a great deal, but the fact that a major bank like Wachovia is offering a competitive CD is good news for savers. Wachovia is now the nation's fourth largest bank, and it's in the process of taking over several smaller banks such as the parent of World Savings and Western Financial Bank. Clark Howard has some interesting things to say about how Wachovia and the other three mega banks (Bank of America, Citibank and J.P. Morgan Chase). These four mega banks will eventually handle up to 40% of banking in the US. That probably won't be good for future banking rates and services.
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