Dedicated to Deposits: Deals, Data, and Discussion

Update on Upcoming World Savings 5.76% 3-Month CD


As I first reported last Saturday, starting on June 26th, World Savings is coming out with another unadvertised CD special. It's a 5.76% APY 3-month CD. It's called a Double Reward CD since you have the option to let it renew after the first 3 months for another 3 month term at the same rate. The CSR who I spoke with today was not sure if additional funds could be added after the first 3 months. Below is a full list of the features:

Details on World Savings' Double Reward CD Provided by Bank Deals:
  • 5.76% APY (5.60% interest rate)
  • 3-month term. Allowed to renew once at the same rate for another 3-month term.
  • $10K minimum deposit
  • $100K maximum deposit
  • Requires money new to WS
  • Starts 6/26/06. Ends 7/22/06.
  • in-branch only. Not listed nor available on web.
  • After the maturity date, there's a 6-calendar-day grace period
  • Early withdrawal penalty equals 30 days of interest

A reader from the previous post mentioned that the San Antonio branch was willing to waive the walk-in requirement for a new customer. So if you don't live near a branch, you might want to call one of the branches.

One thing to note is that if you open this CD in the next week and let it renew after the first 3 months, the 6-month maturity date will be around the holidays. World Savings only gives 6 calendar-days after the maturity date to close the CD. It might be easy to miss this date during the holidays. Then your money might roll over into a low interest CD. World's current APY for a standard 3-month CD is only 3.16%.

Another thing to note is that many World Savings branches are open on Saturday. Next Saturday may be a good time to open this CD. When I opened the last CD special at World, I paid with a GMAC Bank check. The CD started on Saturday, but the funds weren't debited from GMAC until Wednesday. During that time the money was earning interest at both GMAC and at World. Due to the Fourth of July, you might get an additional day of interest before the money is debited if you purchase it next Saturday. You just want to make sure that you use a check from a high-yield money market or checking account such as GMAC Bank's Money Market Savings account.

Tomorrow is the last day of World Saving's 5.61% APY 7-month certificate special. Unlike this new 3-month special, you must apply for this 7-month CD on the web and either mail the application and check or submit it to a local branch. You have 10 days to fund the CD after tomorrow (see post). World Savings also has an advertised 5.31% 5-month CD special that is available only on the web (see post).

World Savings has an interesting history (see post). Things might change in the future now that World Savings is part of Wachovia. Hopefully, these CD specials will continue.

Comment #1 by Anonymous posted on
Thanks for the warning about the CD coming due for the holidays. I will be out of town visiting family for a while.

Question for anyone who has ever opened an in-branch CD at World Savings: Do you have to go in person to redeem it? Can you tell them ahead of time that you don't want it to automatically renew? Can any of this be done via phone/mail/fax?

Comment #2 by Anonymous posted on
thanks. but I'm still waiting for 6% deal.

Comment #3 by Ashwin Baliga (anonymous) posted on
Ashwin Baliga
You can either go in person, or you can have a signature notarized letter sent to them saying you want to redeem the cd and not renew it, when the term of the CD is approaching.

Comment #4 by Anonymous posted on
I have several CDs at World. When I want to close, they make me come into the branch to cash it out. They didn't offer an option of a notarized letter. This is World Savings in Los Angeles

Comment #5 by Anonymous posted on
TO AVOID GOING INTO A WORLD SAVINGS BRANCH here is the email response that I received from them:
you may open this account over the telephone by contacting us toll-free at 1-866-IN-PERSON
(1-866-467-3776), Monday through Friday, 7:30 a.m. to 9:00 p.m. and
Saturday, 7:30 a.m. to 6:00 p.m., Central Time. Please note that this
promotional account is being offered from 6/26/2006 through 7/22/2006 and
has a maximum household balance limit of $100,000.

Comment #6 by Anonymous posted on
I just contacted the 866 number and spoke to a real person who put me on hold to check this out. The CSR said, "The marketing department has made it clear that this promotion is open to those persons who walk into a branch,...assuming that person lives in a state served by a branch" So there you have it - the truth about this offer. Pretty much useless offer for the majority of the US

Comment #7 by Banking Guy (anonymous) posted on
Banking Guy
Spoke again with a WS rep. I was told that you can add to the amount when the CD renews after the first 3 months.

Comment #8 by Anonymous posted on
Good thing I called first before going to Ridgewood NJ branch. Mary told me there was no such thing as a 3 month CD at 5.67. Only in the internet!!!!

Comment #9 by Banking Guy (anonymous) posted on
Banking Guy
Branches are often not aware of these "secret" CD specials. You might want to call World's national number and see if this special is available in NJ. I was able to receive this CD special in the Texas branch.

Comment #10 by Anonymous posted on
I am an existing CD holder at World and feel terrible that now that my CD has matured I cannot take advantage of any more of their great CD rates. The new rates are only for NEW customers. Any advice?

Comment #11 by Banking Guy (anonymous) posted on
Banking Guy
I would recommend getting a high yield money market account like at GMAC Bank or Capital One. After the CD matures, request a check, deposit it into your local checking account and intiate an ACH transfer from your GMAC or CapOne account. Once it clears, you can then fund a new World Savings CD with a check from the money market account. You may lose some interest while the money is being transfered to the money market account but you'll gain some when you deposit the check for the new CD and before the check gets debited from the money market account. There may be a delay when you deposit your check at your local checking account. I've read about a person who was able to eliminate the hold on the check by having the local bank call World Savings to verify the check.