6.01% 7-Month Branch-Only CD Special at World Savings

WH (anonymous) - #1, Wednesday, September 20, 2006 - 9:38 AM

Just wanted to say thanks for posting all these cd rates!

Sree (anonymous) - #2, Wednesday, September 20, 2006 - 10:50 AM

Oh!! yeah.. me too.. wanna express my sincere thanks to this rocking banking guy, I have been getting benifitted a lot with his site... Thanks a lot Mister Banking Guy...

Anonymous - #3, Wednesday, September 20, 2006 - 1:03 PM

Banking Guy: You rock.

Thanks a lot.

MR2DON (anonymous) - #4, Wednesday, September 20, 2006 - 1:24 PM

DITTO^^^!!!!!

Anonymous - #5, Wednesday, September 20, 2006 - 4:19 PM

I called the Elmhurst Illinois branch and they said that the offer is available only to the people who received a postcard for this promotion.

Anonymous - #6, Wednesday, September 20, 2006 - 5:24 PM

I received this deal today in Texas. World Savings asked me if I received a mailer, which I did not, but said the mailer is not required to receive the special. Thanks for highlighting this deal.

Rate freak (anonymous) - #7, Wednesday, September 20, 2006 - 5:40 PM

Something you should know. The max dep is usually $100k. For those who have more, you can always open another CD @ the same rate for an additional month to 8-months; up to 12-months. Same goes for a 5-month or 6-month CD offer.

Banking Guy (anonymous) - #8, Wednesday, September 20, 2006 - 7:16 PM

Thanks for sharing your experiences on your local World Savings branches. Looks like branches will have different policies concerning this CD. The one I called in Florida and Texas today didn't seem to require the customer to have received a mailer. So hopefully, most branches won't require this.

Rate Freak, do you mean after the first 7-month CD, you can also open one at 8, 9, 10, 11 and 12 months? I remember they had a similar deal in late spring.

Anonymous - #9, Thursday, September 21, 2006 - 4:16 AM

world savings in san francisco's marina district on chestnut st. doesn't require the mailer. the teller might ask, but you can say you forgot to bring. i did not have any problem opening a cd in august.

Anonymous - #10, Thursday, September 21, 2006 - 5:56 PM

I called World Saving in San Francisco (downtown) today 9/21/06 and they told me the rate expired Aug 23 or so.

Banking Guy (anonymous) - #11, Thursday, September 21, 2006 - 6:57 PM

You might want to call another branch or wait and speak to another bank rep at that branch. Often the staff at World are not familiar with these secret CD specials. There was a 6.01% 9-month CD special that expired on August 26th..

Anonymous - #12, Friday, September 22, 2006 - 9:02 AM

Responding to a prior writer: CD is still available. I just opened the 7 mo. 6.01% APY CD yesterday 9/21/06 at Daly City branch (near SF). Your SF downtown branch may not have acknowledged the CD unless you refer to the letter offering it. It is not generally announced, but I have not found it necessary to have letter in hand in any of prior World secret specials. Just refered to the mailings. Thanks to Banking Guy for all the great tips!

Anonymous - #13, Friday, September 22, 2006 - 3:16 PM

I called in NJ. The rep did not tell the deal but was surprised to hear. She confirmed it and will run until 10/21/06.

Anonymous - #14, Friday, September 22, 2006 - 6:53 PM

I opened one today in Texas, no problems!!! Thank you

Anonymous - #15, Sunday, September 24, 2006 - 9:09 AM

this 5.76 deal is listed on World's website. You fill out the application on line, then copy and mail to World with your check.

Banking Guy (anonymous) - #16, Sunday, September 24, 2006 - 5:14 PM

Comment from Rate Freak regarding my question on being able to open additional CDs of terms from 8 to 12 months:

New reply:
Yes, that is what I mean. Example: an offering of a 7-mth promo, one could potentially have $600k @ the promo rate, and not be limited to the max amt. However, I don't know about it being a particular deal or promo. The Long Beach, CA branch I mostly go to openly offers it.

Anonymous - #17, Sunday, September 24, 2006 - 10:00 PM

What do they mean by "new money"? I currently have a 3 month cd which will expire in a few days (or renew for another 3 months at same rate). If I take the money out of that cd, deposit it into my checking account (at a different bank) and then open a new CD at world, does that count as new money? Do I have to go through all that garbage or can I just open the new cd with the check from the old one?

Banking Guy (anonymous) - #18, Monday, September 25, 2006 - 8:11 AM

New money means that the deposit must come from another financial institution. I've heard of cases in which a World Savings manager has waived this requirement, but it all depends on the manager.

If they don't agree to waive this new money requirement, many have reported success by depositing the money into an external checking account. Then funding the World CD with a check from this checking account.

If you have a World Savings checking account (free with $25K CD deposits), you should be able to transfer the CD into the checking. Then you can transfer the money into your high yield money market account (such as GMAC Bank MMA). You can then write a check from this MMA to fund the CD. That way you won't lose much interest.

Anonymous - #19, Monday, September 25, 2006 - 10:26 AM

Yeah I am under a time constraint however. I called and they told me the offer expires Oct 7th. My CD isn't up until Oct 3rd and I don't have enough cash to deposit without that CD. Getting a check from them on the 4th and depositing it at my bank, even though it is a bank check they still take like a week to clear it (so friggin dumb). I guess I could wire it but the fee is like $25.

Anonymous - #20, Monday, September 25, 2006 - 3:00 PM

Deposit check from World into checking account at Banco Popular. Clears in 1 day and off to World you go the next day. We have them all over Southern CAlifornia - don't know about other areas.

Anonymous - #21, Monday, September 25, 2006 - 7:27 PM

I have some questions regarding this CD:

1. What options do you have when the CD matures? Can you pick up a check at the branch?

2. Can you check your CD and earned interest online? Do they send you monthly statements on the CD? If yes, is it by mail or pdf version?

Thanks in advance!

Banking Guy (anonymous) - #22, Tuesday, September 26, 2006 - 2:01 PM

Yes, World Savings can issue you a cashiers check without a fee. Beware that they only have a 6-day grace period.

You can open an account online to monitor the CDs. I've been doing this without problems. Statements for the CD are not sent monthly.

Here's an important point regarding World Savings and FDIC from a commenter:

Regarding World Savings - with the FDIC at $100,000 putting above that concerns me. I have learned they have a Texas bank and California bank. With that info I have started opening some of my CD's with the Texas bank although I live in California. It is all handled through my local branch.

Anonymous - #23, Tuesday, September 26, 2006 - 3:54 PM

Just wanted to say thanks, too. I called two World Savings branches near where I work in South Orange County, CA. One branch denied such a CD. The other explained it was announced in a mailer to non-customers in an effort to bring in new money, but if I mention the deal, they will honor it. Wish I could get my hands on the mailer. It would make a great negotiation tool with Downey Savings, where I have a CD expiring this week.

Anonymous - #24, Tuesday, September 26, 2006 - 11:58 PM

Thanks for the info banking guy!
Do you also know the amount of early withdrawal penalty for World Savings CDs?

Thanks again!

Bozo (anonymous) - #25, Wednesday, September 27, 2006 - 5:49 PM

My wife and I have over, well, suffice it to say a lot, on deposit at World. We have NEVER received one of those mailers advising of the super-secret rates. But for this blog, we would never have known. Our daughter also has the super-secret rate now. My wife, who is in retailing, likens the "super-secret" rate to shooting oneself in the foot. If you want the money, why keep it a secret?

Yours,

Bozo

Anonymous - #26, Thursday, September 28, 2006 - 4:08 PM

Penalty for early withdrawal is 3 months of interest.

Anonymous - #27, Friday, September 29, 2006 - 12:30 PM

I love these World Savings Unadvertised CD Specials! Previous CD matured 9/27, 9/28 I wrote a personal check (new money) for a 7Mo. 6.01%APY CD and I'm set now, until the next Unadvertised Special CD becomes available. Thank you so much for this valuable service.

P.D. (anonymous) - #28, Friday, September 29, 2006 - 8:29 PM

Thanks. I opened one today.

P.D. (anonymous) - #29, Friday, September 29, 2006 - 8:34 PM

Continue...
I hope there will be another good rate right after 7 months.

Anonymous - #30, Monday, October 2, 2006 - 2:08 PM

this deal is dead..at least in south bay. i called every branch in the area and all reps denied such a rate.. the best was 5.4... weak...

Banking Guy (anonymous) - #31, Monday, October 2, 2006 - 7:14 PM

Thanks for the info about your local branches. World seems to be getting tougher on these secret CD specials. A rep from my usual local branch still refused to confirm this special (I had originally confirmed it at two other branches).

I just did a new post about another way you may be able to get a 6% CD from them.

Anonymous - #32, Monday, October 2, 2006 - 9:00 PM

Went to World today to close out a couple of CDs that matured Oct. 1. Mentioned that a relative had received a mailer. Teller said I'd have to talk to the manager because it was suppose to be for new customers. After a little begging they agreed to let me have the 6.01 rate for 7 mo, but I had to write a check from another bank so it would be new money and they are strict on the $100K max deposit. While they are currently still saying the end date is Oct. 21, they said some of the recent specials were only lasting for one or two weeks. To be safe, get it while you can.

Anonymous - #33, Tuesday, October 3, 2006 - 12:15 AM

I've never had a problem with the specials in the South Bay, including this one (but last tried in late Sept, not Oct). Based on my experience, you need to "know" not "think" the CD exists. Showing signs of insecurity or seeking confirmation just invites the opportunity for refusal.

Having said that, I'm curious to see if I get any problems later this month (but I've also never attempted to abuse the new funds policy).

P.D. (anonymous) - #34, Tuesday, October 3, 2006 - 5:28 PM

What does "$100K max deposit" mean? Per account, per person or per address?

Thanks.

Banking Guy (anonymous) - #35, Tuesday, October 3, 2006 - 6:05 PM

Typically, World's $100k max means a maximum $100k per household.

Also note, a reader had mentioned that they may allow additional $100k maximum deposits for terms of 8 to 12 months for a total of $600k per household.

PekinBoy (anonymous) - #36, Wednesday, October 4, 2006 - 2:44 PM

looks like more than enough comments, but I will add one more anyway.

my 3 mo. 5.76% APY matured so I closed that and opened a 2nd 6.01% 7 mo. CD. I thought I would reiterate that for a 2nd account the term should have been 8 mo. and intuitively I know that is what World would have wanted, but the woman was adamant so I have 2-7 mo. CDs. I write it off as an inexperienced employee. (I had a similar "problem" recently where I was told repeatedly, as the CSR read down the list, that I could not open a 4 mo. CD - only 3, 6, 12, 18 etc. I finally got someone on the phone who knew something and opened the 4 mo.)

anyway, my point is that if you are not getting the "right" answer from World then just try a different person. eventually you will find someone who knows what is going on.

also, I am nearly certain $100K means per special. however, it may be "per term" as suggested. but, if you care about your money being insured (individual account holders are only insured up to $100K in non-retirement funds), then you might not want to go too much over.

P.D. (anonymous) - #37, Wednesday, October 4, 2006 - 3:46 PM

Regarding 100K max, Husband and wife will get insurance 100K/each, and total would be 200K. So, some families want to put more than 100K money in a good CD, like 6.01%.

VG (anonymous) - #38, Friday, October 6, 2006 - 4:39 PM

I opened a 7-month 6.01% CD at the Santa Monica branch in LA today. The offer is valid till Oct 21st I was told. I was asked if I got the letter in the mail advertising this promotional rate and I confidently said Yes :) No further questions asked.

P.D. (anonymous) - #39, Saturday, October 7, 2006 - 3:30 AM

Yes, I opened one on 10/04 (Bay Ares CA). I told them I received the notice about the 7 month CD with 6.01% APY. I didn't wait for them to ask. They said "Ok". that's it, I got it. And they didn't ask me to show anything.

Anonymous - #40, Saturday, October 7, 2006 - 3:24 PM

Rate is being honored in NJ. I called the Ridgewood office and asked about it. I was put through to the bank manager who stated I should have the mailing, but she would honor it. Also ok at the Ramsey NJ branch!

Anonymous - #41, Saturday, October 7, 2006 - 9:47 PM

I opened a 7Mo 6.01% CD in Stockton, CA yesterday. The Teller asked if I wanted the 5.6% CD and I responded NO, and told her very clearly what I wanted and she gave me no "back talk". She checked in her computer and I supposed she found it listed. Thanks again..

Anonymous - #42, Monday, October 9, 2006 - 3:35 PM

I recently opened this up in the West Caldwell, NJ branch. I mentioned that I received the letter in the mail and there were no questions asked. Very easy...in and out of the bank in about 5 to 10 minutes. By the way, they told me that this rate expires on 10/23. Thanks for this posting!!

Anonymous - #43, Monday, October 9, 2006 - 3:35 PM

I recently opened this up in the West Caldwell, NJ branch. I mentioned that I received the letter in the mail and there were no questions asked. Very easy...in and out of the bank in about 5 to 10 minutes. By the way, they told me that this rate expires on 10/23. Thanks for this posting!!

Anonymous - #44, Wednesday, October 11, 2006 - 2:45 PM

I went to their branch and was able the get the offer. But I put it off because somehow I don't feel comfortable about the setting and CSR there. am I over reacting? anyone has similar feelings about world savings?

Thanks!

Anonymous - #45, Thursday, October 12, 2006 - 4:32 PM

Yesterday I got my 7Mo 6.01% CD in Fresno, CA. They started to question the rate and I mentioned that my sister had just purchased the same CD rate in another city in CA and no problem. The only thing was I tried to go above the $100,000. and they said no. Thank you so much for all the help.

Paolo & Lediya (anonymous) - #46, Friday, October 13, 2006 - 9:37 PM

I just opened the 7 month 6.01% CD at the Long Beach, CA branch (I mentioned the letter). On my passbook though, it says 5.84% under rate of interest. Is that correct? TIA.

Anonymous - #47, Sunday, October 15, 2006 - 10:03 PM

Paolo,

yes, the rate of interest is correct. the APR is usually lower than the annual percentage of yield (APY). 5.84 APR is equal to 6.01 APY.

Jon (anonymous) - #48, Monday, October 16, 2006 - 4:09 PM

I just opened a CD with World Savings at San Francisco Marina District without the promo letter. They didn't even ask for the letter.

Banking Guy (anonymous) - #49, Wednesday, October 18, 2006 - 5:31 PM

I received this comment from RateFreak regarding the ability to go over $100k for terms of 8 to 12 month terms:


I made an error. This is regarding the World Savings CDs, where I said one can open additional CDs 100k max @ the promo rate with additional months added. After speaking with the new accts rep, that offer was a promo in itself. Therefore, my comments are invalid. My apologies.