Secret World Savings CD Specials? My Investigations..
Dec 13, 2006 - 6:57 PM by Ken Tumin
It has been awhile since the last secret World Savings CD special. The last one that I heard about ended in October. World Savings has often had CD specials that are only advertised by mailers to specific customers. These are not listed on their website and aren't even advertised at their branches. Those who hear about the specials and specifically request them are typically allowed in on the deal.
Since I had a 5.51% World Savings CD mature today, I gave my local branch a call. In October World Savings was willing to match Citibank's 6% 6-month CD when my previous CD matured. I didn't have that luck this time. The best they would do was a 5.35% APY 7-month CD or a 5.25% 12-month CD. I did appreciated the fact that my matured CD had automatically renewed into their new 7-month branch special rather than one of their standard low-rate CD's.
I felt I could do better than their 5.35% 7-month special. I also felt I could do better than their 5.45% 4-month internet special. So I requested them to close the CD (I had 6 more days of grace period) and transfer the money into my checking account that I had with them. This transfer was done within an hour. I then logged on to my GMAC Bank account and then did an ACH transfer from this checking account to my GMAC money market account. I can keep the money at GMAC earning 5.25% APY until I choose to open a CD someplace else. I can then just write a GMAC check.
I also asked the service rep about these targeted CD specials. She mentioned that they haven't been offering these for some time. I suppose she may have chosen not to disclose the special, but without any info on a special, this was the best I could do. I asked if the lack of offers was due to Wachovia acquisition. She said that wasn't going to have any significant effect until 2008, and that it was due to the changing interest rate environment.
So if you receive one of these secret CD specials from World Savings, please email me or leave a comment here with the details. I'm afraid those 6% CD specials won't be coming back any time soon, but perhaps we'll see a 5.76% or at least a 5.51% special some time in the near future.
Since I had a 5.51% World Savings CD mature today, I gave my local branch a call. In October World Savings was willing to match Citibank's 6% 6-month CD when my previous CD matured. I didn't have that luck this time. The best they would do was a 5.35% APY 7-month CD or a 5.25% 12-month CD. I did appreciated the fact that my matured CD had automatically renewed into their new 7-month branch special rather than one of their standard low-rate CD's.
I felt I could do better than their 5.35% 7-month special. I also felt I could do better than their 5.45% 4-month internet special. So I requested them to close the CD (I had 6 more days of grace period) and transfer the money into my checking account that I had with them. This transfer was done within an hour. I then logged on to my GMAC Bank account and then did an ACH transfer from this checking account to my GMAC money market account. I can keep the money at GMAC earning 5.25% APY until I choose to open a CD someplace else. I can then just write a GMAC check.
I also asked the service rep about these targeted CD specials. She mentioned that they haven't been offering these for some time. I suppose she may have chosen not to disclose the special, but without any info on a special, this was the best I could do. I asked if the lack of offers was due to Wachovia acquisition. She said that wasn't going to have any significant effect until 2008, and that it was due to the changing interest rate environment.
So if you receive one of these secret CD specials from World Savings, please email me or leave a comment here with the details. I'm afraid those 6% CD specials won't be coming back any time soon, but perhaps we'll see a 5.76% or at least a 5.51% special some time in the near future.
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Sree (anonymous) - #1, Wednesday, December 13, 2006 - 9:31 PM
I heard the same when my 6% CD was mertured this month first week. She said that the acquision may influence the CD specials for ever.
So, I put my money in WaMu Savings account. now I am transferring that to my overseas Mutual Fund(it has been making 25% for me for the last 3 years on average) :-)
Still I have some funds for local CDs, looking for anything 6+ %
Anonymous - #2, Wednesday, December 13, 2006 - 9:48 PM
I have a large CD with World Savings that matures 12/30. I'm still hoping they come up with some special by that time, or otherwise I plan on putting the funds into Patelco's 5.75% 8 Mo CD.
I'm depending on you for info.
Anonymous - #3, Wednesday, December 13, 2006 - 10:30 PM
I spoke to an assistant manager in NJ about the lack of "special secret" offers. He said that it had nothing to do with Wachovia and that so much money was received from the last 6.01% offer that World would wait some time before offering another "special secret" CD. Let's hope that it is as good as before and that it happens soon. I have had 2 CDs mature and taken my money elsewhere.
Anonymous - #4, Wednesday, December 13, 2006 - 10:48 PM
Hey Sree, what mutual fund is that?
Anonymous - #5, Wednesday, December 13, 2006 - 11:09 PM
Last monday, my CD matured , so I went to World Savings to cash out. A manager trainee there ask me if I want to roll to the current rate of 7 months for 5.40%APY. I told them that another institute gave me 5.75% for 8 months. The manager searched from their branch in Hayward , CA and told me that he will do a CD of 5.51% APY for 1 year.
Sree (anonymous) - #6, Thursday, December 14, 2006 - 8:02 AM
Hi Anynomous @ 8:48PM, the fund is
"SBI Magnum Global Fund (G)"
Details are here
http://www.moneycontrol.com/india/mutualfunds/mfinfo/23/15/snapshot/imdesc/SBI%20Magnum%20Global%20Fund%20(G)/ffdesc/SBI%20Funds%20Management%20Private%20Limited/imid/MSB011/imffid/SB
Anonymous - #7, Thursday, December 14, 2006 - 12:19 PM
Ken: how were you able to pull money out of your World checking account into your GMAC account? The World web site doesn't mention transfers out.
Anonymous - #8, Thursday, December 14, 2006 - 4:02 PM
Not sure of the amount of your CD, I have a World Saving 6.01 apy 15 mo CD that I opened about a month ago. I had more money to invest and discovered NASA FCU is currently offering 5.8% apy for $15k and above. You do have to open a share account and free checking acct to take the CD but I did that with $25 in each of those accounts. To join the Credit Union, you just need to join the National Space Society for $18 to be qualified. I like the space program, so I did not mind making that 1 time donation which is partially tax deductable.
Banking Guy (anonymous) - #9, Thursday, December 14, 2006 - 7:10 PM
About transfering money from a World's Checking account to GMAC MMA, this was done from my GMAC account. GMAC MMA allows you to create links to any bank checking or savings account. It confirms that you own the account by a trial deposit method. Once the link is set up, you're free to push or pull from the external account. The money I pulled from World was already in GMAC today earning interest. However, there was a hold on it so it wasn't available to transfer out.
About NASA FCU, thanks for the info. That is a good deal. How was the signup process and the process for opening the CD? I did post on this in November. Any idea how long this may last?
Roman (anonymous) - #10, Friday, December 15, 2006 - 12:06 AM
Ken, now do you need to close World S checking-with-interest to avoid fee $12?
Banking Guy (anonymous) - #11, Friday, December 15, 2006 - 7:30 PM
Checking is free only if you have $2K on checking or $25K at CD. If no CD and no $2K on checking - $12 fee for checking account (Thanks to Roman for checking on this).
scott (anonymous) - #12, Sunday, December 17, 2006 - 12:35 PM
Ken, I have a CD coming due with World in a couple of weeks and trying to figure out best way to get it out. Since it's for a $100k I don't feel like losing 3+ days having it mailed. Was thinking it might be cheaper to open the checking with $500 then have CD put there, pull everything out and pay the $12 fee and close. Do you know the cost of min order of checks? I don't really want to go thru the troubled of opening a checking account so will call first and see if they will wire the money to me, Would be worth the $30 to do so. Also since I have got some useful info here I would like to contribute to your tip jar but don't trust opening a pay pal account, Any other way for me to send you a tip?
Banking Guy (anonymous) - #13, Sunday, December 17, 2006 - 2:10 PM
Scott, I think your best bet may be a wire transfer. The cost for a domestic wire transfer out is $20. The checking account has a $10 early closeout fee if closed within 90 days. Here's a list of the World Savings fees.
Note, the fees page states that Checking-with-Interest waives the $12/mo fee if you maintain $1,500 daily balance or $25K in combined balances.
I appreciate your offer. I'll have to think of adding a non-paypal tip jar method.
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