Dedicated to Deposits: Deals, Data, and Discussion

World Savings' New 5.45% 10-Month CD Special

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World Savings has changed its internet CD special from a 4-month term to a 10-month term. The yield remains at 5.45% APY. It has the typical internet special requirements: $10K minimum, $100K max and new funds only. You must open the CD online and fund it by check. It's not available at the branches, but you can choose to deposit the check at a branch. You can also mail the check.

Unfortunately, I haven't heard about any secret in-branch CD specials. There were several of these unadvertised specials last year. Many had rates of around 6% for terms between 3 to 9 months. In my latest calls to World Savings, I have just been referred to their advertised specials. The best current one is a 5.35% APY 7-month CD. For more information on this, please refer to my last month's investigations into World's secret CD specials. In that post I also described how to use a World checking account to quickly move money out of a closed CD.

World Savings and its parent, Golden West Financial, are undergoing a merger with Wachovia. Currently, World Savings is FDIC insured. Bankrate.com gives the bank 3 out of 5 stars (performing).


Comments
11 Comments.
Comment #1 by Sree (anonymous) posted on
Sree
The WS so called "Secret CDs" are not meant for the existing customers(even though many existing users got them), they are meant for "New Customer Acquisition" program(which is asking for NEW MONEY). So, once they reached the target customer numbers, they will limit this ATTRACTION...

(I was told by a CS at a branch all this)
So, the Secret CDs may not be the regular practice from them..

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Comment #2 by Anonymous posted on
Anonymous
I'm still waiting for the WS unadvertised special. One present CD from another institution matures 2/2, so there is still time for some miracle short term 6% CD to pop up.

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Comment #3 by SVG (anonymous) posted on
SVG
Sree,

Is there any "Customer Retention" program?

What if you walk into a branch and tell 'em your CD has matured, so you want to close the account and take your money elsewhere? Have you tried it?


- SVG

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Comment #4 by Anonymous posted on
Anonymous
They don't care if you take your money elsewhere. Been there, and done that.

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Comment #5 by Banking Guy (anonymous) posted on
Banking Guy
I was successful in early October when I asked them to match another bank's 6% 6-mo CD (see post). However, I wasn't successful in December. I had asked them to match a CD at my credit union. They wouldn't go above their advertised rates.

As Sree mentioned, perhaps they've reached their target customer numbers. This might be another sign in addition to the lack of secret CDs.

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Comment #6 by Anonymous posted on
Anonymous
In the past, i would always bring in higher comps to see what w/s would match or beat.(it worked pretty well) but recently they stopped matching comps. now you have to take what they offer or go somewhere else. i thought the 7 month cd @ 5.4% was decent, so about a month ago i went with that.

when rates start to head up i hope they start price matching again.

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Comment #7 by Anonymous posted on
Anonymous
I opened 3 World CDs this month, and have noticed more pressume to open a MM/checking account.

I wouldn't be surprised if Wachovia tries to make World a more general consumer-oriented bank rather than "just" a savings bank.

However, they first need to fulfill on their plan to install ATMs at World branches.

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Comment #8 by Anonymous posted on
Anonymous
My branch in Illinois will match any rate rather than let me close my CD. FYI.

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Comment #9 by Anonymous posted on
Anonymous
How recently did your branch in Illinois offer to match rates?

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Comment #10 by Anonymous posted on
Anonymous
The 7-month CD is now 5.40% APY.

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Comment #11 by Banking Guy (anonymous) posted on
Banking Guy
Thanks for the info. It looks like this in-branch special may vary by state. For a Texas location, I get a 5.35% APY 9-month CD now.

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