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Update on Wachovia's 5% Money Market Account and Other Promotions

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Wachovia Bank
Wachovia is now listing a 5% APY yield on its High Performance Money Market Account for balances over $25K. For those who prefer brick-and-mortar banks, this might be something to consider. Readers have mentioned this change yesterday. Rates may vary by zip code. I checked the rates for Florida, California, New Jersey and Texas and all had 5% APY for balances over $25K. There were some differences in rates for balances under $25K, but for all cases the rates for smaller balances are much lower. This money market account has limited check writing privileges. There is a $10/month fee for balances under $2.5K.

Update 3/28/07: I just called Wachovia and was told that this 5% APY is only for new money. It is guaranteed for 90 days. The standard rate for $25K to $50K balances is in the 2% range.

Last month I had reported on a similar deal. Wachovia was advertising a 5% APY in Texas and a 5.10% APY in California for this account. These rates weren't listed on their website. The rates were available for balances down to $10K, however, the promotion required a Crown Banking checking account (see post).

The latest advertised Texas promotion is a 5.40% APY 7-month CD which is still available (see post).

And there is still a week left to take advantage of Wachovia's $50 checking account bonus which is not limited to any state (see post). There's also a $50 bonus for a student checking account which is good through April (see Wachovia's promo page).

Thanks to the readers who mentioned this rate update.

Related Pages: Wachovia Bank, savings account

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Comments
7 Comments.
Comment #1 by Anonymous posted on
Anonymous
Looks like a very good deal from a good bank.

1
Comment #2 by Anonymous posted on
Anonymous
I have had one of these accounts for years. I was going to move some of the $$$ into an online account on Sunday, but when I saw the new rate I left the money alone.
Today I was in Wachovia getting a document notarized. I commented about the rate increase. I was told that the new rate is only for NEW money !!!
That is not what the web site would have one believe. Now I dont even have a way of determining what my interest rate is (with the tiers) since the web only shows the new money rate.
Goodby Wachovia !!!

1
Comment #3 by Anonymous posted on
Anonymous
I had signed up for this type account last November and got the 5.0% for 90 days. However at that time their web site would show the normal tier rates. So if this is true what the other person just mentioned I am not sure why they are doing that this time and is very misleading!!!
Anyone else have one of these accounts and finding out the 5.0% is misleading?

1
Comment #4 by Banking Guy (anonymous) posted on
Banking Guy
I just called and confirmed that this 5% is only for new money. I also complained that this was not mentioned on the website (not very customer friendly in my opinion). Like the previous promotions, the 5% should last 3 months for new money.

1
Comment #5 by Cyclone (anonymous) posted on
Cyclone
I have had my MM at Wachovia for over a year now. Whenever they do a promotion like this, I xfer the funds to HSBC, GMAC, XYZ Bank and then write a check back to the account. I hand the check to one of their account reps and they give me the new interest on the entire balance (not just the new money).

1
Comment #6 by Anonymous posted on
Anonymous
I'm not sure, but I think this 5% Money Market offer in the branch was an offer that was being made for a limited amount of time and might have expired by now 4/20/07. When I called my branch, they said it was a special offer that was no longer being made. These offers come and go so you probably need to check with your banker periodically if your banker is not calling you -- though my guy is pretty good about calling me whenever they have good deals like this. I just wasn't in town when he called this time and read about it first on the internet.

1
Comment #7 by Bank account (anonymous) posted on
Bank account
Wachovia was bought by Citi. All banks rates have dropped and only few banks are offering above the standard rates.
Banks are facing a very challenging time. All industries are.

1