5.05% 5-Month CD Special at Wachovia in Some States
Jan 29, 2008 - 7:35 AM by Ken Tumin
Update 1/29/08: The featured CD rate has gone down. It's currently at 4.25% APY in Texas and Illinois. Please refer to Wachovia's website for the latest rates.
Wachovia is offering a featured CD with a 5.05% APY and a 5-month term in some states. The minimum deposit is $5,000. To see if it's available in your area, go to Wachovia's Fixed-Rate Certificates of Deposit page and enter your zip code. I've entered zip codes for California and Texas, and the special rate shows up for both.
This special doesn't seem to show up for eastern states like Florida, but you may be able to get a similar CD special at World Savings. I've been told World Savings branches on the east coast don't convert to Wachovia branches until the first quarter of 2008. I tried a Miami zip code at World Savings' CD page, and it showed a 5.01% APY 5-month CD with a $10,000 minimum deposit.
For Wachovia, you can apply at a branch, online or by phone. The online application includes this 5-month CD special. According to the application instructions, you can fund the CD by mailing a check, depositing the check at a Wachovia branch, transferring funds from an existing Wachovia branch or requesting a transfer from another financial institution.
The last Wachovia CD special that I reported on was last October when they were offering a 5.41% 8-month CD. Readers mentioned in the comments of that post that they may require a checking account if you open at a branch. Some also reported being told that they do a hard credit pull.
Wachovia is offering a featured CD with a 5.05% APY and a 5-month term in some states. The minimum deposit is $5,000. To see if it's available in your area, go to Wachovia's Fixed-Rate Certificates of Deposit page and enter your zip code. I've entered zip codes for California and Texas, and the special rate shows up for both.
This special doesn't seem to show up for eastern states like Florida, but you may be able to get a similar CD special at World Savings. I've been told World Savings branches on the east coast don't convert to Wachovia branches until the first quarter of 2008. I tried a Miami zip code at World Savings' CD page, and it showed a 5.01% APY 5-month CD with a $10,000 minimum deposit.
For Wachovia, you can apply at a branch, online or by phone. The online application includes this 5-month CD special. According to the application instructions, you can fund the CD by mailing a check, depositing the check at a Wachovia branch, transferring funds from an existing Wachovia branch or requesting a transfer from another financial institution.
The last Wachovia CD special that I reported on was last October when they were offering a 5.41% 8-month CD. Readers mentioned in the comments of that post that they may require a checking account if you open at a branch. Some also reported being told that they do a hard credit pull.
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Neil (anonymous) - #1, Monday, January 7, 2008 - 11:49 AM
I had a Wachovia CD.
After maturity it took a week before they cut a check.
I am still fighting with them about the one week use of my money for free.
They must make big bucks shafting people like this.
Anonymous - #2, Monday, January 7, 2008 - 1:06 PM
It took them 22 days to send me the check. I finally got them to reimburse me by writing a letter to the president's office. You may want to try that.
I had another CD matured last month. I opened a free checking account to transfer to. Was able to pull the money from my other bank's ACH. Wachovia has a low ACH limit.
Cyclone (anonymous) - #3, Monday, January 7, 2008 - 6:52 PM
Wachovia (not unconverted World) in South Florida is offered 5-mo 5.01%. Almost what this posts talks about. Thought about doing this one today.
For those redeeming CD, yes, they take a while when you call and request a check. However, if you ask them to move it to your Wachovia checking/money market/savings, it only takes a few minutes. Also, any branch can cut a check in a few minutes.
Anonymous - #4, Tuesday, January 8, 2008 - 4:54 PM
So I gather I'll be able to cash out my maturing World Savings CD at a local Wachovia branch, once the change-over is complete? I'm in New York City and I understand the World/Wachovia changeover is happening by the end of February.
James (anonymous) - #5, Thursday, January 10, 2008 - 3:48 PM
Wachovia is absolutely the worst bank I have ever dealt with online. I opened a 15 month CD with World Savings at 6% interest 16 months ago. It matured December 19th and I just now received a check today. First they told me to call to close the CD and have a check issued. Then they left a message on my machine that I would have to send a fax. I sent the fax with a promise I would have the check before the end of the year. On January 2nd I receive a letter and no check saying I would need to send a notarized letter. This really ticked me off. I then faxed my passport and DL copy to them after making my 4th phone call. I received the check today when I was about to involve a lawyer since they held my money hostage for a month. I have lost money due to the wait for reinvestment.
James (anonymous) - #6, Monday, January 28, 2008 - 1:48 PM
More on the worse bank in the world, Wachovia! The check they sent me Jan 10, they issued a stop payment on it. I called their "Customer Service" and I finally found someone who cared. We figured out I could open a free checking account and transfer my matured CD much quicker than notarizing a letter to close my CD. I took out my last ACH transfer from Wachovia today, 40 days after my CD matured! Fortunately, I opened two Alliant CU CDs at 5.4% for 2 years. I lost the opportunity to open CDs at 5.65% on December 20th because it took Wachovia 40 DAYS to release all my money. BEWARE!!!
Anonymous - #7, Monday, January 28, 2008 - 9:10 PM
Rates appeared to have changed over the weekend. Promo rate is now 4.25% for 5-month, at least in Chicago. As of last Friday, it was 5.0%.
Banking Guy (anonymous) - #8, Tuesday, January 29, 2008 - 7:36 AM
Thanks. Sorry to see the rates drop, but I guess it's expected. I'm seeing the same 4.25% yield in Texas.
Anonymous - #9, Friday, February 1, 2008 - 12:10 PM
To:Banking Guy
I live in California and the cds
rates have been lower compared
to other states.
Question
(1)Can you purchase cd's in another
state to get the higher cd rate?
(2)What if the higher CD rate
is offered at the same bank
but in another state
ex:WaMu,Wachovia)?
Banking Guy (anonymous) - #10, Friday, February 1, 2008 - 5:05 PM
You can always try to negotiate. A friend was able to get a WaMu branch manager to match a Countrywide 6mo 5.50% CD last month. You probably would have better luck at a branch than on the phone.
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