Dedicated to Deposits: Deals, Data, and Discussion

3.75% 9-Month CD at Wachovia in California - Lower Rates in Other States


Wachovia Bank
Wachovia is offering a featured CD with a yield 3.75% APY and a term of 9 months. The minimum deposit is $5,000, and it may require a checking account. This yield and term seem to only be available in California. Other states have lower rates and different terms. Please refer to Wachovia's Fixed-Rate Certificates of Deposit page and enter your zip code to see the rates available in your area. I've tried a few zip codes in other states besides California. The specials that I've found include a 3.30% APY 10-month CD in Texas, 3.50% APY 9-month CD in Florida, 3.25% APY 12-month CD in New York and a 2.80% APY 11-month CD in Illinois.

For Wachovia, you can apply at a branch, online or by phone. The online application includes the CD special as a selection. 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 in January when they were offering a 5.05% 5-month CD. Several readers reported problems when the CD matured. In some cases it took over 3 weeks before they received the check from Wachovia. Another option besides requesting a check is to call and ask them to transfer the CD into your Wachovia checking account. Once it has been transfered, you can pull the money using another bank's ACH service. A reader noted that Wachovia has a low ACH transfer limit, so it's best to use another bank's service.

Wachovia Checking Account Bonuses

I haven't seen any new online Wachovia checking account bonuses lately. They've often had online checking account bonuses for $50. Let me know if you see a new one. When they have a new branch, they'll often have a $75 checking account bonus at that branch. I've reported on a few of these over the last few months. Please see my Wachovia deals page for the latest promotions.

Wachovia still does have a $25 refer-a-friend bonus for opening a checking account.

Wachovia's Way2Save Program

They have a decent deal with their new Way2Save Program. For the first year, you'll earn 5% APY on your balance and receive a 5% bonus on your ending year balance. Unfortunately, they limit how much you can deposit. The easiest way to deposit into this account is to set up monthly automatic deposits of $100. If you do this you'll make about $72 more over the next year than what you would earn in a 3% savings account. Please see my Way2Save review for more details.

Wachovia's Free Checking Overview

Wachovia's free checking account has the basic components of free checking: no minimum balance requirements, no monthly fees, etc. A reader in the previous post mentioned that Wachovia does a hard credit pull (both Experian and TransUnion have been mentioned). Checks are typically not free, but they are optional. Prices vary by state. A reader just mentioned that Wachovia offered 50 duplicate checks for $8. There is a $25 fee if the account is closed before 6 months. In addition to the hard pull, Wachovia also does a ChexSystem verification.

Thanks to the reader who mentioned this special CD in the finding-the-best-deals post.

  Tags: California, Wachovia Bank, CD rates

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