There's also a 3.15% APY 9-month featured CD with a $5K minimum in Florida. This is listed in Wachovia CD page. Other states may have different rates and terms.
Update 4/17/08: Wachovia also has a 4.10% APY 48-month CD with a $5,000 minimum deposit. This is only verified for Florida. It may be different in other states, and these special CDs do require a checking account.
The 60 month term is long when there's risk that inflation will soon force rates much higher. According to the CSR, the 60-month CD has an early withdrawal penalty of 6 months interest which is typical. The smaller the early withdrawal penalty, the less risk of losing out if rates shoot up.
The 4.25% yield is not the best for a 60-month term, but it's near the top of what's available in today's rate environment (see my latest rate summary). The fact that Wachovia is the fourth largest bank in the US by assets may be reassuring for those worried about the credit crisis. Wachovia's financials can be reviewed at their FDIC page.
Wachovia's Way2Save Program
Wachovia still has a decent deal for small balances 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 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.