Dedicated to Deposits: Deals, Data, and Discussion

Update on Wachovia CDs, Deals and News

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Wachovia Bank
Wachovia is now offering a 5.00% APY 60-month CD in California. The minimum deposit is $5,000. It's also available in an IRA with a minimum deposit of $2,000. A new or existing checking account is required.

A reader also mentioned this 5% APY is being offered in Florida, but I have not been able to confirm it. Rates vary by zip code, so you'll have to check with Wachovia to see what's available for you.

A 4.75% APY is still showing at Wachovia's website for many zip codes. No other featured CD rates are shown. To receive the complete list of featured CD rates, you'll have to call (800-922-4684). I just did this and received the following featured CD rates for zip codes in San Francisco, CA and Fort Lauderdale, FL. Most of the rates are the same except for the 5-year CD. The CSR said only 4.75% APY was available in Florida. She also noted that these rates could change after today. Below is the full list of rates

CD Rates in CA/FL as of 6/3/08:

Term APY
9-month 3.15%
13-month 3.30%
18-month 3.30%
24-month 3.50%
36-month 4.00%
48-month 4.50%
60-month 5.00%

Update: Readers have reported 5% APY 60-month CD being offered in other parts of Florida.

The early withdrawal penalties are listed at their CD FAQ page. Terms of one year and longer have a penalty of 180 days' interest.

Thanks to the reader who mentioned these CD updates in the comments.

Wachovia Checking Account Details

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). Unless you can get the "at work" checking account, 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.

Other Wachovia Bank Deals

For those who signed up before June in the Way2Save program will be earning 16% interest on their Way2Save accounts through August 2008. Unfortunately, deposits are limited so it's hard to get much money into this account. Even without this 16%, the Way2Save program is still not a bad deal for small balances for this first year. See my previous Way2Save post for more details.

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. They do often have $75 checking account bonuses for new branches. The last new-branch checking account bonus that I reported was last month in Houston. For other past Wachovia promotions, please see my Wachovia deals page.

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

Recent News on Wachovia

The latest news on Wachovia news is the ouster of Wachovia's CEO, G. Kennedy Thompson. As this New York Times article describes, "some see Mr. Thompson's hasty exit as a sign that the troubles at Wachovia - and indeed at many banks - will continue to deepen as credit problems spread." I wouldn't worry much about Wachovia's future since it is the fourth largest bank in the US by assets. Wachovia's financials can be reviewed at their FDIC page. But as always, I recommend staying below the FDIC insurance limits.

  Tags: Wachovia Bank, CD rates

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Comments
6 Comments.
Comment #1 by Anonymous posted on
Anonymous
I saw an ad for 5% cd in today's St Pete Times so the rate is also for Florida.

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Comment #2 by Anonymous posted on
Anonymous
Is it true that after age 70 1/2 you can redeem the IRA 5 year CD without early withdrawal penalty ??This would make it actually a 2 year CD since I am 68.

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Comment #3 by Cyclone (anonymous) posted on
Cyclone
Wachovia IRA CDs can be withdrawn penalty free at any time upon reaching the ripe young age of 59 & 1/2 the last I checked.

However, this does need to be a "normal" or "rollover" distribution. It does NOT apply to direct transfers.

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Comment #4 by Anonymous posted on
Anonymous
the 5% ad was in the naples ,fl paper also

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Comment #5 by Anonymous posted on
Anonymous
In Florida today, my local Wachovia bank in West Palm is offering a 7mo cd for 4.00%, 12mo cd for 4.25%, 18mo cd for 4.40%, 24mo cd for 4.50%, 36mo cd for 5.00%, 48mo cd for 5.15% and 60mo for 5.25%. These are huge rates!

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Comment #6 by Darvin (anonymous) posted on
Darvin
Hello. I find your blog is very interesting. So much has already been said about banks – good and bad. Wachovia Bank is one of the most popular among the dissatisfied customers, the majority of reports have been posted about it. You can find lots of claims on www.****edconsumer.com. Everyone can file his/her feedback on the site to share experience with others.

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