Dedicated to Deposits: Deals, Data, and Discussion

New Wachovia Featured CD Rates

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Wachovia Bank
Update 10/25/08: According to the banking rep, the 24-month Feature CD has ended. The only Featured CDs that remains are the 7-month, 12-month and the 60-month CD. The 60-month CD yield remains at 5.15% APY.

Update 9/16/08: The 60-month Featured CD yield has gone down from 5.35% to 5.15% APY according to the Wachovia CSR.

Wachovia has made some changes to its Featured CD rates today. For many states, the short-term rates have gone down. The yields are 3.30% APY for the 7-month and 4.10% APY for the 12-month. However, for Florida and California, the 12-month yield went up to 4.30% APY, and the 7-month yield remained the same at 4.00% APY. Wachovia still does not list its longer term Featured CDs on its website. I called Wachovia this morning, and the CSR said there's now only two Featured long-term CDs: a 4.50% APY 24-month CD and a 5.35% APY 60-month CD. The 24-month yield is the same as before, but the 60-month yield is 10 basis points higher. The CSR didn't ask me my location, so it appears these long-term rates are available in all states.

Here's a summary of the new Featured CD rates for a few states that I checked. The 24-month and 60-month CD rates are not listed on the website. You must call to verify.

FL,CA IL,NY,NJ,TX GA
Term APY APY APY

7-month 4.00% 3.30% 3.30%
12-month 4.30% 4.10% 4.25%

24-month 4.50% 4.50% 4.50%
60-month 5.35% 5.35% 5.35%

Update 9/16/08: The 60-month Featured CD yield has gone down from 5.35% to 5.15% APY according to the Wachovia CSR. This was confirmed for TX and CA.

The minimum deposit for the 7 and 12-month CDs is $5,000. The longer terms may have smaller minimums. According to the CSR, no checking account is required. For more details about these CDs, please refer to my June post.

High Performance Money Market Account Promotion

Wachovia continues to offer a 3.75% APY money market promotion for some states. I've verified this rate for zip codes in Texas and California. Not all states have this promotional rate. The minimum deposit is $10,000. The rate goes way down for smaller balances. In the past, this promotional yield would last for 90 days from the account opening. This is not mentioned on the website, and I forgot to ask the CSR if this 90-day feature still applies. Please comment if you receive confirmation on this.

To see all of my recent Wachovia posts including one describing a $75 checking bonus, please refer to this page.

Thanks to the reader who mentioned these new rates in the finding deals post.

  Tags: Wachovia Bank, CD rates

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Comments
Comment #1 by Anonymous posted on
Anonymous
Confirmed 4.30% for 12 months in ARIZONA. Wamu still better.

1
Comment #2 by Sofa King Frustrated (anonymous) posted on
Sofa King Frustrated
In California.

Confirmed that High Performance MM is 90-day guarantee, after which the rate goes back to close to zero, unless there will be a promotion at that time, of course.

1
Comment #3 by Mark (anonymous) posted on
Mark
Yep, Wamu for CDs and DollarSavingsDirect for deposits. Lower limits and higher rates. Why bother with Wachovia?

1
Comment #4 by Anonymous posted on
Anonymous
Major banks will fail.

Say bye to Wachovia and WaMU.

1
Comment #5 by Anonymous posted on
Anonymous
Credit crunch may take out large US bank warns former IMF chief.

1
Comment #6 by anonymous77wdwpe (anonymous) posted on
anonymous77wdwpe
It's been mentioned here that some banks will upgrade the APY rate on an existing CD to match competitors' current rates.

Will Wachovia do this?

1
Comment #7 by Anonymous posted on
Anonymous
The 7-month and 12-month CDs are still 4% and 4.3% APY, respectively, here in CA.

The high performance money market account is also still showing 3.75%.

1
Comment #8 by Anonymous posted on
Anonymous
That was quick...4%sunday; Monday 12/1 it's at 3.5 or 3.6% depending on zipcode entered.

1