Dedicated to Deposits: Deals, Data, and Discussion

2.75% 32-Month CD at Wachovia on the East Coast and Other Wachovia/Wells Fargo Deals


Wachovia's special CD rates are a lot lower than they were a year ago when you could get a 5% 3-year CD, but compared to what's available today, these are competitive. Wachovia is offering a Featured CD with a 2.75% APY for a 32-month term. Minimum deposit is $5,000, and a Wachovia checking account is required. Two other of Featured CDs are not quite as competitive: 2% APY 21-month CD and a 1.40% APY 13-month CD. These rates are listed at Wachovia's Featured CD Page as of the morning of 8/11/09 for only certain zip codes. I've tried zip codes from most of the East Coast states, and all have these rates. However, other states such as Texas and California have other lower rates.

There's an online application which allows you to select the special CD. A few important CD details include:
  • early withdrawal penalty equals 180 days interest for terms 365 days and greater
  • 7-day grace period at maturity
  • Interest can be withdrawn without penalty at anytime
  • CD automatically renews unless you instruct otherwise
As I described in this post, it's a good idea not to let your CD automatically renew. Your CD will likely be rolled over into one of their standard CDs with a very low rate. For example, Wachovia's standard rate for a 24-month CD is only 0.95%.

Wells Fargo also has a fairly competitive special 25-month CD with a 2.30% APY. This is listed for several states in Wells Fargo CD page as of the morning of 8/11/09.

Wachovia Checking and Way2Save Deals

Wachovia's Free Checking Account should qualify for the CD checking requirement. It has no minimum balance requirement, no monthly fee and no direct deposit requirement. Wachovia still has its checking account refer-a-friend bonus in which both you and the friend can earn a $25 gift card. If you need a referral, email me at bankdeals at gmail dot com.

With Wachovia being converted into Wells Fargo there were concerns about Wachovia's Way2Save program ending. But Wells Fargo announced in June that Way2Save is staying. However, I wouldn't bet that the terms will remain as nice as they are now. The program still pays 5% APY for the first year along with a 5% bonus on the first year anniversary (up to $300). The program has remained the same since it was first launched in January 2008 (see my review). It should be noted that they make it difficult to get money into the Way2Save account, so the 5% doesn't add up to a whole lot. Nevertheless, you can easily make around $80 more than what you could make if you kept the money in an internet savings account.

  Tags: New York, South Carolina, Virginia, Georgia, Wells Fargo Bank, Pennsylvania, Wachovia Bank, North Carolina, Maryland, CD rates, Florida

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Comment #1 by larkin (anonymous) posted on
Highest special as of 8/17...27 months at 2.40%. Looks like same geographic restrictions.