Sovereign Bank (TX) was advertising two very competitive deposit specials: a 2.53% APY 24-month CD and a 1.51% APY money market account with the rate guaranteed to last through 2010. Minimum deposit is $25,000, and new money is required. These deals don't seem to be listed at the bank's website. These were advertised in the May 10th Fort Worth Star-Telegram. The ad is available online here.
Here is the small print in the ad for the money market account:
Open a Money Market account with a balance of $25,000 ore more. If the Money Market daily ledger balance drops below $25,000, the account will earn our standard APY which may change any time. Fees could reduce earnings on this account. Limitations on transactions may apply. Offer valid on accounts opened through June 15, 2010. APY effective through December 31, 2010 and after this date the rate may change at any time.
And here's the small print for the CD special:
Multiple CD's may be opened with a maximum opening deposit of $95,000 per CD. Minimum opening deposit $25,000. A penalty is imposed for early withdrawal. Fees could reduce earnings. APY is based upon monthly compounding. Offer valid through June 15, 2010. After June 15, 2010, all new deposits revert to Sovereign Bank posted rate.
It appears that a branch visit is required to open these accounts. The ad lists the branches at Arlington (817-472-1910), Ft. Worth West 7th St. (817-472-1940), Ft. Worth University (817-472-1940), Southlake (817-472-1930) and Las Colinas (214-242-1883). The bank's website has other branches in Texas including in the cities of Dallas and Austin. If you're interested in these specials, it would be a good idea to call your nearest branch to confirm they're available. If you do call, please leave a comment.
Note, this Texas Sovereign Bank has no relation to the large Sovereign Bank that's based on Boston.
The bank's ratings for safety and soundness are strong: 4 stars (excellent) at BauerFinancial, 4 stars (sound) at Bankrate.com and an overall health score of 4 out of 5 at DepositAccounts.com (see our Sovereign Bank rates and reviews page). The bank has been a FDIC member since 2004 (FDIC Certificate # 57787).
Thanks to the reader who mentioned this deal in the Open Discussion Thread.
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