Update 7/20/2012: Latest ad states that the offer is scheduled to last through 7/23/2012.
Sovereign Bank (TX) has another CD promotion with a very competitive rate. It has a 1.77% APY with a 17-month term. Minimum deposit is $25,000, and the maximum deposit is $240,000 per CD ($1M maximum for total of all CDs). New funds are required. The offer is scheduled to last through July 16, 2012. This special isn't listed on the bank's website. It was advertised in the Sunday (7/8/12) edition of the Fort Worth Star-Telegram. The ad is available online here (Hat tip to the reader who emailed me news of this special).
A branch visit is required to open an account. Sovereign Bank's branches are located in the Dallas-Forth Worth area and in the Austin area. Note, the ad only lists the DFW branches. It doesn't list the Austin and Cedar Park branches. I called the Austin branch yesterday and asked if they would honor this special. At first the branch representative said no, but after she checked with the branch manager, she said they would honor this advertised special. So if you live in the Austin area and are interested in this special, it would be a good idea to call the branch first to confirm they'll honor the special.
It should be noted that this Texas Sovereign Bank has no relation to the large Sovereign Bank that's based in Boston.
Sovereign Bank Texas has an overall health score at DepositAccounts.com of 5 stars (out of 5) with a Texas Ratio of 9.95% (above average) based on March 2012 data. Please refer to our financial overview of Sovereign Bank Texas for more details. The bank has been a FDIC member since 2004 (FDIC Certificate # 57787).
How This CD Rate Compares
If you live in Texas, you can get a rate close to this Sovereign Bank CD special at Libertad Bank which is offering a special 15-month CD with a 1.50% APY. When I contacted this bank in May, I was told anyone in Texas is eligible to open this CD, and a branch visit wasn't required (see review).
Texans who live, work or worship in certain counties in the Corpus Christi metro area can qualify for membership in Navy Army Community Credit Union. They're offering a 3.00% APY 30-month CD.
All of the above rates are much higher than the best CD rates that are nationally available. The highest 18-month bank CD rate is 1.15% APY at Doral Bank Direct, and the highest 18-month CD rate from a credit union is 1.25% (special 19-month term) at Xceed Financial Credit Union.
Searching for the Best CD Rates
To search for the best nationwide CD rates and the best CD rates in your state, please refer to the CD rates section of DepositAccounts.com.