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Update on Wachovia's 4.75% 60-Month Featured CD


Wachovia is now listing its featured 4.75% APY 60-month CD on their website. You can see it listed at Wachovia's Savings Accounts & CDs page. I first reported on this last Tuesday. The minimum deposit is $5,000, and a checking account is required.

To see the rate, you still have to enter your zip code. I've entered zip codes from several states including California, Illinois and New York, and they all list this 4.75% APY. It appears you can apply online, by phone or at a branch.

I don't see any other of the featured CD rates that I posted on last Tuesday. I'm not sure if these are still available. The other CD rates currently listed are all below 2% for the few zip codes that I tried.

For more details about this 60-month CD and other Wachovia promotions, including a new Way2Save promotion, please see my previous Wachovia post.

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Sofa King Frustrated
Sofa King Frustrated (anonymous)   |     |   Comment #1
Thanks, Banking Guy, for posting this.

You have to lock up your money for 5 years at 4.75% APY.

Obviously, if the Fed does cut the Fed Funds Rate down to 1%, and if the rates stay down for a long time, this 4.75% lock for 5 years is attractive.

The question, of course, is: Do we gamble for a 5-year term at 4.75%?
Banking Guy
Banking Guy (anonymous)   |     |   Comment #2
As I mentioned in that previous post, the early withdrawal penalty is 180 days of interest. So you're not entirely locked in if rates do shoot up. In the other case, if you bet all on big rate increases in the next year and if rates stay low instead, you may not have many decent cash options when your short term CDs mature.
Anonymous   |     |   Comment #3
What do you think of Wachovia's 24 bump rate cd plan. That's not too bad also.
Anonymous   |     |   Comment #4
zmzxCalled Wachovia today 4/28 and was told this 4.75% for 60 months would end today.

It's good for an IRA but they are unwilling to waive the penalty if you are 59 l/2 and want to remove it before the term ends.

I have found a few banks that will waive the penalty but their rates are the same for one to five years.

I would love to have a list if that exists of all banks/credit unions that do.

Thanks Banking Guy, you have increased my ability to get the best rates for my retirement funds.