Wachovia CD Rates
If you are a Wachovia online banking customer and not buying Wachovia certificates of deposit, you are missing out on some great Wachovia CD rates. Being that Wachovia Bank is the fourth largest bank in the United States, I was actually suprised to see how high the Wachovia CD rates were. This article will provide an overview of the different types of CDs that Wachovia online banking offers
Wachovia Bank offers a featured certificate of deposit every month. July’s Wachovia Featured Certificate of Deposit is a 12 month CD with an interest rate of 4.16% and an annual percentage yield of 4.25%. It is important to note that the Wachovia on line banking website makes you enter in your zip code so that these Wachovia cd rates might change based on where in the United States you live.
While I wish that this month’s Wachovia featured certificate of deposit has a longer term, a 12 month cd is great for any one who wants to save money for a shorter period of time. When I invest in certificates of deposits, I like to lock in at the highest cd rates for a longer time, but many people use Wachovia CDs as short-term investment vehicles.
This featured certificate of deposit has a minimum deposit of $5,000. This is a lot of money for beginning investors. However, if you have $5,000 to invest, the 4.25% APY is one of the highest cd rates around.
If you are at all concerned about having to withdrawal your money early, you need to becareful nvesting in CDs. Wachovia Online banking charges an early withdrawal fee if you withdrawal your money early from the Wachovia certificate of deposit. If you do withdrawal you money early, you will forego a portion of the interest that you earned. This would make the APY go down significantly.
Wachovia CDs are insured by the FDIC for up to $100,000. Having FDIC insurance is one of the great advantages of investing in certificates of deposits. If Wachovia Bank would by unable to pay you for you certificate of deposit, The FDIC insurance would pay you up to $100,000. This can give you some real peace of mind that your investment is protected.
If you haven’t checked out the Wachovia CD rates, you should head on over to the Wachovia on line banking website and check them out. Wachovia CDs come in all different terms from as little as 3 months to 60 months. If you have any question, please feel free to leave them in the comments below.