Wachovia Bank CD Rates

Best CD Rates Info recently published an article about Wachovia CD Rates discussing a high interest long term CD available at Wachovia. As of the date of this post, it is still hard to beat the CD interest rates for the 60 month CD that was the focus of that last review. However, Wachovia has a variety of certificates of deposit available, so we decided to take another look at Wachovia Bank CD rates to continue our search for the best CD rates.

For the focus of this article we wanted to review a medium term length CD. So, we chose to focus on the Wachovia 24-Month Step Rate CD for the subject of this review. This Wachovia CD is an interesting product, in that the initial interest rate is increased on three occasions during the 2 year term.

For our area, the Wachovia 24 Month Step Rate CD starts with an Annual Percentage Yield (APY) of 2.90 percent. For the first “step” at 6 months, the APY increases to 3.02 percent. One the second step at 12 months, the Annual Percentage Yield increases to 3.18 percent. Then, on the final step at 18 months, the APY increases to 3.33 percent.

According to Wachovia, these steps produce a blended yield of 3.10 percent. In our opinion, this CD compares pretty favorably to other CD bank rates for a 24 month CD, especially one that only requires a $1,000 minimum balance. Another interesting feature about this Wachovia CD is that you can make partial withdrawals on each of the three days when the rate steps up, without any penalties as long as you maintain at least a thousand dollar balance.

With a respectable rate, a low minimum balance, guaranteed rate increases, and opportunities to withdraw funds without penalties, this Wachovia 24-Month CD is likely to appeal to many investors. Be sure to check the Wachovia web site to confirm the details for your area, as rates and terms can vary by region.

3 Responses to “Wachovia Bank CD Rates”

  1. Wachovia CD Rates Update | Best CD Rates Info on August 9th, 2008 at 1:06 pm

    before about Wachovia CD Rates. However, it has now been a little while since our last article on Wachovia Bank CD Rates, so we thought it was time to update our research to see what kind of Wachovia CD interest rates

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