Wachovia CD rates review
In our series of a review of Wachovia interest rates, today we will focus on the Wachovia CD rates. It has been quite a while since we had a look at the rates and so we decided to revisit this Wachovia product to discuss the latest rates. Before we go into the rates, we will have a brief overview of the kinds of CDs along with their features.
There are two kinds of CDs offered by Wachovia Bank and they are fixed rate CDs and IRA CDs. Fixed rate CDs are a great way to save for a host of reasons including college or even for emergencies. With this CD, you are guaranteed a certain amount of return through the period of the CD. Interest on the CD is compounded daily and so the amount earned by way of interest is reasonably high. Also, all the CDs are insured by FDIC. The minimum amount required to open an account is $5,000 and it also comes with an automatic renewal option at the end of the term period. IRA CDs are the perfect way to save for your retirement. They offer many kinds of IRAs like Roth, SEP and the traditional one.
The current Wachovia Bank CD rates for a term of 3 months are 0.01% for all balances. The Wachovia certificate of deposit rates for a period of 6 months and 9 months are 0.20%. The interest rates for a term of 12 months are 0.40%, 18 months is 0.60% and 24 months is 0.70% respectively. These rates are quite competitive and you can consider this avenue for your investment needs.