Wachovia has just raised the rates on several of its CD products. Good article on the rates as well as well as the restrictions.

 

Submitted: Jun 21, 2008    Views: 1690    Comments: 7    Likes: 2   


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Comments Received:

ktexas
ktexas

Looks like Sam's predictions that he made in the article "How the Credit Crisis Will Impact Your Interest Rate" ( http://tinyurl.com/5cm44t ) is coming true.

This should put pressure on many of banks and credit unions to offer similar offers.

Posted: Jun 21, 2008

Sam Cass
Sam_Cass

I checked the Wachovia Special rates and only received the 4% 7 month offer. Are these offers just regionally based? Is anyone else seeing the same thing?

Posted: Jun 22, 2008

Sam Cass
Sam_Cass

I'm in Massachusetts btw.

Posted: Jun 22, 2008

ktexas
ktexas

You have to call and give the CSR your zip code to get all the terms and rates. They may vary by state, but it seems like many states have the same high rates.

Posted: Jun 22, 2008

Sam Cass
Sam_Cass

Yup. I called and turns out Massachusetts is eligible. Funny that the website doesn't reflect that. Banks still have a long way to go.

Posted: Jun 23, 2008

hoogveld

I love high CD rates and I found one: 18 percent Tax Free and insured by the FDIC in the Philippines. But, to be honest: I don't fully trust it. The banks are located in a poor country while I live in the Netherlands. But a friend of mine, also a Dutchman, now almost convinced me to take the step. He invested in the same cds in 2002, collected 18% per year and got back his deposit in 2007. The point is that consumers in the Philippines don't mind paying 3% interest per month on loans. These are teachers and farmers and the like. That's a whopping 36% per year earned by the banks ! Of course these banks can easily pay 18% per year on cd's. But even now I'm still in doubt. Can anyone advice me on this ?

Posted: Jun 25, 2008

Author/Submitter Response:

Don't do it.

BestCash Admin

Please note that as of June 30, the three year rate listed here is no longer offered by Wachovia.

Posted: Jun 30, 2008



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