Sovereign Bank Offering 15 Month CD at 1.01% APY - Available Nationally

Sovereign Bank Offering 15 Month CD at 1.01% APY - Available Nationally

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Sovereign Bank is currently offering a 15 month CD that pays 1.01% APY with a $500 minimum balance.

Sovereign Bank is currently offering a 15 month CD that pays 1.01% APY. It's a dark day when 1.01% is considered a competitive rate for any term, but complaining isn't going to make rates suddenly spike higher. To get higher rates we need higher employment, and the most recent disappointing jobs report signals that rates aren't going anywhere fast.

Back to Sovereign. The 1.01% APY is twice the national average of 0.50% APY for a 12 month CD and greater than the national average of 0.98% APY for a 3-year CD. Sovereign only requires a $500 minimun balance.

The rate appears to be available across the Sovereign branch network (722 branches), which stretches from New England into the mid-Atlantic and the Mid-west. To find a branch near you, click here. In addition, the CD can be opened from anywhere in the United States online or by phone.

From a safety and soundness standpoint, Sovereign's Texas Ratio is 10.76% versus the national average of 19.96%. A lower Texas ratio is better and means the bank is better positioned to survive and manage any future bad loans. The bank also has a Capitalization ratio of 16.18% versus the national average of 11.18%, also good. The bank has shrunk since the financial crisis, going from $89 billion in assets to $78 billion today. At one point, Sovereign was facing touch financial headwinds before the bank was purchased by the Santender Group, a Spanish bank holding company.

If you don't live in a Sovereign area or don't want to open an account online, don't worry. BestCashCow has plenty of above-average CD rates in your local area.

Below are some other competitive rates recently highlighted by BestCashCow:

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