Sovereign Bank Offering 4.25% APY 12-Month CD

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Sovereign Bank is offering a competitive 4.25% APY 12-Month CD.

Sovereign Bank is offering a competitive 4.25% APY 12-Month CD.  The CD has a minimum balance of $500.  I called Soveriegn and they told me that the offer was available nationally but that the cd had to be opened via the phone or in a branch.  While you can apply online, they'll take your information and have a tele-sales rep call you back to confirm your identify and fund the account.  Funding can be done via a Western Union wire transfer or by mailing in a check.  Pretty primitive.  Clearly, this offer is more appealing if you live near a branch. 

The 4.25% APY is competitive with the top 12-month rates on the BestCashCow rate table

Sovereign nearly went under during the height of the banking crisis in September but was purchased by Spain's Santender Bank.  Santender is one of the biggest banks in the world.  Spain heavily regulated their banking sector and their banks have come through the crisis in decent shape, so far.

See the best online rates on 1-year CDs here.

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