Wachovia Offers Online Money Market Rate of 3.5% In Select Areas

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Wachovia Bank is offering an online-only competitive 3.5% APY money market in some parts of the country.

Wachovia recently joined the high rate fray by offering a top rate on their 2 year CD.  In some locations, they are also offering a 3.5% APY money market account.  The account has a minimum balance of $1,000.  I called to inquire where the offer was avaiable and the CSR was unaware that it was even being offered.  It looks like Wachovia needs to do a better job of communucating to their front line customer service reps.

To find out if you qualify for the offer, go to their savings and CD page.  It will ask you to enter your zip code.  Once you do, you'll either see the offer, or you won't.

This is all part of Wachovia's push to recapitalize itself via its deposit base.  With billions in bad loans outstanding, and billions in floating-rate notes that need to be refinanced, look for Wachovia to continue to offer attractive rates.

There has been some speculation about Wachovia's financial health recently because of mortgage-related losses.  Its stock has fallen from a 52-week high of 81 to around 20 today.  Bauer financial gives it a 3-star rating out of 5.  As with all banks, stay within FDIC limits to be sure your money is fully insured.

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