It is in an individual’s interest to focus on creating some alternative sources of income. One can start with small savings and gradually increase to opting for big schemes. Banks provide amazing investment opportunities. The deposit products are flexible which allows you to start with even a small amount. For instance Wachovia Bank’s Certificate of Deposit Scheme can be started with just $1,000.
A Certificate of Deposit pays you guaranteed interest rate for the term you deposit your funds. The term can vary from few months to years. Below explained are the different types of CDs as offered by Wachovia Bank:
Featured CD:
With an opening deposit of $5,000 you get to earn:
7 Month CD earns 3.92% interest, 4.00% APY
9 Month CD earns 4.07% interest, 4.15% APY
12 Month CD earns 4.16% interest, 4.25% APY
Features:
@ Automatic renewal option available on maturity of CD.
@ Receive interest payment either monthly or quarterly.
Liquid CD:
With an opening deposit of $5,000 you get to earn:
3 Months Liquid CD earns 1.06% interest, 1.07% APY
5 Months Liquid CD earns 1.06% interest, 1.07% APY
10 Months Liquid CD earns 2.03% interest, 2.03% APY
Features:
@ You have the option to withdraw $500 or more every 7 calendar days.
@ $500 minimum for deposits and withdrawals.
@ After withdrawal the balance should remain $500.
@ Automatic renewal option available on maturity of CD.
24-Month Step Rate CD:
You need a minimum opening deposit of $1,000.
$1,000 – $9,999,999 earns 2.83% interest, 2.87% APY
Blended Yield earns you 0.00% interest, 3.10% APY
Step Rate Bump 6 Months earns you 2.98% interest, 3.02% APY
Step Rate Bump 12 Months earns you 3.13% interest, 3.18% APY
Step Rate Bump 18 Months earns you 3.28% interest, 3.33% APY
IRA CD:
$0 – $9,999 deposited for 3-6 month term earns 1.00% interest, 1.01% APY and the same amount earns 2.47% interest, 2.50% APY.
$10,000 – $49,999 deposited for 3-6 month term earns 1.05% interest, 1.06% APY and the same amount earns 2.57% interest, 2.60% APY.
$50,000 – $99,999 deposited for 3-6 month term earns 1.10% interest, 1.11% APY and the same amount earns 2.66% interest, 2.70% APY.
$100,000+ deposited for 3-6 month term earns 1.15% interest, 1.16% APY and the same amount earns 2.76% interest, 2.80% APY.
Features:
@ Automatic renewal option available on maturity of CD.
Common Features for the above CD account types:
@ APYs are accurate as of 08/08/2008 and are applicable for the Zip Code 91108. To check for your region you may visit the site.
@ Your funds are FDIC insured.
@ Free transer of funds to your Wachovia account and charges of $3-$10 charged for non-Wachovia account transfer.
For any guidance you may contact toll-free banking on (800) 922-4684.
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