Sovereign Bank is increasing its rates for the CD specials. The competitive rates now stand at 4.00% APY for a 9 month CD term and for their 12 month special the rate stands at 4.25% APY. To open a CD at Sovereign Bank, you will need a minimum deposit of $500. The maximum deposit you can start with is $499,999. According to company representatives, Sovereign Bank does not do a hard credit check for the application process but do use the Lexus-Nexus and the ChexSystem for credit inquiries.

Sovereign Bank allows the CD accounts to be opened up from any state and applications can be taken from their website or over the phone through a customer service representative. According to Sovereign, applicants applying online will still need to follow up by phone with a representative to complete the process.

For convenience, you will be able to add funds to your CD account through automatic bank transfers connected to your primary bank account. In order to schedule the ACH transfers, you will need to supply your bank account information, including routing number and check information. Choosing this funding route will lock in the CD rate during the completion of your application process. If you choose to fund your CD by check, your rate will not be locked until Sovereign receives and processes the check.

If you are looking for a CD special, Sovereign Bank does not offer the best of rates but they are competitive. In addition to the CD special, Sovereign is also offering specials for money market accounts at the rate of 3.75% APY for a minimum balance of $75,000.

Sovereign Bank, which is FDIC insured, is headquartered in Wyomissing, PA and has branches in the Northeast, including the states of New York, New Jersey, Pennsylvania, Connecticut, New Hampshire, and Rhode Island. The bank has over 750 branches and more than 2,300 ATMS.

You can get a ton of interest by getting a high-interest CD, but you can also save on the interest you pay on your debt by getting a 0 balance transfer credit card. Make sure that you shop wisely to get the best deal on your next credit card.

Tags: CD accounts

This entry was posted on Thursday, October 30th, 2008 at 6:53 am and is filed under reviews. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.