Sovereign Bank has CD rates for saving for the short term and investing for the long term. The bank has a limited time offer for the save and invest CD package, which requires a minimum deposit of $5,000 to be split evenly between a six-month and 36-month certificate of deposit.
The deal requires you to deposit at least $2,500 into a six-month certificate of deposit with a 2.25% annual percentage yield (APY). There are no fees or penalties for early withdrawal after the first six days.
You also must deposit at least $2,500 in a 36-month invest certificate of deposit that matures on Nov. 30, 2012. Each year on the review date of Nov. 30, you earn a good rate if the S&P 500 Stock Index rises. If the S&P 500 declines, you may not receive an interest payment, but your principal is guaranteed so you won’t lose any money. There is a penalty for early withdrawals from the invest CD.
Call the bank or visit a local branch by Nov. 27, 2009, to find out more about the CD rates and to sign up for this deal. You can deposit a maximum $499,999 in the save and invest CD package.
Money in these CDs is insured by the Federal Deposit Insurance Corp. (FDIC).
- 6 Month CD 1.07 %
- 1-year CD 1.34 %
- 2-year CD 1.74 %
- Money Market Account 1.05 %
- Savings Account 1.04 %
- 30-year Fixed Mortgage 5.53 %
Bank rates provided by MoneyRates.com based on average rates for deposits under $10K and conforming mortgage rates
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If you know of any bank deal that we haven't featured on our blog yet, we would love to hear from you.
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