bank rates

How I Got a 4.80% 9-Month CD Last Week!

No joke! 9 months ago, when rates were sky high, I locked in a 5.75% APY 9-month CD account at World Savings Bank (now Wachovia Bank). Last week, on February 12, 2008, my CD matured, so I went to my local Wachovia to withdraw my money.

The advertised rates for Wachovia were horrible. They were all under 3.50% APY for their short term CDs. HOWEVER, the bank teller told me that if I renewed my account for another 9-month term, she could offer me 4.80% APY!

The take away message of this post is that banks may offer you higher than advertised interest rates if you renew your CDs! Keep this in mind the next time your CD reaches maturity. As always, YMMV (your mileage may vary).

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Comments (24)
1 Star2 Stars3 Stars4 Stars5 Stars (30 votes, average: 3.43 out of 5)
24 Existing Comments
  1. jane said:
    on February 19th at 05:41 pm

    I had the same experience with World/Wachovia two weeks ago. I was a good CD customer of World. However, I doubt that Wachovia will ever have the top rates as World did. Missing World already.

  2. Tiffany said:
    on February 19th at 11:34 pm


    Like you said mileage will vary. Just rolled over my World 5.45% 10 month CD’s at 5.05% today.

  3. joline said:
    on February 20th at 12:02 am

    tiffany will you pls tell me what brach did u go so i can renew my cd.

  4. Tiffany said:
    on February 20th at 12:16 am

    Hi joline,

    The branch you opened your account at will give you the higher rate when you renew.

  5. said:
    on February 20th at 05:34 am

    That is a KILLER CD rate! Congrats!

  6. sparky said:
    on February 24th at 06:06 am

    I had that same World Savings 10 month CD up for renewal on Feb 14.
    Wachovia (in Tucson Az) would not offer any consideration on the renewal.
    As a result, they have lost my account ($150,000 worth of business).
    In fact, management seems to care little about maintaining these types of relationships.
    All these retail banks are losing out to more competitive frachises.
    With internet access, it pays to search out the best legitimate return regardless of location (U.S. & FDIC insured of course).

  7. Drew said:
    on February 24th at 01:32 pm

    Sorry, but rates were never “sky high” 9 months ago. Historically, rates have been VERY LOW for the last 5+ years.

  8. lOU said:
    on February 25th at 06:21 pm

    I renewed a CD at World/Wachovia on Feb 13, and I asked for a better rate than what was being offered. Bank rep offered me 4.07% for 6 months which I thought was good at the time.But now I see that Tiffany got a 10 month CD at 5.05% at Wachovia on Feb 19. I would have taken that IF it was offered to me.

  9. Mactek said:
    on February 27th at 04:31 am

    Unfortunately it looks like we are headed towards a recession with a rising inflation (stagflation). Locking money away in a CD may not be the best way to hold on to wealth as the value of the dollar continues to drop.

  10. Jackie said:
    on February 28th at 12:14 am

    Awesome!! One of my CD’s matured 2 weeks ago and have yet to find a great rate. Can’t believe how much the rates have dropped!! Just found a great rate of 5.41% with Amtrust Direct Bank for a 12 month CD!!!

  11. Khan said:
    on February 29th at 01:58 am

    Everyone, skip over to for their 7 month and 14 month special CD rates. 14 month is at 4.85% and 7 month is at 4.75%. Its only for a limited time from what I have been told! GOOD LUCK!

  12. BlueBlur said:
    on February 29th at 05:09 pm

    I was just at principal bank and the rates don’t seem all that impressive. Even ING has better rates on their CDs

  13. Don said:
    on February 29th at 05:14 pm

    If you really want to be ripped off, open up a CD with Countrywide. They will sit on your funds transfer until the lock-in period expires and then lock you in at a lower rate. All this and they don’t even need to sick a gun in your ribs. Stay away from Countrywide, they’re the worst.

  14. Khan said:
    on February 29th at 07:22 pm

    I just went to Principal’s website today and they’ve dropped the rate to 3.85%. Two days ago it was at 4.85% and I opened and locked it with an application thats good for 2 weeks. Countrywide also dropped their rate today by .25% points.

  15. Nate said:
    on March 4th at 05:30 pm

    Sorry. I was atwachovia last week and I have another CD due this week- both nearly 100K and they wouldn’t even go to 4.05%, let alone the over 5% on each account. Sounds like you got very lucky or you are making it upQ

  16. rb said:
    on March 9th at 10:54 pm

    only offered 3.10% yesterday for renewing 5.25% 7 month World Savings $100,000 CD. Guess they didn’t need my money. However, automatic rollover would have been at 2.3% so they did offer me a little more in person. Moved to WaMu at 4.0% for 8 month.

  17. Jim said:
    on March 11th at 12:35 am

    what about indy mac? 4 month at 4.15??

  18. Tom said:
    on March 12th at 12:46 pm

    Try new reward checking. Earn 6% up to $25,000 with minimal commitment. If you want to deposit more, open another account.

  19. Carol Mc Adams said:
    on March 13th at 07:33 pm


    What bank or institution is offering the 6% up to $25,000?
    Online or Brick and Mortar?

  20. said:
    on March 14th at 06:01 pm

    Indymac 4mo @ 4.15 has expired in anticipation of next weeks rate cuts. They are now promoting a 12 -or- 18 mo CD at 4.05

  21. kathy said:
    on April 1st at 05:54 pm

    I had the same experience at Wachovia. They weren’t even interested in rolling my CDs. I agree with Nate. World was much better and friendlier than Wachovia

  22. Sock rocker said:
    on April 7th at 06:30 pm

    You are all getting ripped. Suntrust just offered me a 6% rate for my second renewal. I’m gonna go buy a Vette.

  23. Forsi said:
    on April 22nd at 03:49 pm

    Sock rocker said:
    on April 7th at 06:30 pm
    You are all getting ripped. Suntrust just offered me a 6% rate for my second renewal. I’m gonna go buy a Vette
    SunTrust is offerring 6%??? For what term? Online or what branch?

  24. Howie said:
    on July 16th at 05:04 pm

    But what if Wachovia fails, then what? This bank is tied up with the CA mortgage mess?