Wachovia Bank CD Rates Are Very Competitive

Wachovia bank CD rates are very strong right now and could be the best place to put your investments.

The first thing you learn if you’re smart when buying CDs is to check out more than one bank.  This means that the second thing you learn is that despite whatever the market rate may be, different banks will offer different rates on the CDs with the same life for any number of reasons or for no reason at all.  Hopefully, the third thing you will find out is that Wachovia bank CD rates are very competitive in today’s market.  They represent an excellent home for your investments.  Whether you are saving for retirement, starting a college fund for a grand/child, or doing forward planning for health care or funeral expenses, CDs are an excellent long-term investment vehicle.

A CD gets higher interest rates than the majority of savings accounts, are FDIC – Federal Deposit Insurance Corporation – protected, meaning they are backed by the federal government up to $100,000-$250,000 depending on the type, and can be purchased in a range of sizes and terms.  Access to your funds without interest penalties can be staggered and set up well in advance.  Most of them also offer the advantage of being rolled over at least once at the current interest rate, which is excellent if rates have gone down, allowing interest to continue being compounded at a higher rate.  You thereby increase the size of your investment.

Wachovia bank CD rates are between 3-4% for 4-year $15,000+ certificates.  If you are nearing retirement, or any other event that will see you dipping into your investments, this type of CD represents a great place to move your higher risk stock or other monies into.  You will never lose any part of what you’ve used to open the holding and your deposit will continue to grow until the time comes to close it out.  Even better, if you do not need the entire fund at once, you can break it into smaller pieces that, while earning less interest, will be accessible at need, while still compounding interest.

You may also be able to choose between fixed or variable interest CDs.  Most certificates of deposit are fixed rate.  The interest rate does not change until the CD reaches maturity and the holder makes a determination as to what will happen to it next.  Variable CDs offer options by following the market rate.  There is some risk in this, as the interest rate may go down rather than up.  Since the basic investment will not be impacted, some buyers may find this to be acceptable in the face of potentially increased rewards.