Sovereign Bank is currently running a local certificate of deposit promotion featuring an attractive rate.
Here’s the deal – As of July 2012, Sovereign Bank has a 17 month CD yielding 1.77% APY requiring a minimum deposit of just $1,000. This deal is an obvious ploy to either attract new customers or draw in more funds from existing customers as it’s only available for new money coming into the bank. Given the fact that the average APY on 12 month CDs sits at just 0.90% and the average APY on 24 month CDs sits just a tiny bit higher at 1.0%, makes this deal pretty lucrative in comparison.
Comb through the CD rate promotions we’ve covered in the past from our archives to find one near you!
Unfortunately for most BankVibe readers, however, this deal is off the table. You must stop in a local branch to open the deposit. They have 10 branches in Texas, but just 5 locations are showing this promotion. Below are the 5 branch locations and their contact information.
Sovereign Bank Locations and Contact Info:
- Sovereign Bank Arlington, TX - Contact them at (817) 472-1910
- Sovereign Bank Fort Worth University, TX - Contact them at (817) 472-1940
- Sovereign Bank Fort Worth West, TX - Contact them at (817) 472-1940
- Sovereign Bank Las Colinas, TX - Contact them at (817) 472-1900
- Sovereign Bank Southlake, TX - Contact them at (817) 472-1930
Sovereign Bank is a relatively small bank. They are just the 60th largest bank in Texas by asset size and members and are just barely in the top 1,000 banks in the United States (coming in at 735). Founded in 2004, they have since grown to control roughly $700 million in consumer deposits and service roughly $560 million in loans.
We particularly like this product because of the timing of it’s maturity. The FED has made it quite clear that they plan on keeping interest rates at our current level until at least (2014) or roughly 17 months from now. This will allow your funds to be freed up right around the time interest rates begin to rise (hopefully) which will allow you to transfer these funds into a higher yielding bank deposit or money market account. Compare this offer to other noteworthy CD rates in Texas.