Highest CD Rates Info

When we last look at Sovereign Bank CD rates, we highlighted their special one year term rate.  We also looked at the special Rising Rate Sovereign Bank certificate of deposit rates.  Since it’s been a little while, we here at Highest CD Rates Info thought it time to bring you up to date on what’s happening  with Sovereign CD rates.

The special (featured) Sovereign Bank CD rates are still the one year term accounts.  Of course, rates have dropped significantly market-wide and Sovereign CD rates are no different.  This one year term has a $500 minimum to open and gives a 1.75% annual percentage yield (APY).  That rate also assumes you have another relationship (checking, savings, etc.) with Sovereign Bank.

For something other than a year in terms, the real action in Sovereign Bank CD rates is with their Rising Rate CDs.  These accounts allow you to go up to a higher rate once during the account’s lifetime and your tradeoff for that is the account auto-renews for a like period of time (so 2 years renews for another 2 years).  These can give you the highest CD rates, though, if you don’t mind gambling a little as to which rate will be highest when it comes.

Right now, at $500 to $9,999 deposit, the 24-month Sovereign Bank certificate of deposit rates are 1.10% APY and the 36-month Rising Rate is 1.35% APY for the same deposit.  Higher deposits ads about 0.05% to those numbers.

Of all of the Sovereign current CD rates available, the Choose Your Term accounts definitely don’t give the highest CD rates.  Unless you must have a term under 12 months, they are barely worth considering.

Of course, all Sovereign Bank accounts are FDIC insured to the fullest extent of the law.