Sovereign Bank is offering an amazing 5-Year limited-time CD rate at 3.00% APY which is available nationwide.

Sovereign Bank’s Limit-Time CD Rate Offer

The highest 5-Year bank CD rate available nationwide that was last mentioned on was offered at Salem Five Bank at a rate of 2.75% APY, which required a whopping $10,000 minimum opening deposit. On top of a great APY, Sovereign Bank only requires a small $500.

A nationally available 3.00% APY is currently a rare find as CD rates have continued to drop and savings returns remain abysmal. Deposit accounts that are paying APYs above 3.00% are most likely to be found through CDs at small, community banks and credit unions and rewards checking accounts at online banks.

Here’s how the Sovereign Bank’s 5-Year CD rate compares to the leading nationwide 5-Year CD rates:

CD TermBankAPY (as of 2/15/11)Minimum opening deposit
5 yearsSovereign Bank3.00%$500
5 yearsSalem Five Bank2.75%$10,000
5 yearsEverBank2.64%$1,500

Sovereign Bank operates branches in the Northeast U.S. and usually requires customers to be residents of states with local branches. According a customer service representative, Sovereign Bank has instituted a new policy that opens up CD accounts to customers nationwide while savings and checking accounts remain limited to the Northeast. The representative also said the early withdrawal penalty for the 5-Year CD is 12 months of interest.

There is another special 18-Month CD available at Sovereign Bank that is paying 1.25% APY, which is not up to par with the other 18-Month CDs available. In fact, the leading 12-Month CD rates top the less attractive 18-Month CD rate from Sovereign Bank.

Certificate of deposit accounts at Sovereign Bank can be opened online, through the phone, or in person at a local branch.

If you would like to find and compare other CD products available, visit the CD rates page.

Did you enjoy this article? Yes No
Oops! What was wrong? Please let us know.

Ask a Question

  • ckenny111

    Think about what we’re saying here. 3.00%. For 5 years. Whatever your inflation outlook is, you’re still doing something stupid.

  • xyz

    15% over 5 years.  Pretty competitive with equities and no headaches.