World Savings Bank - Attractive Deposit Rates and $200K of FDIC-insurance
August 02, 2007
World Savings (FDIC# 27076) based in Oakland, California has been a rapidly growing bank for over 35 years going from $5 billion in assets in 1980 to over $130 billion in assets through bank acquisitions in California, Texas, and Colorado as well as growing their deposit base through attractive deposit rates. World Savings has consistently had an internet rate special offered on either checking, savings, or CDs that has kept their bank name front and center when talking about leading online banks. Interestingly the rate specials have typically been for the odd-terms like 5-months, 7-months, or 10-months which are not offered by very many banks and make the rate specials distinctive. Wachovia Corporation purchased World Savings in 2006, but has not merged the bank with their holding, Wachovia Bank, meaning World Savings and Wachovia Bank have separate FDIC-insurance on deposits.
Current rate special at World Savings: 5-month CD 5.27% rate, 5.41% APY, 10K minimum.
Additional Featured of World Savings is their $200,000 of FDIC-insurance coverage (as described on their website):
Depositors at World Savings have the option of extending FDIC-insurance beyond $100,000 because operates two separately FDIC-insured savings institutions, World Savings Bank, FSB and World Savings Bank, FSB (Texas). You can visit any of our World Savings branches and open accounts with identical ownerships in each of the two institutions. Since we offer dual FDIC insurance, a customer with accounts in both banks can actually be FDIC-insured up to $200,000 in each of the individual and joint account categories, up to $500,000 in qualifying retirement accounts, and up to $200,000 for each qualifying beneficiary in a testamentary account.
