Sovereign Bank has come out with a limited time offer to help you save and invest your money at the same time. The Save & Invest CD Package takes your money and splits it between two CDs, with half put in a 6 month CD at 2.25% APR and the other half put in a 36 month CD term.
The key is to diversify
This is a great way to diversify your money between saving it and investing it at the same time in a high paying CD package. As half of your money earns a steady high interest rate of 2.25% for 6 months, the other part of your money will be linked to investments in the S&P 500. A great aspect of the 6 month CD term is that there is no early withdrawal penalty, which will give you access to that half of your money.
The best part about the 36 month CD investment is that unlike some longer term investments, it is FDIC insured. In an economy like ours, it is vital to make sure you put your money in a safe institution that is federally insured. The guarantee you have with the 36 month CD is that you will not lose any of your investment, the only penalty for the S&P going down will be that you will not receive any interest for the period. For every year that the S&P goes up you will receive a great interest rate.
Additional details about this offer:
- Minimum combined deposit for the CD package is $5,000.
- Must be opened before November 27th, 2009
- The Invest CD matures on November 30th, 2009; the term will be 36 months from that date.
- There is an early withdrawal penalty for the Invest CD, and within 6 days of opening the Save CD.
This great offer from Sovereign Bank offers you an easy and low risk way of both saving and investing your money. For more information, visit the Sovereign Bank promotional page here.