Here at Peak Personal Finance, we know that many of our readers are customers of Sovereign Bank, which is now part of the Santander network of banks. Those readers with specific savings goals are likely considering a stable instrument like a certificate of deposit as their means towards their goal.

Sovereign Bank CD rates are competitive both locally and nationally and are definitely worth looking into. A special 3-year Sovereign Bank certificate of deposit rates offer is at 2.00% annual percentage yield (APY) while a 5-year offer gives Sovereign CD rates of 2.80% APY. Both require a $500 minimum balance to open and maintain and interest payments can be transferred automatically to another account or re-invested in the CD to boost its deposit.

Another option worth looking at are the Rising Rate CD offers, which don’t have the best CD rates available, but they do have a compelling bonus option allowing you to upgrade to a new, higher rate (if it becomes available) during the CD’s term. This can mean better CD rates, especially if rates climb quickly for any reason during the certificate’s term.

A 12 and 24 month option are offered in Sovereign CD rates for these Rising Rate terms. The yield depends on the deposit amount with $500 as the minimum and $99,999 as the top (after that, you’re into Jumbo rates).

For the 12-month term, Sovereign Bank CD rates start at 0.70% up to $9,999, climb to 0.75% APY to $49,999, and then to 0.80% APY for up to $99,999. The 24-month offer includes the same tiers at 0.55%, 0.60%, and 0.65% APY for that term.

These rates listed assume no relationship with Sovereign. Having one increases the percentages by a few points.

Of course, all accounts at Sovereign are FDIC insured.