Crown Classic Banking is the premier package for people 50 years or over. Benefits include a free standard-size safe deposit box, free single signature traveler’s checks, domestic incoming wires, free Crown checks and all the benefits of a free checking account. Interest compounds on this account daily, and you’ll receive a savings or money market account with no monthly service fee.
I opened up a Wachovia Crown Classic Checking account about a year ago, after moving to a new neighborhood and discovering that Wachovia was the closest bank. I also did extensive online research to find the best product for me. The Crown Classic Checking account fits the bill. As long as you maintain a combined balance of $1,000 in checking/savings and/or money market accounts, practically everything is free, which is what I like. There's also a free basic sized safety deposit box, which can cost a significant amount of money at other institutions. I have also been VERY IMPRESSED with Wachovia's customer service. They have personally called me after transactions to inquire about the level of service I received and to ask if I was satisfied. The tellers and other personnel go out of their way to make sure all your questions are answered. So far, I am very satisfied with the Crown Classic package. If you are over 50, signing up for this account is a no-brainer.
The Crown Classic checking account, for "seniors" (over age 50), has an average balance minimum requirement of $1000. (Service fee is $20 if your average falls below $1000.) That's a pretty low requirement, and it had not caught me for several years - until last month. The Crown checking account has a much higher average balance requirement. ($20 is the service fee here also.) Benefits are identical.
But the Crown account can actually be a better deal for a senior. If you have a Wachovia Visa card, and it has a credit limit of $10,000, that will waive the monthly service fee on a Crown account. Oddly, a Wachovia Visa card will NOT waive the fee on a Crown Classic account.
We seniors always have to navigate carefully - some Gen X-ers think we're soft in the head.
There are other relationship accounts that could waive the $20 monthly fee - for example, IRA accounts, CDs, and such like.
But for those of us who are not going to put our wealth into low-return accounts, the Wachovia Visa account is the way to guarantee you won't incur a monthly fee due to a low average balance in your Crown checking account.
| Type | Today | Week Ago |
|---|---|---|
| 15 Year Fixed | 4.62%  |
4.67% |
| 30 Year Fixed | 5.15% | 5.15% |
| 1 Year ARM | 3.48% |
3.51% |
| 5/1 Year ARM | 3.62% |
3.68% |
| Type | Today | Week Ago |
|---|---|---|
| Line of Credit | 4.89%  |
4.88% |
| 10 Year Loan | 7.47% | 7.47% |
| 15 Year Loan | 7.61% |
7.60% |
| Type | Today | Week Ago |
|---|---|---|
| Interest Checking | 0.28% | 0.28% |
| Money Market/Savings | 0.38% | 0.38% |
| 12 Month CD | 1.13%  |
1.15% |
| 60 Month IRA CD | 2.40% |
2.41% |
| Type | Today | Week Ago |
|---|---|---|
| Cash Back Cards | 12.66% |
12.68% |
| No Annual Fee Cards | 12.08% |
11.97% |
| Reward Cards | 12.75% |
12.61% |
| Small Business Cards | 11.01% |
10.94% |
| Student Cards | 13.77% |
13.49% |
| Platinum Cards | 12.26% |
12.11% |
