February 5, 2009 update: The following information has expired. Washington Mutual no longer offers these rates.
Washington Mutual wants your deposits. I received word that starting tomorrow the bank will offer 4.0% APY on its online savings account, maintaining its position at the very top of the list of popular high-yield savings and money market accounts.
In order to receive this rate, Washington Mutual requires enrollment in a free checking account. The checking account has no minimum balance requirement (other than one cent). The bank will waive one NSF fee per year, but someone who manages their bank account shouldn’t have to take advantage of that feature. Mistakes can happen, and it’s good to know that WaMu has a policy in favor of the customer.
This rate beats many offered by CDs right now, so you may want to jump on it while it’s available. Washington Mutual is a member of FDIC, so your money should be safe despite the volatile economy.
As of today, the Washington Mutual banking application still lists the rate as 3.75%, but the bank will update the website to reflect the new interest rate tomorrow.
If you’re interested, apply here for the free checking and 4.0% APY savings accounts.
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{ 7 comments… read them below or add one }
Bankruptcy is near with the rate hike.
It’ll need another bailout bill ’cause FDIC can’t cover a bank bank like WM.
It’s more likely WaMu will be bought by another company, perhaps Citi. Either way, the money is safe.
Hmm I have a checking at Citi and, as of now, WaMu. I wonder how that’ll work out if Citi buys WaMu….hopefully be more convenient for me I guess. :)
I just checked my WaMu savings account and it’s up…OH HAPPY DAY!!!!!!!!!!!!!!!!!!!!!!
aa, Flexo’s correct. Your money’s safe.
Now, mortgages held by WaMu may be in a bit of trouble but your money in both savings and checking accounts are A-OK.
If you have an account at the bank who buys Wamu, make sure you don’t have more than $100K total at BOTH banks. FDIC may let the $100K limit be in effect for each bank after a buyout for a short while, but don’t bank on it.
Relieved of mortgage debt, Wamu would do fine as just a bank, so I don’t get why the rush to sell. Be that as it may, to spread the risk, I think Wamu will be divided among the PNW, Calif, Chicagoland, and NY-tri-state area. I’ll accept Chase, HSBC, TD, or Wells, but if it is Citi, I will pull everything out. They have terrible customer service and treat their employees like garbage. I will not patronize that.
They also currently have a 5.00% APY 12 month CD with a with a $1000.00 minimum (don’t know if this promotional rate is new).
Given the fear-mongering by that loudmouth Jim Kramer on MSNBC/Hardball last nite (that WaMu may bankrupt in 5 days, the FDIC can’t handle it, we won’t be able to get money out of our ATM’s, the money supply will lock up), Wamu will probably have to raise rates again next week to head off a bank run of the gullible. I’ll be crying all the way to the bank.