Washington Mutual Increases Interest Rate to 3.75% APY
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Starting tomorrow, Washington Mutual is increasing the interest rate offered on its online savings account to 3.75% APY. This jump will put this account on top among the best-known online savings accounts. This is a wide enough margin over ING Direct to convince me to open an account and give it a try even though I’m far from a “rate-chaser.”
I foresee more interest rate increases in the near future.
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I used to hold Wamu in high esteem, but lately I think they’ve gotten greedy. Today I posted about their stingy overdraft protection policy on my blog, The Daily Asker: http://thedailyasker.blogspot.com. I recommend choosing another bank and researching the fees before signing up! Even with this nice interest rate, I’d opt for a bank that’s more secure, and less obnoxious.
Cheers!
Walked into Wamu 8/12/08 got 4.17% APY 4.25% on 8mo CD/ what the heck. Support them and they might make it. Keep it under a grand and it should go ok…….
Did you talk about WaMu, the biggest bank in line to go bankrupt?
Ahhh…I got money in this one…VERY happy about this.
And yes, I agree with Flexo: I think that we’ll see some more rate increases in the future. We’ll see ’em slowly but they’ll come.
Pascal,
I noticed that Washington Mutual operations two separate companies, insured separately by FDIC. One WaMu (based in Utah) has a CAEL rating of 1 (best) and the other (based in Nevada) has a rating of 5 (worst). I think overall you and other online account holders should be ok.
I have that account. It’s great, though it was earning around 5% when I opened it a year ago. It’s been down at 3.3% lately.
The only thing that concerns me is with all Wamu’s troubles this year and now them raising that rate — it could be a sign they’re in trouble. But as my dad said, “That’s a great deal for them (getting to borrow your money at 3.x%) because no one else is gonna lend to them at such a low rate nowadays.”
But the best thing about Washington Mutual still has to be their color-consciousness! Check out those ads 😀