Washington Mutual Raises Savings Rate to 4.00% APY
This is just a quick note to let you know that Washington Mutual has raised the rate on their online savings account to 4.00% APY, effective Tuesday, September 22nd. As far as I know, this is the highest available rate for an FDIC insured online savings account. In fact, it even beats out CD rates at many banks without locking your money up for the long term.
If you’re interested, click here to get started.
Published on September 22nd, 2008 - 6 Comments
Filed under: Banking
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I wonder why I haven’t gotten the email yet….
Comment by EN — Sep 23rd 2008 @ 1:11 amThe link takes you to a page offering a WaMu checking account, not a savings account. They do mention opening a savings account as well, but for 3.75% APY, not 4.00%.
Comment by Curtis — Sep 23rd 2008 @ 6:28 amCurtis: In order to get the high savings rate, you are required to open a linked (free) checking account, which is why they take you to that page. As for the 4% APY, I received an e-mail from WaMu assuring me that the rate would be increasing effective today, so be patient. They just haven’t updated that page yet.
not being offensive, but only a fool would open a new account with WaMu right now.
Not because the sky is falling, it likely will not, but because WaMu presents increased risk, something that should not be present in a savings account.
I know the account is FDIC insured, so what. Still hoops to jump through and added stress. Do you really want to take the risk for a small increase in interest.
And why is it that WaMu has such a high savings rate? Because they are DESPARATE for money.
Other places are much safer, less risky, and a better choice.
Comment by Troy — Sep 23rd 2008 @ 1:14 pmFDIC insured aside, banks generally offer higher-than-the-competition rates on CDs and savings accounts just before they either go belly up or - more likely - get purchased by a bigger bank. As long as you are prepared for the buyout (I am myself a WaMu customer), I say go for it, though it will likely have such a high interest rate for only a short amount of time (i.e., until the buyout).
Comment by Taylor — Sep 24th 2008 @ 1:00 pmWell, I have had an account with WAMU and was fully faithful in the bank. The news of JP Morgan’s take over was quite a surprise to me in the least. However, I believe that my money is fully secure in the bank seeing as how not only is it FDIC insured, it is also taken over to JP Morgan and secured under their name. I have to say, I am not very interested in pulling my money out of an account that can earn me so much. In fact, I would encourage people to sign up to get at least the high 3.75% while under the security of JP Morgan. The rate should be constant for about 6 months at the least as far as I have heard and I must say, better than sticking with .4% or even 3% at that for those 6 months. Just my opinion
Comment by Khoa — Sep 27th 2008 @ 4:05 am