Comments on: Washington Mutual Raises Savings Rate to 4.00% APY http://www.fivecentnickel.com/2008/09/22/washington-mutual-raises-savings-rate-to-400-apy/ personal finance tips, tricks, and commentary Sun, 22 Nov 2009 02:21:27 -0500 http://wordpress.org/?v=abc hourly 1 By: Khoa http://www.fivecentnickel.com/2008/09/22/washington-mutual-raises-savings-rate-to-400-apy/comment-page-1/#comment-124771 Khoa Sat, 27 Sep 2008 08:05:39 +0000 http://www.fivecentnickel.com/2008/09/22/washington-mutual-raises-savings-rate-to-400-apy/#comment-124771 Well, 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 Well, 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

]]> By: Taylor http://www.fivecentnickel.com/2008/09/22/washington-mutual-raises-savings-rate-to-400-apy/comment-page-1/#comment-124684 Taylor Wed, 24 Sep 2008 17:00:16 +0000 http://www.fivecentnickel.com/2008/09/22/washington-mutual-raises-savings-rate-to-400-apy/#comment-124684 FDIC 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). FDIC 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).

]]> By: Troy http://www.fivecentnickel.com/2008/09/22/washington-mutual-raises-savings-rate-to-400-apy/comment-page-1/#comment-124654 Troy Tue, 23 Sep 2008 17:14:26 +0000 http://www.fivecentnickel.com/2008/09/22/washington-mutual-raises-savings-rate-to-400-apy/#comment-124654 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. 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.

]]> By: nickel http://www.fivecentnickel.com/2008/09/22/washington-mutual-raises-savings-rate-to-400-apy/comment-page-1/#comment-124645 nickel Tue, 23 Sep 2008 12:43:38 +0000 http://www.fivecentnickel.com/2008/09/22/washington-mutual-raises-savings-rate-to-400-apy/#comment-124645 Curtis: 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. Curtis: 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.

]]> By: Curtis http://www.fivecentnickel.com/2008/09/22/washington-mutual-raises-savings-rate-to-400-apy/comment-page-1/#comment-124642 Curtis Tue, 23 Sep 2008 10:28:59 +0000 http://www.fivecentnickel.com/2008/09/22/washington-mutual-raises-savings-rate-to-400-apy/#comment-124642 The 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%. The 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%.

]]> By: EN http://www.fivecentnickel.com/2008/09/22/washington-mutual-raises-savings-rate-to-400-apy/comment-page-1/#comment-124637 EN Tue, 23 Sep 2008 05:11:02 +0000 http://www.fivecentnickel.com/2008/09/22/washington-mutual-raises-savings-rate-to-400-apy/#comment-124637 I wonder why I haven't gotten the email yet.... I wonder why I haven’t gotten the email yet….

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