WaMu Online Savings Account Now 3.75% APY
Post viewed 527 times, 1 so far today
Washington Mutual now pays 3.75% APY for their online savings account. Banks are competing for our money.
Looks like the competition is heating up.
I just got an email from Washington Mutual with the latest change to the interest rate of WaMu online savings account. The new rate, effective immediately, is 3.75% APY, up 0.45% from the previous rate of 3.30% APY, becoming the sixth bank to increase its rate in the past three months (E-Trade, WT Direct, FNBO Direct, HSBC Direct, EverBank have bumped up their rates early).
I myself don’t use WaMu (don’t I have enough bank accounts already?), but I know a few people do use the bank. With this latest rate change, I have to follow the same thought when I heard EverBank’s 4.75% APY promotion: What’s the reason behind such a big increase in rate, especially after the bank, which has heavy exposure in the sub-prime market, reported a lose of $3.33 billion in second quarter last week (Reuters)? Does it desperately need cash? Even though any deposit under the $100,000 FDIC insurance limit is safe, associating with a troubled bank doesn’t really make me feel comfortable.
Anyway, here are some additional information about WaMu online savings account:
- $1 to open an account;
- A minimum balance of $300 is required to avoid $4.00 monthly service charge;
- Service charge waived if savings account is opened together with a free checking account;
- $2 for each non-WaMu ATM withdraw.
BTW, here are what WaMu’s competitors are currently offering:
- EverBank Money Market Account: 4.76% APY three-month promo rate, $1,500 minimum;
- FNBO Direct Online Savings Account: 3.50% APY, $1 minimum;
- HSBC Direct Online Savings Account: 3.50% APY promo rate till Sept. 15th, $1 minimum;
- E*Trade Financial Complete Savings Account: 3.30% APY, $1 minimum;
- IGoBanking Savings Account: 3.28% APY, $1 mimimum;
- WT Direct Savings Account: 3.26% APY, $10,000 minimum;
- ING Direct Orange Savings Account: 3.00% APY, $1 minimum.
If you enjoyed reading this post, please consider subscribing to my full RSS feed (What's RSS feed?). Or you can also choose to have free daily updates delivered right to your inbox.
Featured Financial Products
- Ready to buy stocks/ETFs with zero commission? Check out the Zecco review and try Zecco Trading to get 10 free trades/month.
- Seeking higher returns for your cash? Take a look at the latest interest rates from leading online banks and find out where to get the most for your money.
Check Out These Related Articles
- WaMu Promotion: 5.00% APY for 12-Month Online CD
- DollarSavingsDirect: A High Yield Version of Emigrant Direct
- Emigrant Direct and WT Direct Interest Rate Update
- Latest Online Bank Savings & Checking Rates
- HSBC Introduces New Online Payment Account
Trackbacks & Pingbacks
- Pingback by Emigrant Direct and WT Direct Interest Rate Update on August 2, 2008 @ 12:30 am
- Pingback by WaMu, WTDirect Up Online Savings Account APYs | Online Savings Blog on August 5, 2008 @ 7:14 pm
3 Comments
Share Your Thouhgts
Your opinion matters. Please use the form below to share your thoughts on WaMu Online Savings Account Now 3.75% APY with us.Recent Entries
- Weekend Linkage - September 7, 2008
- American Express TrueEarnings Card $25 Bonus
- Unemployment Rate Reaches Five-Year High
- Chinese ADRs Monthly Update - August 2008
- Commodities Make It and Commodities Break It
- HSBC Weekend Card
- August 2008 Score Card — Part I: Net Worth
- Weekend Linkage - September 1, 2008
- More Disturbing Facts on Banks
- Authorized Users Will Be Allowed in FICO Score Calculation
- Reminder: $70 TradeKing Bonus Still Available
- FDIC Problem Banks List Grew to 117 Last Quarter
- DollarSavingsDirect: A High Yield Version of Emigrant Direct
- Financial Tips for College Students
- WTDirect Terminates Promotion After Only Three Days
- Did You Miss These Freebies?
- Google Beijing Olympic Logos: How Google Celebrated the Event
- WaMu Promotion: 5.00% APY for 12-Month Online CD
- WTDirect Promotion: Up to $250 Sign-On Bonus
- American Eagle Gold Coin in Short Supply?
- Boy, Was I Wrong on FRE
- Avoid These Unhealthy Kid Foods
- Suze Orman FICO Kit 20% off Sale
- Poll: Do You Save in 401(k) Without Company Match?
- Weekend Linkage - August 17, 2008





I have a hard time jumping the ship when a bank that hasn’t necessarily had the highest APY jumps up to the top for a bit to attract new money. Switching arounds banks on a regular basis is too much work for the average joe. It seems to be better to just find a bank that has had a history of good interest rates and offers quality customer service.