WaMu Online Savings Account Now 3.75% APY

Posted by Sun on July 30, 2008
Advertisements

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.

Update: This offer has expired. Check out the latest online savings and checking account interest rates to find the best rate from major online banks.

If you found information on this Diary helpful, please consider subscribing to the full RSS feed (What's RSS feed?), or enter your email below to receive free daily update.

Your address is secure and will only be used to deliver the contents of this Diary. You can unsubscribe at any time.

Related Articles You Don't Want To Miss
Categories : Banking, Personal finance Tags:

Trackbacks & Pingbacks
7 Comments
August 10, 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.

Posted by Savings Toolbox
Share Your Thoughts
Your opinion matters. Please use the form below to share your thoughts on WaMu Online Savings Account Now 3.75% APY with us.

(required)

(required)


invisible tracker