Both WaMu and Chase have started offering a 60 month CD paying 5% APY. While a 5% APY not the top 60 month (5-year) CD rate it is a competitive certificate of deposit rate, especially for big banks. WaMu was recently purchased by Chase so in essence opening in either is opening with Chase. But, there is a difference in the offer.
The WaMu offer only requires a minimum balance of $1,000 to open the CD while the minimum deposit via Chase is $10,000.
While I don't have any experience with Chase's online application, WaMu's has always received high marks.
Be careful if you have accounts at both banks. Depending on when the acquisition becomes final, deposits in both banks will be summed to reach your coverage limits. Thus, if you have $250,000 at Chase and $250,000 at WaMu under one social, you will be over the limit.
Thanks to Bank Deals for discovering this offer.
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