From the moment JP Morgan Chase acquired Washington Mutual we knew it was only a matter of time before WaMu's saver-friendly rates started to drop. That day is today. Washington Mutual cut its savings and cd rates to such an extent that they are no longer listed on the BestCashCow rate tables.
Until today, WaMu was offering a 4% APY savings account that was tied for #1 as the best savings or money market rate in the country. That rate is now 3% APY. Their 1-year CD was paying 4% APY, also the best in the country and a great deal but the rate has been dropped to 3% APY, removing it from the best 1-year cd rates table.
For savers, it's a sad day. WaMu offered an easy account opening process and we hardly heard any complaints about the bank. There is little chance that under Chase, WaMu will return to its pro-saver days. With rates expected to drop, we hope everyone who wanted to got the getting while it was good.
RIP.
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