Author: Sam Cass on September 27, 2008 - modified on August 3, 2017
It's already been written on the site but I wanted to reiterate this deal. JP Morgan Chase today bought Washington Mutual. Washington Mutual is offering a 12 month CD for 5%. Opening the CD with WaMu is now like opening it at Chase. Get it while you can.
See the best online 12-month CD rates here.
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| Bank | Product Term | Interest Rate (APY) |
|---|---|---|
| Northern Bank Direct | 1-Year | 5.60% APY with $500 minimum |
| Finworth, a division of InsBank | 1-Year | 5.38% APY with $50,000 minimum |
| TotalDirect, a division of City National Bank of Florida | 1-Year | 5.35% APY with $25,000 minimum |
| Dollar Savings Direct, a division of Emigrant Bank | 3-Year | 5.00% APY with $1,000 minimum |
| First Internet Bank of Indiana | 3-Year | 4.66% APY with $1,000 minimum |
| IncredibleBank | 3-Year | 4.58% APY with $1,000 minimum |
| First Internet Bank of Indiana | 5-Year | 4.55% APY with $1,000 minimum |
| BMO Alto, a division of Bank of Montreal Harris | 5-Year | 4.50% APY with no minimum |
| Department of Commerce | 5-Year | 4.34% APY with $500 minimum |
Comments
Fuming from the NW
October 01, 2008
Sam, I just lost a bundle as a bond holder in WaMu; never thought that could happen! Now I (like everyone) am diving for some short term solace in high cd rates. Do you really think that Chase will honor WaMu's cd rates for the long term (13 months). Five % is awfully attractive, but it seems a bit worrisome that Chase got all the assets and none of the debts... What do you think?
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Bob
October 24, 2008
Aloha Sam,
Three Months ago I Paid several thousand dollars in early withrawal penalties on CD's we had with WAMU. I banked with Wamu for 35 years from our home in California. All my prior contacts at WAMU were gone including the manager I worked with for 12 years.
The new Manager of WAMU would not allow me transfer my funds to our bank in Hawaii where we have retired. A call from my Bank Manager in Hawaii,a letter from my Notary with my signature,verification of all my private banking information, were all unacceptable to this new Manager to transfer my funds. We were even told that we had to go to the American Embassy to get a signed letter from them to transfer funds. Wrong,wrong wrong.
My Wife and I had to pay for an emergency flight to La,pay for a hotel,pay for a rental car and visit the new Manager in person to have our money transferred.
The early Cd penalty after 35 years of banking with Wamu was an insult but the cost to do this in person was totally unneccessary. Incompetent,scared to death,new Manager at Wamu.
Is there any way I can get at least the travel money back?
Mahalo,
Bob
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