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Author:Cindy Lewis
on August 26, 2008
- modified on August 18, 2017
Washington Mutual is now offering 12 and 13 month CDs at 5%.
WaMu is now offering 12 and 13 month CDs at 5%, which are the top rates for certificates of deposit at these terms. The high rates clearly reflect the bank's dramatic efforts to attract capital.
While these rates are very competitive, depositors should keep in mind that WaMu has suffered greatly due to the credit crisis. Its stock has dropped from a 52-week high of 39 to just over $3. Depositors should stay below the $100,000 FDIC insurance limits.
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I usually don't get too excited about the rates and use BestCashCow.com to write about and to exchange thoughts on economic thoughts and ideas on global economic developments. But, the 12 and 13 month CD products are extraordinarily compelling now when you look at other cash or near-cash equivalents. I just put 95k into a 13 month CD at 5%. WaMu may fail and I may lose a week of interest trying to get the money back, but since it is paying twice the money market rate, it just needs to survive for one week and I'll be guaranteed not to lose any interest. It is a very easy account to open.
Comments
JRodgers
August 27, 2008
I usually don't get too excited about the rates and use BestCashCow.com to write about and to exchange thoughts on economic thoughts and ideas on global economic developments. But, the 12 and 13 month CD products are extraordinarily compelling now when you look at other cash or near-cash equivalents. I just put 95k into a 13 month CD at 5%. WaMu may fail and I may lose a week of interest trying to get the money back, but since it is paying twice the money market rate, it just needs to survive for one week and I'll be guaranteed not to lose any interest. It is a very easy account to open.
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