Washington Mutual Raises Online Savings Rate to 4%

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WaMu now offers an online savings account with 4% APY.

On September 23, 2008, WaMu has raised their online savings rate to 4%, which is the best online savings offer with no minimum balance.

To get the 4% savings account you will need to first open a free checking account and then link the savings account to it.  This can all be done together online.

Washington Mutual, however, is a very troubled institution and is considered by many to be unlikely to survive. Depositors are therefore reminded that especially in this case to keep deposits below FDIC limits.

Please note that WaMu has not adjusted all of the copy on its site and may still be listing the rate as 3.75% APY in some places.

For more information, see the BestCashCow.com savings and money market rate tables.

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Comments

  • BankMan

    August 01, 2008

    To add, FDIC limits are $100,000K per person per bank. There are ways of getting additional insurance - Revocable Trusts, etc. but its best to check with the FDIC website or the BestCashCow article at:

    http://bestcashcow.com/stocks_-_options_-_mutual_funds/article/sam_cass/trust-accounts-causing-some-confusion-with-indymac-and-fdic

    Obviously, investing in a sound bank is the best insurance your money will be there.

  • checks for savings account

    September 18, 2008

    I have an account with Wamu and they just told me they have no checks with the savings account. Am I missing something?

  • BankMan

    September 24, 2008

    The check writing comes through the checking account which you must open as a companion to the savings account in order to get the higher rate.

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