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Online Savings & Money Market Account Rates 2022

Online Savings & Money Market Account Rates

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Wachovia Offers Online Money Market Rate of 3.5% In Select Areas

Rate information contained on this page may have changed. Please find latest savings rates.

Wachovia Bank is offering an online-only competitive 3.5% APY money market in some parts of the country.

Wachovia recently joined the high rate fray by offering a top rate on their 2 year CD.  In some locations, they are also offering a 3.5% APY money market account.  The account has a minimum balance of $1,000.  I called to inquire where the offer was avaiable and the CSR was unaware that it was even being offered.  It looks like Wachovia needs to do a better job of communucating to their front line customer service reps.

To find out if you qualify for the offer, go to their savings and CD page.  It will ask you to enter your zip code.  Once you do, you'll either see the offer, or you won't.

This is all part of Wachovia's push to recapitalize itself via its deposit base.  With billions in bad loans outstanding, and billions in floating-rate notes that need to be refinanced, look for Wachovia to continue to offer attractive rates.

There has been some speculation about Wachovia's financial health recently because of mortgage-related losses.  Its stock has fallen from a 52-week high of 81 to around 20 today.  Bauer financial gives it a 3-star rating out of 5.  As with all banks, stay within FDIC limits to be sure your money is fully insured.

Goldwater Bank Offers 4% Savings Account

Rate information contained on this page may have changed. Please find latest savings rates.

Goldwater Bank, a new, small bank out of Scottsdale, Arizona is offering a very competitive 4% savings account.

Goldwater Bank, a small bank operating out of Scottsdale, Arizona is offering a very competitive 4% APY savings account.  The minimum opening deposit is $1,500 and to get the listed rate you must keep at least $100 in the bank.

A customer service representative (CSR) stated that the rate was good until the end of the year although I'd verify this when opening an account (there's no discussion of this on the website). 

The bank opened in 2007 and now has 14 employees and $29.8 million in deposits.  It's too new to have a Bauer rating but it is FDIC insured (FDIC Certificate # 58405).

Acccount Opening

Once you fill in the online form, they'll mail you a signature card.  You can mail a check with the signature card or do a wire transfer. They do not accept ACH transfers.  Wire transfers are free.


They only allow 6 withdrawals per quarter versus the usual six per month.  There is a $20 fee for an outgoing wire transfer but it's free to request a cashier's check.

Interest Payments

They pay interest quarterly.  If you withdraw money before the quarterly interest is paid, you lost all of the money accrued during the quarter,

How Does it Compare?

The Goldwater's 4% APY rate is tied withfor second according to the BestCashCow rate table with Amtrust Direct's e-Savings Account.  Amtrust offers a smoother account opening process and has a $1 minimum balance.   The rate is also below Everbank's 4.76% APY 3 month promo rate.  Still, this is a very competitive rate.

Thanks to Bankdeals for passing this along.

See the best savings rates where you live here.

Washington Mutual Raises Online Savings Rate to 4%

Rate information contained on this page may have changed. Please find latest savings rates.

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 savings and money market rate tables.