Washington Mutual (WaMu) Raises Online Savings Rate to 4% APY

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

Washington Mutual (WaMu) has raised the rate on its online savings account from 3.75% APY to 4%. This is the top rate in the country according to the BestCashCow rate table.

Update: September 26, 2008

Last night we learned that Washington Mutual (WaMu) was seized by regulators and then its deposit and loan business sold to JP Morgan Chase for $1.9 billion.  Long term, the WaMu brand will disappear and all deposits in WaMu will be converted to Chase.  Thus, if you are a WaMu account holder you will become a Chase customer.  From a customer standpoint, this will look like a bank acquisition. 

WaMu is open for business and is still offering some of the best rates in the country.  A call to the bank verified that it is still offering its 4% APY savings account and a 5% APY 1-year CD.  The 4% savings account is the top savings account rate in the country while the 1-year CD rate is also the best rate according to the BestCashCow rate table.  As an added bonus, there is no minimum balance and you now get the security of Chase backing up your deposit.

To receive the high savings rate, you must open a checking account with the savings account.  The checking account also doesn't have a minimum balance and is free.  Both accounts can be opened together online.  WaMu has received high marks for the ease of its account opening process. 

>> Learn more about WaMu's 4% Savings Account here

To see how this rate compares to other high yield savings accounts, please visit the BestCashCow.com savings and money market rate tables.


Amboy Direct Offers $50 Bonus For Opening eSavings Account

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

Amboy Direct is offering a $50 bonus to open their eSavings Account. The account currently pays 3.25% APY.

Amboy Direct is offering a $50 bonus to open their eSavings Account.  The account currently pays 3.25% APY. 

To receive the $50 bonus, you must open a new Amboy eSavings account and keep a minimum monthly average balance of $3,000 or more for 90 days.  The bonus will be credited within the following statement cycle after account meets 90 day balance requirements.  Only one new client bonus per household. This bonus offer cannot be combined with other promotional offers.  To get the $50, bonus reference code 50719 required.

The minimum balance to receive the 3.52% APY is $3,000.

Amboy Direct is a division of Amboy Bank, a $2 billion community bank with branches in several communities of New Jersey.  The bank was founded 120 years ago.  It has a 2 star Bauer Financial rating out of 5 stars.

I did find one annoying thing about Amboy Direct.  When I went to their website to explore the offer more, they forced me to give my email address before providing any details about the offer.  It seems counterproductive to force potential customers to provide personal information before they've decided to open an account.  I'll be pretty upset if I receive frequent email solicitations from them.

View all of the best savings and money market account rates.


Nationwide Bank Offers $25 Money Market Bonus on 3.52% APY Account

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

Nationwide bank is offering a $25 bonus to open a money market at the bank. The bank's current rate of 3.52% APY is competitive and the bank has a soundness rating of 4 stars according to Bauer Financial.

Nationwide bank is offering a $25 bonus to open a money market at the bank.  The bank's current money market rate of 3.52% APY is competitive and the bank has a soundness rating of 4 stars according to Bauer Financial.

The $25 promotion is scheduled to end on October 3, 2008.  You can get it by using the promo code of MM080716 when opening an account.  You can also call the bank to confirm its existence.

View the best money market and savings rates in the United States.