Update on Washington Mutual's New High Yield Savings Account
Aug 14, 2006 - 9:23 AM by Ken Tumin
As I first reported on Saturday, Washington Mutual is offering a 4.75% no-minimum savings account when you open online its Free Checking account. It wasn't clear if this would be available for those who already have the checking account. I called WaMu this morning, and I was told that this 4.75% APY savings account is only available for those who don't already have the WaMu checking account.
The standard rate for the Statement Savings Account is only 0.40% APY for all balances. So this new promotion is a significant improvement even though it's still not as good as Citibank and HSBC. The 4.75% is available on all balances. It's shown on the Free Checking account application page.
As some commenters had mentioned in my previous post, it looks like this has been in the works at WaMu for awhile. And as I mentioned previously, WaMu seems to be low key on this so they don't create too much discontent with the current customers who have money earning only 0.40%. USA Today just had an article on WaMu's new advertising campaign for this free checking account. There doesn't seem to be any mention of this 4.75% savings account.
The standard rate for the Statement Savings Account is only 0.40% APY for all balances. So this new promotion is a significant improvement even though it's still not as good as Citibank and HSBC. The 4.75% is available on all balances. It's shown on the Free Checking account application page.
As some commenters had mentioned in my previous post, it looks like this has been in the works at WaMu for awhile. And as I mentioned previously, WaMu seems to be low key on this so they don't create too much discontent with the current customers who have money earning only 0.40%. USA Today just had an article on WaMu's new advertising campaign for this free checking account. There doesn't seem to be any mention of this 4.75% savings account.
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Anonymous - #1, Monday, August 14, 2006 - 9:38 AM
Washington Mutaul has good CD rate too. It's 6% for 13 month for new money and 6% for 18 month (with bump) for existing account.
Anonymous - #2, Monday, August 14, 2006 - 10:35 AM
I checked the Wamu web site but could not locate the 6% CD rates
Anonymous - #3, Monday, August 14, 2006 - 2:00 PM
I contacted Washington Mutual in Chatsworth, Ca. They have a 5.85 CD that is good thru end of August. I have shown them the New York Wamu offering 6% for 13 months with bump. I asked them to match it. They will advise within a couple of days if they are able to do it. A short time ago I had asked Citibank in Chatsworth to match a rate being offered by the branch in Texas. They refused. Hopefully, Wamu will.
Anonymous - #4, Monday, August 14, 2006 - 2:48 PM
This is total bull****. The 4.75 rate should be offered to EVERYONE but you have to open a new account? I'm a WAMU customer and I'm already offended for them not offering me the same deal. The ONLY reason they are not doing this is to keep screwing existing customers by paying them 0.40 %!
Banking Guy (anonymous) - #5, Monday, August 14, 2006 - 7:46 PM
Two WaMu customers posted in this FW thread that they were able to open a new checking account along with this 4.75% savings account without closing their current checking account.
About the WaMu's CD. Hope they can match. A 5.85% CD for 13 months is still a decent deal. For those not aware, here's the post on a 6% 13-month CD that a WaMu branch in New York was offering.
Anonymous - #6, Wednesday, August 16, 2006 - 11:32 PM
Confirmed on the above post from FW. I already have a WAMU checking/savings. I opened up 2 new checking/savings, funded the new ones from my existing accounts and now have the 4.75% savings account. I can't see re-setting up utilities, ebay, paypal, amazon, etc. with the new checking account number so will just keep the minimum required $1.00 in and forget about it. This sure beats transferring funds (and waiting 2-3 days for it to clear) from my CapitalOne high-yield savings account over to my WAMU checking for big ticket items !
Regards,
Cat in Cali
Anonymous - #7, Monday, August 21, 2006 - 10:54 AM
Follow up for WAMU in California. They will NOT match the rate they are offering in New York. They will only offer 5.85%. No bump, no 18 months either.
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