Dedicated to Deposits: Deals, Data, and Discussion

5.40% 12-Month Online CD at WaMu


Washington Mutual is offering a 5.40% APY 12-month certificate of deposit. The rate is only available on its Online CD. The minimum deposit is $1,000.

It's not a great rate, but it's near the top for the nation's 12-month CD leaders. I first mentioned it on my weekly update, and I thought it deserved a post. The CD can be funded via an ACH transfer from an external account or from funds from your existing WaMu checking or savings account. According to the service rep, when the CD matures, you can call to close the CD and have it transferred back into the funding account. The early withdrawal penalty is 90 days of interest for the 12-month term. The only long term CD with a decent rate is the 60-month CD with a yield of 5.10% APY. The early withdrawal penalty for CDs with terms over 12 months and up to 60 months is 180 days of interest.

WaMu still offers a 5% no-minimum online savings account when you also open its checking account online (see post).

  Tags: CD rates

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Comment #1 by Anonymous posted on
Anyone know if WaMu's online CDs have the Bump Rate (able to bump the rate up to the highest rate once before it matures) and/or the Add-On (able to add more funds up to the initial deposit) features that their traditional CDs have?

Comment #2 by Banking Guy (anonymous) posted on
Banking Guy
I think these online CDs are just the traditional fixed rate CDs. They do offer a liquid CD which allows additional deposits and some penalty free withdrawals, but the rates are very low.

Comment #3 by SVG (anonymous) posted on
Banking Guy,

Ascencia Bank has CDs for 6 and 12 month with APY of 5.40% ...

On the negative side - Ascencia's account opening process is not as convenient as that of WaMu's ...

On the positive side - Ascencia has maintained these high yields over the last few years. (WaMu's current offer gives me a feeling as if it is promotion.)

URL for Ascencia ===>


Comment #4 by Banking Guy (anonymous) posted on
Banking Guy
SVG, thanks for the info on Ascencia. Seems like every few months they come out with some very competitive 6 and 12 month CDs. They also have a very competitive MMA for those with $100K+ balances.

Comment #5 by Banking Guy (anonymous) posted on
Banking Guy
As of 7/14/2007, WaMu is offering a 5.35% APY on all terms of its online CDs.