Dedicated to Deposits: Deals, Data, and Discussion

5.50% 6-Month Online CD at WaMu

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Update 9/01/07: This 5.50% 6-mo CD has ended. Please see WaMu's Online CD rate page for the latest rates.

Washington Mutual has just started offering 5.50% APY for a 6-month term on its Online CD.The minimum deposit is $1,000.

The CD can be funded via an ACH transfer from an external account or from funds from your existing WaMu checking or savings account. I was told by a service rep in March that you can call to close the CD and have the funds transferred back into the funding account.

WaMu seems to be heavily pushing these Online CDs lately. Just a few weeks ago WaMu was offering 5.35% APY on all terms of its Online CDs. When there are no specials, there always seems to be a few terms with decent rates. But there are also a few terms with very low rates. For example, the 24-month CD yield is currently only 3.70% APY. So when the CD matures, you should definitely not let it automatically renew without reviewing the current rates.

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

WaMu is one of the banks that is being hurt by the mortgage problems. Some others include Countrywide and Indymac. Like WaMu, both Countrywide and Indymac have just come out with some nice CD deals (Countrywide post and Indymac post). You have to wonder if these deposit specials are attempts to increase their liquidity sources to provide a cushion to their mortgage businesses.

WaMu is FDIC insured under two banks (Washington Mutual Bank FSB and Washington Mutual Bank).

  Tags: CD rates

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Comments
8 Comments.
Comment #1 by Anonymous posted on
Anonymous
Do they do a hard pull?

1
Comment #2 by Anonymous posted on
Anonymous
No hard pull

WaMu's Free Checking+ Statement Savings accounts are a MUST to have.
Just open them ONLINE only, its pretty easy, no hard pull

1
Comment #3 by Anonymous posted on
Anonymous
Having just had an extremely bad experience this summer with a large maturing WAMU CD, I would take with a big grain of salt their assurances that you can simply have funds transferred at maturity back to your source bank. Despite my numerous calls (the first one started 2 weeks before my maturity), my written instructions to them (which weeks later they told me could not be acted on because my signature had not been NOTORIZED), and having to pass on the phone a credit-bureau-based questionnaire to establish my identity in order for them to subsequently accept my telephone instructions, WAMU repeatedly gave me misinformation about their processes, failed to wire my maturing funds (which they said would take 2-4 business days to complete!), and then failed to even mail my redemption check until 6 days after the maturity date (I received it on the 9th day). My oral and detailed written complaints to them about the lost interest were dismissed with no reimbursement and a barely pro forma apology. My experience was way beyond simple incompetence - I could only conclude they systematically delayed redemptions to benefit from the extra days' interest.

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Comment #4 by Ms. Know It All (anonymous) posted on
Ms. Know It All
Like I talked to them and they said like they totally do a hard pull~! They were like its obvi that we do! Hello!?! The patriot act! Like come on!

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Comment #5 by Anonymous posted on
Anonymous
I agree with Anynomous(2:25PM) above
Their Customer Support TOTALLY Suxx ..
I typically go the branch next to my house and the manager there is a very good person, helps me anything.. I never had any issue till now. But their phone/email customer support is a Big time BS

for the next Anynomous. When I opened my accounts online, I never got a hard pull for me. its just a soft pull. I dont know about the latest change in their rule

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Comment #6 by Anonymous posted on
Anonymous
I agree their customer service dealing with online transactions is anything but decent. I opened a 5% online savings account on July 16 and am still waiting for interest to be added to the account. Every time I call its another delay and excuse. Accounts opened in branch are ok but you get no special rates and management does not seem interested in offering anything special. Found big disappointment with them and this new account.

1
Comment #7 by Anonymous posted on
Anonymous
I have an existing savings/checking acct at Wamu.

I think I would have to close those accounts and reopen new ones to get this deal.

I assume I'd be able to deposit a check into this 'online' account at a local branch?

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Comment #8 by Anonymous posted on
Anonymous
I just opened a checking/saving account at a branch. I was told by a CSR that the saving account rate is only 0.25% and if I want to have 5% I would need to open online instead... I guess that I will have to close these new accounts and open online checking/saving accounts. I am not sure if there is a charge for closing the accounts.

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