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Last Day for WaMu's 5.10% 7-Month Add-On CD

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I just confirmed that today is the last day to open Washington Mutual's 5.10% APY 7-month Add-On CD. I just called their toll-free number at 1-866-808-1396. According to the CSR, it's available to people in any state if you open it by phone. This is different that what I've been told before, so please leave a comment if you're told something different. If you open the CD today, the CSR said that they'll require you to have the check in the mail within 2 business days. You can also do a wire transfer to fund the CD.

A WaMu checking account and new money are required for this special CD. The minimum deposit is $1,000. The add-on feature allows you to make additional deposits up to the amount of the intial balance during the term. This doesn't seem to be listed at WaMu.com. It has been advertised in several papers. Here's an online ad from the Dallas Morning News.

The checking requirement isn't that bad since you should be able to choose their free checking which has no monthly fees and provides free checks and wire transfers. Plus, once you have the checking, you're qualified for their online savings account which currently has a yield of 4.75% APY with no minimum balance requirements.

Success for Savings Program Update

For those in Texas, Georgia and Illinois, WaMu is still offering 6.50% APY on its Savings for Success account (5.50% APY for those in Washington State). This program limits the amount you can put into this account to $500 monthly automatic transfers for a one year period. It also requires a checking account. So you'll have to make sure the checking account is funded through the year to allow the monthly automatic transfers. At the end of the year, the money is transfered into a sweep savings account. According to the CSR, this can't be the online savings account. Please see my review of this program for more details.

WaMu Overview

WaMu has been hammered by the credit-market meltdown (see article). However, according to the article, its retail-banking segment has been doing fairly well with $278 million in profit in the fourth quarter. One interesting note in that article is that their income from banking fees grew by 13%. That's surprising considering their free checking account is one of the better ones. This article from yesterday describes how WaMu is planning to place more reliance on its retail banking in 2008.

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

  Tags: CD rates

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Comments
16 Comments.
Comment #1 by Strabo (anonymous) posted on
Strabo
Whoops, I meant 30 calendar days.

1
Comment #2 by Strabo (anonymous) posted on
Strabo
The CSR I talked to said I had 30 business days to get them the check!

1
Comment #3 by Anonymous posted on
Anonymous
I was also given 30 calendar days for them to receive my deposit.

1
Comment #4 by Anonymous posted on
Anonymous
Does the add-on also have to be "new money" or can I move it from my WaMu savings or checking account?

1
Comment #5 by Anonymous posted on
Anonymous
The rep made it very clear that you have only one week to send them the check.

1
Comment #6 by Anonymous posted on
Anonymous
Yes I was told 1 week also. I did specifically ask about 30 days since i saw people comment about it here.

1
Comment #7 by Dan (anonymous) posted on
Dan
Worked in New York.

7 days to get them a check and they wouldn't work with my linked account.

The rep said the add-on can be transferred.

The last thing he said to me was that the total add-on can be no more than the initial deposit. Wish I had known that sooner.

1
Comment #8 by Anonymous posted on
Anonymous
I was told 30 days to receive deposit.

1
Comment #9 by Harv (anonymous) posted on
Harv
I did one on the phone this AM CSR said 1 week for the check or could do wire transfer.Thanks also to comment by(dan) The rep said the add-on can be transferred.
Thanks for posting this last day deal.

1
Comment #10 by Anonymous posted on
Anonymous
I was able to open the CD at my local branch (FL). The nice thing is that it is a POD account and therefore higher FDIC insurance than just the $200K for Joint. Also it is an add on where I can add up to the initial amount at any time (like when rates drop some more) and get the original 5.1% APY on the new $$$. Wish it were longer than 7 months, but at least that is better than the money markets (now).

1
Comment #11 by Anonymous posted on
Anonymous
"people in any state if you open it by phone" - called from OH and denied - did I miss something?

1
Comment #12 by Vinay (anonymous) posted on
Vinay
I just opened a CD and we have to send this to the below address within 7 days.

wamu
satx2c2b
p.o. box 659587
San antonio , tx - 78265-9587

1
Comment #13 by Anonymous posted on
Anonymous
It's not for all the states, only for states which has a WaMu Branch.

1
Comment #14 by Anonymous posted on
Anonymous
So much conflicting information... why isn't this phone number listed anywhere on the WAMU website?

Am I paranoid that I don't want to send a huge check to a p.o. box?

1
Comment #15 by Anonymous posted on
Anonymous
wamu saving rate is 4.25% now.

1
Comment #16 by Anonymous posted on
Anonymous
Interesting that they plan to make more money from fees, because they just removed many of their fees. Quoting that page, in case it disappears:

That's why we’re ditching 13 of our banking fees. Here are some of the services that are now completely free for our personal and business customers:

* ACH Fraud Protection fee
* American Express Gift Cheques fee
* American Express Travelers Cheques fee
* ATM Mini-Statement fee
* Bank Check fee
* Counter Check Print fee
* Coupon Redemption fee
* Foreign Draft Purchased fee
* Money Order fee
* Notary fee
* WaMu Deposit IRA Annual Trustee fee
* Safe-Box Set Up fee
* Safe-Box Lost Key fee

1