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Update on WaMu's Savings for Success Account


Update 1/17/08: WaMu now has a Savings for Success webpage. Note, it may not show for states outside of TX, IL, GA and WA.

Washington Mutual has started advertising their Savings for Success program in certain newspapers. Here's the online ad from Dallas. The rate continues to be 6.50% APY which is the same as I had reported in December. When it first started last summer, the rate had been 7% APY. This 6.50% APY is a very high rate, however, there's a major catch. The maximum you can deposit per month is $500 for a 12-month term. The other major issue is that it's only available in Texas, Illinois and Georgia. Illinois and Georgia may have a lower rate. It used to also be offered in Washington State, but this is not listed in the ad's small print.

I described the details of this Savings for Success program in this November post.

WaMu is still offering a 5.10% APY 6-month online CD and a 4.75% APY online savings account. I have more info on these WaMu's accounts in this December post.

Thanks to the reader who mentioned this WaMu ad.

  Tags: Illinois, Georgia, CD rates, Texas, savings account

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Comment #1 by Anonymous posted on
Avoid WaMU at all costs.

WaMU is NOT a bank to use regardless of anyone says. The people I see banking at WaMU by me are young kids who have no clue how the banking system works, not professionals who understand how the banking system works in this nation.

Sure, offer 6.50% for 12 months on $500. At the same time, nickle and dime for fees, push fradulently marketted products and the like on the unsuspecting consumer and everything inbetween. WaMU has never been a good bank to use.

Comment #2 by Anonymous posted on
This blog continually covers banks with promos and high rates but never goes into details with what is inside of them.

I remember how badly I was treated at Amtrust Direct. High rate occured yet they tried to double dip on the funds and treated me badly at every turn. WaMU is also one of those horrendous banks not to use.

Rate in of itself does not make a good bank.

Comment #3 by Anonymous posted on
I am leaving WAMu for sure. They quoted me 5% APR. I left my $$ in for 7 days (a large sum - from 12/24 through 12/31). By my calculations that's 7 days. I see they shorted me two days interest when interest posted on 12/31. Response from WAMU? Holidays don't earn interest and who knows what happened to the 2nd day of no interest. I feel ripped off and will file a complaint as this is the only bank I have ever had to differ in what I calculated interest would be. Still searching for a better bank (even if it's out of my geographical area).

Comment #4 by Anonymous posted on
This blog continually covers banks with promos and high rates but never goes into details with what is inside of them."

Could it be your ignorant? This blog is one of the best resources I have found and Banking guy spends alot of time tracking down the facts. He provides what is available and the rest is up to the reader.

Comment #5 by Anonymous posted on
I agree with the last post that BankingGuy is doing a great job. And people on the blog are helping out by providing what they know.

Comment #6 by Ade (anonymous) posted on
To the "Anonymous" commenter (I wish people gave themselves at least a short nickname rather than just anonymous!), but I say to him or her...if you're so unhappy with this heaven-sent website, why don't you do your own search? Or pay a fortune to some broker to do it for you??? Go to the corner drugstore and buy yourself tons of politeness, humbleness and the feeling of gratitude!!! Adela

Comment #7 by Anonymous posted on
This is to anonymous who is complaining about this blog. The information provided on this site is the greatest. I check this site 2 or 3 times a day to see whats going on. This site does not recommed that you use ABC bank and not use XYZ bank. It gives the name of a bank and the products it is offering and some of the terms that go with the product. It also provides a place to comment on any information you have about the bank [good or bad]. It's up to you to decide what bank to use. If you can't do that maybe you need to hire a financial planner at a few thousand dollars a year to find you the best bank with the best deal. As for me, this site works just fine. My comment to Banking Guy is keep up the great work.