Dedicated to Deposits: Deals, Data, and Discussion

4.25% 8-Month / 4.50% 13-Month Add-On CDs at WaMu

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Update 9/26/08: WaMu closed. JPMorgan Chase acquires WaMu's banking operations. Please refer to this post for more details.

Washington Mutual is now offering special CDs at its financial centers that have the same high rates as its online CDs (4.25% APY 8-month and 4.50% APY 13-month), but they have the advantage of an add-on feature. The add-on feature allows you to make additional deposits up to the amount of the initial balance during the term. These special add-on CDs don't seem to be listed at WaMu.com. A reader mentioned these in the comments.

I just called WaMu (1-866-808-1396), and I was told that these Add-On CDs are only available in certain states that have WaMu branches. These include AZ, CA, CO, CT, FL, GA, ID, IL, NV, NJ, NY, OR, TX, UT and WA. The CSR said that these CDs could be opened by phone. The minimum deposit is $1,000, and I was told there is no checking account requirement.

Update 8/20/08: Based on another call to WaMu and feedback from readers, it appears only the 8-month CD has an add-on feature.

Update 8/16/08: I just called WaMu again, and I was told there are no new money requirements. Also, I received further confirmation that both the 8-month and 13-month CDs have the Add-On feature (excludes the online CDs).

For those not in the above states, you can still open WaMu's Online CDs. In addition to the 4.25% APY 8-month CD and the 4.50% APY 13-month CD, there's also a 4.50% APY 12-month CD (see post).

In addition to these CDs, WaMu is offering a 3.75% APY on its Online Savings Account which makes it one of the top nationwide savings accounts (see post).

WaMu has been suffering from billions of dollars in loan-related losses in this mortgage crisis (see news article). As I recommend with any bank, it's best to stay under the FDIC limits (see post).

Bank deposits at WaMu are FDIC insured under two banks: Washington Mutual Bank FSB and Washington Mutual Bank. Washington Mutual Bank appears to be the main bank which holds most of the deposits.

Thanks to the reader jwbodnar who mentioned these Add-On CDs in the comments.

  Tags: New York, California, Washington, Georgia, Utah, Texas, Nevada, Illinois, Oregon, Idaho, Arizona, Colorado, CD rates, New Jersey, Connecticut, Florida

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Comments
12 Comments.
Comment #1 by Anonymous posted on
Anonymous
I just called and the CSR said this promotion would be ongoing "for about another month."

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Comment #2 by Anonymous posted on
Anonymous
Does anyone know whether these new in-branch add-on CDs require new money? This would be a good place to park the 7-month add-on CDs that are now maturing.

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Comment #3 by Anonymous posted on
Anonymous
New money is not required but the 13-month CD does not have the add-on feature.

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Comment #4 by Banking Guy (anonymous) posted on
Banking Guy
Just called WaMu again. First CSR said neither CDs had the add-on feature. He forwarded me to another CSR who checked on this, and came back and said both the 8 and 13-month CDs have the add-on feature. Also, neither have new money requirements. If you receive different information, please leave a comment. Hopefully, we'll eventually be able to get the right info.

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Comment #5 by Anonymous posted on
Anonymous
I can just imagine the confusion at the bank when when it comes time to do the actual add-on. Check and KEEP your terms of service if you open one of these.

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Comment #6 by Anonymous posted on
Anonymous
I opened an account last week and also just called the CSR right now to re-confirm. The Add-On feature is ONLY for any CDs that are 12-months are less. So thus the 4.25% 8-Month CD would have the Add-On feature; and the 4.50% 13-Month would NOT. Hope this helps to clarify some matters for everyone.

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Comment #7 by Anonymous posted on
Anonymous
I opened a 13 mo CD at a Northern California branch today and was told the same thing as the 10:32am poster mentioned, that the add-on is only for CDs 12 months or less.

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Comment #8 by Anonymous posted on
Anonymous
I went to a branch in Portland, Oregon. Same story as others - their disclosures all say that add on is limited to CD with durations of less than 12-months. So the only add-on CD available was their 4.25% special. Branch manager suggested that the phone agent was mistaken after I showed them your post. Drats!

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Comment #9 by Anonymous posted on
Anonymous
I opened a 13 month CD today at a branch in Mountain View, CA. There is no add-on feature for the 13-month CD.

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Comment #10 by Anonymous posted on
Anonymous
I received a disclosure statement this weekend. WaMu's money market for those with the guaranteed rate is now at 4.00% APY.

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Comment #11 by Anonymous posted on
Anonymous
Yes, I opened 13-month and 8-month CDs at an Illinois branch. Only the 8-month CD has Add-On (that feature is clearly listed on the printed certificate for the 8-month CD). BTW, I was told that with WaMu's free checking, OUTBOUND wire transfers are FREE and UNLIMITED. A great feature.

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Comment #12 by Anonymous posted on
Anonymous
Discussed a CD with CSR this morning. He said to wait - there are new rates being announced tomorrow which would be better than they are currentl offering but could not disclose the rates. I'm guessing tomorrow could mean Monday also.

Thought I would share.

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