5.00% 60-Month Online CD Back at WaMu, But Savings Account Rate Down Again
Nov 14, 2008 - 8:30 AM by Ken Tumin
The 5% APY is not the best for 5-year CDs, but if you're looking for a long-term CD at a strong bank, this may be a good option. For more details on these online CDs and my experience opening one, please refer to this post.
A reader has commented that he saw 5% APY CD for 60-120 month terms being advertised in a WaMu branch in Boca Raton, Florida. This does not show up in WaMu's traditional CD page, so this might depend on your local branch. If you find that your local WaMu branch is offering these 5% CDs, please leave a comment.
Thanks to the reader Shrazzy who mentioned these latest rates in the Finding the Best Deals post.
Update: Chase Bank is also listing a 5.00% APY 60-month CD at its website. It's one of their special CDs with a minimum deposit of $10,000, and it's available online or at a branch.
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Tags: CD rates, Chase Manhattan Bank
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Anonymous - #1, Friday, November 14, 2008 - 9:10 AM
Chase.com has had a 5% 60-Month CD for several weeks.
Chase CD Specials
$10,000 Minimum Opening Deposit
60-Month
5.00%
You'll notice that Wamu is $1000 min vs $10000 min at Chase.
Banking Guy (anonymous) - #2, Friday, November 14, 2008 - 11:25 AM
Thanks. I've added this info to the post. Looks like WaMu's online CDs have aligned closely with Chase's special CDs. Unfortunately, only the 5yr rate is competitive.
Anonymous - #3, Friday, November 14, 2008 - 11:31 AM
I saw this available in several Northern California branches, but it seems only barely competitive. And I guess I'll be moving my savings over to a Wachovia money market!
Anonymous - #4, Friday, November 14, 2008 - 12:51 PM
No sane person should put their money in WAMU, this site does not disclose the horible customer service and bait and switch tactics of this bank. Do yourself a favor and put your money elsewhere.
rg (anonymous) - #5, Friday, November 14, 2008 - 6:15 PM
If you don't want to lock your money for 5 years then there is a 3year option with Pentagon credit union. 5% APY for 3 year CD.
If you don't qulify to open an account, then there is an option to pay $20 membership to some organization (listed on their web page)
Anonymous - #6, Friday, November 14, 2008 - 8:21 PM
WAMU used to be great, now they suck my donkey! Watch all the money go bye bye Chase.
Anonymous - #7, Tuesday, November 18, 2008 - 6:30 PM
I had two CDs maturing with WaMu today, the only two I've ever opened with them. My experience today was fresh reminder of why WaMu would never be among my top choices, absent extraordinary rates.
When I called my branch about accessibility of funds, I was told I would not be able to close the accounts until the day after maturity. In calling a second branch, I was told that even if I were to go to a branch in person, I would still have to wait 7 to 10 days for a check to arrive by mail!! Had I more time to waste, I'm sure I could have gathered more bizarro responses by calling additional branches.
As it turned out, I was in fact able to close the accounts today and leave with check in hand.
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