The WaMu Online Savings account has increased its rate from 3.75% APY to 4.00% APY.
With news of Washington Mutual’s struggles all over the news, most people are asking, “Should I pull my money out of Washington Mutual?” Meanwhile, WaMu continues to try to attract depositors by raising its savings rates, giving those of us not paying attention to the media induced panic an opportunity to earn some extra cash.
Unless you have over $100,000 in your checking and savings accounts, you really have no reason to pull your money out of WaMu, because it’s FDIC insured. I’m keeping my money in my WaMu accounts and benefiting from the increased savings rate. It wouldn’t make sense to move the money to my ING account (currently 3.00% APY), because I’d be giving up extra money.
An online savings account with 4.00% APY is like a beacon of light in these dark financial times. WaMu is also offering 12 month online CDs at 5.00% APY. If you’re still thinking about all of those media headlines about WaMu, remember that your accounts and CDs are FDIC insured, so as long as you’re under the $100,000 limit, your money should be fine.
For anyone interested in taking advantage of this opportunity, you can open WaMu Free Checking and Online Savings accounts here.
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{ 2 comments… read them below or add one }
Take advantage of the high rate while you can, I’ve locked in a little money in the 5% CD too. Savings account rates aren’t set, those can change, but CDs won’t.
No more wamu