Washington Mutual Online Savings at 5.00% APY

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Safeway

Safeway

Lifer
Jun 22, 2004
12,075
11
81
Wamu used to offer very limited sign-up for this account. Apparently they are now offering it to all members. If you have (or open) a WaMu free checking account, you get 5.00% APY (4.89% actual) online-only savings account. That is 0.5% APY better than INGDirect!

They offer overdraft protection (transfers (within a user-set limit) funds from your savings account to your checking account). It is a great way to avoid $35 overdraft fees. The limit prevents emptying of your savings account if your card is stolen. Transferring between a checking and savings account is instant online.

I am moving half of my money out of ING and into WaMu to see how well it works out. If it is golden, I'm moving all of my money there.
 
Safeway

Safeway

Lifer
Jun 22, 2004
12,075
11
81
Does anyone else have experience with this WaMu account?

You might want to check your bank for similar offers. I saw that Wachovia is offering 5.05% APY. Bank of America might have a similar deal. They are playing catch-up with the likes of ING, HSBC, and Emigrant.
 
P

paulxcook

Diamond Member
May 1, 2005
4,277
1
0
Chase offers complete crap in the way of savings accounts. I should probably find a different bank.
 
M

maddogchen

Diamond Member
Feb 17, 2004
8,903
2
76
Originally posted by: FreshPrince
<div class="FTQUOTE"><begin quote>Originally posted by: maddogchen
i signed up 2 weeks ago but I have most of my savings in FNBO direct at 6%.</end quote></div>

what is this FNBO you speak of?
Click to expand...

fatwallet link
 
Gooberlx2

Gooberlx2

Lifer
May 4, 2001
15,381
6
91
Originally posted by: maddogchen
i signed up 2 weeks ago but I have most of my savings in FNBO direct at 6%.
Click to expand...
Ditto. Easily the best deal/rate I've seen on the 'net. IIRC, 6% only applies to funds deposited before sometime this fall, but they'll retain that rate afterwards for those deposits.
 
SoulAssassin

SoulAssassin

Diamond Member
Feb 1, 2001
6,135
2
0
Originally posted by: Gooberlx2
<div class="FTQUOTE"><begin quote>Originally posted by: maddogchen
i signed up 2 weeks ago but I have most of my savings in FNBO direct at 6%.</end quote></div>
Ditto. Easily the best deal/rate I've seen on the 'net. IIRC, 6% only applies to funds deposited before sometime this fall, but they'll retain that rate afterwards for those deposits.
Click to expand...


While I wish that was correct, it's not. The promo expires 9/28 and the current rate it's set to revert to is 5.25 (though that is subject to change). That being said, it's still the best out there. 5.25 beats just about everything.

https://www.fnbodirect.com/01d...qs/rate_promotion.html

 
A

alrocky

Golden Member
Jan 22, 2001
1,771
0
0
The WaMu 5% (online only) savings rate is a sweet deal. I just gotta get off my lazy arse and remember to finally do it. I signed years ago up for their regular B&M savings account which pays squat - so I gotta cancel that first.

Reminder that the online savings requires their checking account.
 
T

thomsbrain

Lifer
Dec 4, 2001
18,148
1
0
Etrade is at 5.05%, and you can do instant transfers (as in RIGHT NOW) between your online savings and any brokerage accounts you have with them. That makes buying stocks super easy and fast without having to keep lots of cash stuck in sweep accounts. I "borrow" from my savings account, then refill it later from my linked external checking account. Their website is very easy to use, and does an admirable job of integrating all your various accounts (IRA, brokerage, direct savings, CD's, etc). I've tried a number of the other online savings banks and see no reason to have an account with anyone other than Etrade right now.
 
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