WaMu’s Unpublished (In Branch) Rates?

Posted in Money Market Rates by Jay Fitzpatrick
August 5, 2008 07:28 AM - 55 Comments

Longtime reader and frequent contributor, Thai, was nice enough to email me to inform me that WaMu is offering an astonishing 4.25% APY savings account (unconfirmed). You need $25k minimum to open, and apparently this deal is valid only in local branches.

Dan also mentions that he was able to get a 4.00% APY rate (unconfirmed) by asking for it in the brick & mortar branch.

If this really is true, these are killer rates. Can someone visit their local branch and leave a comment to confirm these rates? They may vary by ZIP code.

UPDATE (8/11/08): Bankaholic reader Tim has confirmed that these promo rates are currently running in WaMu branches. No word yet on when this promo will end, but I’ve been hearing rumors that these rates are only valid for a week or two longer.

8 mo. CD w/ $1000 minimum - 4.25% APY
13 mo. CD w/ $1000 minimum - 4.50% APY
4 yr. CD w/ $1000 minimum - 5.00% APY
Money Market Savings w/ $25,000 minimum - 4.00% APY

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Maddy said:
on August 7th at 02:21 pm

And they are also offering 4.5% for the 12 and 13 month CD!!

Now, are these what we call outlandishly high rates compared to the market rate(I am referring to an early article on this website)? or are these signs of changing times? (not too believable)
jean said:
on August 7th at 05:38 pm

The minimum amount to open a 4.25% APY 8-month CD online is only $1000.
josh said:
on August 7th at 05:53 pm

can you fund the online CD with a credit card?
Andreas said:
on August 7th at 06:23 pm

It really seems like every other day, one of their CD or savings account rates goes up…
Sandeep said:
on August 7th at 07:50 pm

It is going to be next Indymac for sure. That is the only reason of these mad rates. The bank is short of cash.
Concerned American said:
on August 7th at 07:56 pm

Any confirmation that they are running promo rates in branch?
John Sinski said:
on August 7th at 08:56 pm

Read about 4.25% on savings with $25,000.00 minimum at local branch. Went to local branch with check in hand. They deny it exists even after I showed them this site and read it. ———-NICE
C.K. Wong said:
on August 7th at 11:54 pm

Just went to the WaMu at Alhambra, CA. 8 mo CD - 4.25% min. $1000.00 with the choice to add money during anytime during the 8 mo. term.
Spoke with the rep… this promo will last at least a week.
The promotion started on 08/06/2008.
J. Wu said:
on August 8th at 12:24 am

Thanks CK for investigating this.
Concerned American said:
on August 8th at 01:22 am

In addition to this money market promotion, the ad also lists a 4.50% APY CD with terms from 13 to 17 months. The minimum deposit is $1,000.
SpoiledBrat said:
on August 8th at 04:28 am

I heard about this offer the day before it releases from a local branch. I’m looking into switching my MMA i signed up for @ 4.25% to this 4.5% CD since I’m only getting 2.85% now in my MMA
KS said:
on August 8th at 05:56 am

If they are they next indymac i guess we will see how much the fdic really has then!!!
AQ said:
on August 8th at 11:47 am

It is true I was in the Altamonte Springs, Florida branch and they gave me the info. I never go inside I do all my banking online so it was a tell of events that I needed to go inside for a money order.

Anyway the 8-month deal is at 4.25% 1000.00 min.
There are 12 to 18 month deal at 4.50% and you can choose 12 months, 13 months, 14 months, etc. 1000.00min

I have not seen these rates since I opened my online account with ingdirect in 2007 - all my money just got transfered. You have to do what is best for you.

Just remember do not go over the $100,000.00 FDIC insured amount if you think this is a bank is low on money issue and is trying to keep from going under.

AQ
Chip Rohlke said:
on August 8th at 05:15 pm

Just opened a money market acct at Wamu and got 4%. 8/9/08
stephen said:
on August 9th at 10:42 am

WAMU is gifted in their promotions of their products. They are not so forthcoming with hidden fees associated with accounts such as IRA’s. The charge you a $25.00 cancellation fee anytime you choose to leave their special instituation.

I will not be investing with them, not matter what attractive offer they use to lure people through their doors. Oh yes, please note that the cancellation fee I was charged in not on their disclosure forms, etc.. They did ultimately produce a form which show the fee, but it is dated over a year after I had opened the account.

Just be aware!!!
Karen said:
on August 9th at 02:49 pm

My local branch accounts manager called me at work to offer me an increased rate on my current CD that I opened two weeks ago (which was at 4%). She also mentioned the new 4.25 % CD that I am taking advantage of today. You can have more than $100,000 in the same bank (separate account) but you will need to add another beneficiary to one of your accounts. Both beneficiary’s qualify for $100,000 each. Wamu will confirm this via the FDIC website including a printout showing what is insured in your accounts and what is not. Yes, I agree they are looking for more cash, what bank isn’t right now?
Chip Rohlke said:
on August 9th at 04:57 pm

I had opened a MM acct with Wachovia a week ago @ 3.5% then they went up to 3.75% but won’t match Wamu MM at 4%. Seems Wachovia was short of cash but their broker said they got tons so they’re not matching WaMu. Seems banks do these promotions to gain cash deposits then they can leverage with the fed & create money(out of nothing) to lend at much higher rates(like credit cards at 15-21%..etc. Must be nice to borrow billions with other peoples money & double it every 7 to 10 years!
Dan Tanner said:
on August 9th at 05:46 pm

WAMU is offering 4.00 savings accounts in branch only, not on website. Their CDS are priced at 4.25 APY and more.Everbank has 4.76% for 3 months, but they take way long to open accounts and performs hard credit checks and ask paperwork.

Since stock market is a bust there is a lot of cash on the sidelines and that’s what the institutions are targeting.

I think the rates will keep climbing and you should keep shuffling cash positions, door to door, just like you do in stocks.
gary said:
on August 9th at 07:13 pm

FDIC has unlimited money…just like the government. The problem is the more they give out…the less each buck is worth. That is why gas has doubled, the value of the dollar has dropped in half.
Dan Tanner said:
on August 9th at 08:03 pm

FDIC is an insurance company run by Government.

They have adequate resources to meet banking needs. Office of Thrifts and Loans makes sure banks do not diverge from the beaten path and end up in a ditch. Therefore you should not be so concerned about FDIC’s ability to perform. All banks will do not go down, few will just like any other industry.

Gas prices are a function of OIL COMPANY greed and rampant disregard of ethical business practices. Its a price fixing scheme, that no one dares to touch, or control, due to political connections these people have.
Jeff said:
on August 9th at 09:10 pm

I walked into a branch on Aug 9 and got a 13 month CD for 4.5%. I had to sign up for free checking at the same time, but all it requres is $1 deposit and no monthly fees.
Clemence said:
on August 10th at 08:49 am

I just opened a 4.25% APY 8-month CD account and the banker was telling me that the offer is going to end in a few days time. Better get it while its still available.
Dan S said:
on August 11th at 02:03 pm

Moron’s. Killer rates?? A lousy 4% is a killer rate! Look what we all have come to believe, they can rip us off for $4.00 a gallon and we cheer 4%? Get a life - in fact, get an after life.
Lauren said:
on August 11th at 02:58 pm

Morons not moron’s honey.
Mark Steven said:
on August 11th at 05:30 pm

Charter Bank offers 6% Turbo Banking w/ a max. of $25,000.00 - A few requirements ( 10 debit/credit transactions per month ) and 1 Direct deposit or ACH? transaction per month … I was wondering if anyone knows anything about this bank? http://www.charterco.com
B said:
on August 12th at 04:25 pm

FYI…

WaMu Free Checking(tm):
“Free ATM cash withdrawals worldwide: Withdraw cash from your WaMu Free Checking account at any ATM and we won’t charge you a fee. Sadly, other ATM operators may still charge you a nonrefundable fee and foreign currency exchange and transaction fees may apply”
(located on website at http://www.wamu.com/personal/checking_account/wamu_free_checking/default.asp#1 as of 20080812 10:55AM US Central Time)

But then by clicking on the .pdf called “Our Fees and Frees” on that same page it reads under section titled “ATM & Debit Card”

“Non-WaMu ATMS, Domestic & International Transactions— $2 /each”
(located on website at http://www.wamu.com/NR/rdonlyres/E58D9C54-1024-49DE-878A-661CC5518942/0/OurFeesandFrees_060108.pdf as of 20080812 10:55AM US Central Time)

I called WaMu at 866.236.7766 to ask this question on 20080812 10:55AM US Central Time and talked to 3 reps:

1st Rep: stated that fees had recently been added to non-WaMu ATM withdrawals for said account

2nd Rep: concurred that fees had recently been added to non-WaMu ATM withdrawals for said account

Account Manager: stated that the website verbage (no fee) was correct and that aforementioned .pdf was for “all WaMu accounts”– ie, not specifically for WaMu Free Checking(tm).

When asked where the fine print could be found to support his (and WaMu’s current website’s) claim of no fees, he said that the only way was to go to a brick/mortar or start opening an account to see the exact terms.

Note that on the claim “Free ATM cash withdrawals worldwide…” found on the WaMu Free Checking(tm) webpage (see above), there is not a footnote or reference to other fine print that could qualify the claim that states “ANY atm”.

I would prefer not to go to a branch to clarify this, so if anyone has any insight…

Note, however, if for WaMu Free Checking(tm) accounts WaMu does charge fees ($2 each) for ATM withdrawals from non WaMu ATMs, isn’t this fraud and couldn’t users petition for refunds of those fees until the website verbage is changed?

Whatever the case, considering WaMu’s stock dive from a year ago and the fact that WaMu representives disagree on this simple (highly advertised) selling point, I’m thinking I’ll go elsewhere.

Thanks to the folks for hosting this site– it’s a useful one.
Happy Banking,
-B
Mike said:
on August 12th at 08:28 pm

It’s true. Just called my local branch in NJ and WaMu is offering a 4.25% savings account.
Concerned American said:
on August 12th at 09:34 pm

WAMU stock is tanking! BEWARE of this bank
Tim said:
on August 13th at 12:58 am

Just confirmed -

8 mo. CD w/ $1000 minimum - 4.25% APY
13 mo. CD w/ $1000 minimum - 4.50% APY
Money Market Savings w/ $25,000 minimum - 4.00% APY

Not too bad if you ask me.
bvchurch said:
on August 13th at 04:37 am

I stopped in at my local WAMU branch in Idaho ready to open up an account, but my office is not offering any specials and is redirecting me to their site. Hopefully I can speak with the branch manager tomorrow and see if they have more information.

I did speak with a customer service rep at the WAMU 1 800 number and she told me that the interest rates vary state to state, and that earlier this week they were running branches were running specials.
danny said:
on August 14th at 01:46 am

Just stopped by a brick and mortar WaMu. The rates are good through at least tomorrow (8/14/08). Also they are offering a 4 month CD w/ $1000 minimum - 5% APY
danny said:
on August 14th at 01:47 am

CORRECTION (see above) - 4 YEAR cd - 5% APY
J. Wu said:
on August 14th at 02:25 am

Thanks Danny!
bvchurch said:
on August 14th at 07:15 pm

Well no go on a higher rate at my branch, however I just signed up for the free account and will go to the online savings.

Thanks all!
Hiker said:
on August 14th at 09:11 pm

Just got the CD online for 4.25% APR - 8month…Be warned you have to give funding account info online when you open — you cant just send in a check later. I noticed Wamu dropped most of their online Ads for this rate today, wonder if its going away soon…dunno.
Dan Tanner said:
on August 14th at 09:46 pm

I do not know why people lock themselves up for 8 months for a CD. My being a stock income trader, I like to man myself at the best opportunities and shifting my cash positions for maximum gains.

I am sure someone will will be offering 5% than its time to say good bye to WAMU and welcome to 5% Bank. Please do not marry your bank. I hate this.
KS said:
on August 15th at 04:25 am

I see in the local paper the Key Bank has the same rate has Wamu.
SS said:
on August 18th at 04:06 am

Dan Tanner,

How will u then know that another bank wont offer 6% right after ur 5 %?
Maddy said:
on August 18th at 08:45 pm

SS,

I think you did not get Dan’s point. He says that its good to keep your funds liquid rather than committing to a CD.

So, if a 6% comes bank along, do a check on it, and if it’s good, go for it!
Nina said:
on August 19th at 03:26 pm

WORD OF CAUTION ON WAMU: Ive been banking with them for years… I have a mortgage with them. If you call customer service, they are soooooooooooooo horrendous in their customer service. Ive also had horrendous customer service going in the WAMU banks… compare their customer service with BofA, for example… you feel that WAMU doesnt care… just be prepared. They also have this survey that you can take when you call customer service… they disable it if they think youre going to give them a bad survey. Now this is just my experience.
Edward said:
on August 19th at 10:35 pm

I too am worried about this bank. Only a one star rating. Have recently put all my eggs in this basket in an eight month CD. I’ll hold on and hope the bank stays solvent for the duration.Keep smiling
Heidi said:
on August 20th at 12:04 am

I just emptied my WAMU account partially because of what I’ve read on this blog (but also others). I also heard last week from a client who works for CITI and a teller at CHASE that both are trying to buy it. In the process I overdrew my account-the first time in 4 years, and I had to trek all over lower Manhattan to get my $34 back..but I was sternly warned if it happened again, “I would most likely not be refunded”. Suckers. I have also experienced terrible customer service, especially in regards to their credit card. Right after IndyMac failed there was a post here about who would be next, and signs to look for. Then I walk into my WAMU branch and get handed a paper that says 4.25% on an 8 month CD for “valuable customers”. It was all the encouragement I needed to get the heck out of Dodge!
Tim said:
on August 20th at 02:25 pm

I found a link where they promise to waive one NSF fee per year for the Free Checking account ( “Free overdraft or non-sufficient funds fee refund—use one per year” http://www.wamu.com/personal/checking_account/wamu_free_checking/default.asp), but I haven’t needed it yet.
Tim said:
on August 20th at 02:28 pm

I am not the Tim in the original post :).
Macossay said:
on August 20th at 09:42 pm

Wachovia was offering 4.25APY on a twelve month last week but dropped it to 4.20 this week. However I just got 4.5APY on a 24 month. These aren’t the published rates, though. I called my brick and mortar to get them.
Dotty said:
on August 22nd at 10:16 pm

I just went into my branch and found out there is a in branch promotion for one week only starting tomorrow (Sat). Any new funds brought in and you can now get a 5% rate on an 18 month CD. Check it out. WooHoo. Thanks Calabasas WAMU for letting me know.
Jen said:
on August 23rd at 12:53 am

I went into my local San Diego branch today and they are still offering the 8 month CD at 4.25%. They also told me about the CD with the 5% APY, starting tomorrow, but was told that it was a 13 month term. I’m hoping the gentlemen didn’t get his months wrong.
Dotty said:
on August 23rd at 01:08 am

correction to my comment earlier today at 10:16 am (it gets better!) I went back into the bank after transfering money… I made an error the term is 13 months not 18 months for the one week unpublished promo. And… if you should already have money in wamu you can add matching funds from an exisiting wamu acct to the new funds up to a total of 50 %. (thanks Jason)
Woohooooooooooooooo. Check out their money market rate too. Its higher than ing right now.
Tony said:
on August 23rd at 03:37 pm

Rate just came out today ( 8-23-08) for a 5.00% APY 13 month CD with WaMu….Still has the 1k opening balance requirement..
Jason said:
on August 23rd at 08:13 pm

Just opened an online CD for 12mo at 5%APY.
Erin said:
on August 30th at 02:55 am

I got these rates as an online savings account only. I called the branch and they said they could not offer the 4.25% but it was available to people opening a new wamu savings account online. We opened and that rate lasted us about a month, 6 months later it’s earning maybe 3%. Hope this helps!
ram said:
on August 30th at 01:48 pm

The Wamu rates are correct. 8 mth cd yielding 4.25% $1000 min to open. 13 mth cd yielding 4.50% $1000 min to open. 48 month cd yielding 5% $1000 min to open. Available to new and existing money. The money market savings is yielding 4.00% with $25k minimum and a free checking acct. On the business side all the cd’s are available to business customers and they are offering a 4.07% yield with a minimum of $50k plus a free business checking (no min balance required). They are having great deals and it keeps going for the month of september. ram in NJ
Teri said:
on September 11th at 03:29 am

5.00% 13 mth CD in 85224, chandler and Alma School branch! They have great customer service too!
bro. john said:
on October 5th at 04:37 pm

So someone tell what to do 250000.00 cash
Michael Jackson said:
on October 9th at 02:17 pm

I tried opening a online cd and had a lot of problems, made calls to customer service and was given misleading information, which is unacceptable to me.
I never did fund the cd and I’m glad because I’ll never do business with them again.
Too many other honest places out there and rates are going up anyway.

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