WaMu (Washington Mutual) just ramped up their online savings account rate to 4.00% APY today.
As of now, a complete failure of WaMu seems highly unlikely since there are many potential bidders examining their assets. In addition, the US Treasury has also set a hazardous precedent of bailing out companies that are “too big to fail”. Nevertheless, stay aware of FDIC insurance limits.
And the 12-month CD is back at 5%!! 
I just opened the 5% 13 month CD at WaMu. They also have an 8month CD at 4.25% with the add on feature.
I recently read in the WSJ that WaMu is looking for a potential buyer because of mounting pressure from the Fed. JP Morgan Chase, Citigroup, Wells Fargo are among the names being tossed around. As well you just had a survey on this site about who is the likely candidate to take over WaMu. My question is, what will happen to these amazing savings and CD rates if and when this happens?
CD and Savings rates will go down similar to how they did when Bank of America took over countrywide.
Giving these people your money at any interest rate just sends the message that US citizens are even dumber they look and can be bought off by any corporation regardless of how much damage they cause and how many people they hurt. Whose says you can’t fool all the people all the time?
Even with a buyout, your CD rates will remain in effect for the initial term of the CD. The savings rate can change at anytime though. With a complete failure, you are FDIC insured up to $100K and like IndyMac the Feds let people pull their CDs penalty free even if the term wasn’t up. Interest was paid up to the date of withdrawl.
I read a buch of good reviews of WAMU but have had nothing but problems since opening an account with them:
1. They screwed up opening my accounts and I had to spend and hour with tech to straighten it out.
2. It takes FOREVER to transfer money in or out of WAMU.
3. After finally clearing the money I transfered in (over a week), the 5.00% 12 month cd was gone. Unlucky me it returns 10 days later.
4. After my first interest payment on an account, they withold backup taxes to the Federal Government, which I’m not subject to. After a couple of calls to WAMU (their phones keep hanging up), they tell me that there is nothing the can do about it and to call the IRS. I call the IRS (1.5 hours of my own time) which says WAMU is full of it and to ask them for a copy of the order. A couple more calls to WAMU (as their phone lines are still screwed up) and they tell me me that it will be two business days to research. Two days later they tell me they screwed up and it will be three more business days.
How much of my own time do I have to waste on their errors?
As soon as my CD matures, I’m taking every penny out of WAMU
Sad to hear that David,
I’m currently with WAMU and have been for a while. I don’t have problems with them, but then again, I don’t transact business with them online.
Why isn’t ING Bank listed anymore on the CD Rates pages? They have some pretty decent deals going.
If I deposit some money for that nice 4% APY, and the WaMu Goes Into Failure, how long will it take me to get my money back from the FDIC?
Bkonkeo,
Because ING has not been competitive for years………
What goes around comes around…I’m glad to see WaMu gone and if there were any justice in America, Kerry Killinger and Angelo Mozilo will find themselves in Guantanimo Cuba with the rest of their ilk for about 40 or 50 years.
The new wamu is jpmorgan now.Been bought out!!!
Get those 5% Cds before the weekend – doubt they’ll be around for long….
WAMU…HISTORY!!!!!!!
Guys, WAMU has been taken over by J. P. Morgan. This 5% CD is still available. It won’t last too long. It may not even last over this weekend. Take advatage of this as long as it is available.
Highly unlikely huh?
^^^^^^^^^^^
It is even MORE highly unlikely that a complete failure of WAMU is going to happen because they are stronger now that JP Morgan has bought them.
AND WAMU IS DOWN FOLKS!
Whether it’s WAMU or J. P Morgan….5% C.D. rate is a pretty good deal.
FDIC insured means you’re covered. Take the deal! When it comes to substantial money investing…I’m “old school”…if I can’t “WALK INTO YOUR BUILDING” to conduct buisness…I’m GONE! Websites can close or disappear…
That’s 5%…5 percent!! NOT .5%!! I don’t know where that decimal came from!!
I have been with WAMU for about 12 yrs now and I for one am sad to see them go. I deal with them on line to manage my accounts and have 3 CD’s ( just under 100K) 2 IA’s (just under 80K) and a regular checking and on-line savings account. I have NEVER HAD ONE PROBLEM WITH THEM. On rare instances I have had to go into the office because I did something stupid (like misplace my ATM /Debit card which I use all the time) and they take care of the matter-quickly and with a smile on their face.
Just signed up for the 4% savings, it’s great because I can add money to it each month as opposed to CD and it is Liquid.
it is not 4% anymore. Now it is only 3%…
Yep Wamu is at 3% now. Wachovia still has a 3.75% saving account
“Hi, you guys have the 5% 12-mo CD going on, yes? I tried to create one online yesterday but it wouldn’t let me passed the security questions.”
“Oh, let me call the online people to see why it didn’t work… They say that had a little issue and you can try again, its fixed. They’re sorry about that, but your application is on their file. You just need to finish it where it stopped you”
“Ok thank you.”
“Ok, but the rate changed today, so you won’t get that rate”
“Huh? Um… well can I speak to your manager to see if I can get the exception since you have a record that I attempted, but your server wasnt working? I want this rate”
“Yea, we’re sorry we can’t do that”
“But its been only HOURS”
“Yea, sorry”
I had bad experiences with WaMu website and customer service on the phone.
Didn’t get the CD funded and I’m glad.
They were misleading and that is unacceptable to me.
Rates are going up anyway…
These people are not worth dealing with.
I can see why they failed.
ING Direct may not have as high a rate, but they have got to be the best to deal with.
Customer service at WaMu is a joke.
“yeah, I’m sorry, unfortunately we can’t fund your cd, reapply…blah, blah, blah.”
I DO NOT like liars and they lied to me a couple of times.
Adios, I’m off to another bank.
Did anyone else receive this retarded reply:
Thank you for letting me know about this issue. I regret any
inconvenience it may have caused.
Unfortunately, more information is required to research your inquiry.
We’re sorry for the misunderstanding.
Have a great day!
Sincerely,
Myrna Fitch
WaMu Customer Service
I tried to get the 5% CD also, but since my external account with wamu was only partially set up, I had to abandon the application. The next day after the external account was set up, I tried to apply again online and it said I would have to wait 7 days before applying again. The rate went down 4 days later. GRR. I hope it goes back up soon.
wachovia 3.75%%%%%%%%%%%%%%%%%% holla
Gmac is 3.75%
Please provide a link to any wachovia 3.75 account. We are in SC and GA and cannot find this rate, Thanks!
citi 3.5%
Should anyone sane post here when the miser is dis-allowing any link backs in your comments? I am sure he has DONOT _ FOLLOW tags so tightly screwed you can’t get a drop of PageRank juice from him.
hi guys! (& ladies) i’ve been juggling online savings accts now for abt 3 years & i’m noticing more and more …”what” is described as a “current” lucrative rate for ‘liquid savings accts” online….”never” “EVER” seems to be what is advertised in these types of websites…no matter how well informed or expert these people are!…ie;…. i just got off the phone with a wamu rep dealing with their online savings acct & the person lacked any sales enthusiasm or positivity…but worst …your beginning paragraph says wamu is even ramping up ….to 4% their online savings….but he insisted i cannot get any more than “2..something %!!! either these “BANK RATE WEBSITES” NEED TO GET THE CURRENT RATES CORRECT; NEED TO INFORM THE GENERAL PUBLIC THAT THEE RATES ARE SUBJECT TO DROP DRASTICALLY THE “NEXT” DAY OR SOMEBODY NEEDS TO LOOK @ HOW THESE RATES MAY PURPOSELY BEING PUT OUT THERE IN CYBERSPACE TO “DECEIVE” US “BELOW $100K SAVERS OR INVESTORS..zeetz2004…
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