WAMU 5% 12 Month CD

Washington Mutual Bank (WAMU) has just released a 12 month CD with a 5% APY rate. This rate is only offered until 8/29. There is a minimum investment of $1000, but that is it. You are not required to open a checking account, savings account etc.

This 5% 12 month CD is being offered as an Online CD, meaning that it doesn’t require a visit to a branch. The CD, however, is available at branches if you feel more comfortable opening it that way.

I cannot comment on WAMU’s customer service as I have never had an account with them. There is talk that they are desperate for deposits due to the recent bank issues, but as long as you invest less than the $100,000 you will be covered by FDIC insurance.

A 5% APY for one year is a pretty good rate as I don’t beleive we will see 5% online savings accounts for a while until the Fed starts to increase interest rates, and with the current housing crunch I highly doubt it will start happening soon.

WAMU 5% 12 Month CD is Back! After taking the 5% CD away, WAMU has it back on their site. It is now being offered in...

Bank Failures Expected to GrowAccording to the FDIC, they are expecting in the upwards of 100 or more bank failures in the next 2 years....

UFBDirect - High Interest Savings Account As the Fed keeps cutting interest rates, High Yield Savings Accounts such as ING Direct and Citibank are falling...