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WaMu CD Rate Update: 5.00% APY, 12-Month CD
Posted By Jim On 09/23/2008 @ 6:45 pm In Banking | 6 Comments
Update: The 5.0% APY Online CD is no longer available and the rates quoted in this article are out of date – read this list of best CD rates  for current rates.
A month or so ago, Washington Mutual  (WaMu) offered a 5.00% APY 12-month CD, one of the best interest rates on a 12-month CD available (I wrote a post listing the best CD rates  available, updated weekly). ING Direct’s  12-month CD is 4.00% APY  and HSBC Direct’s  12-month CD is 3.70% APY , WaMu is offering a rate that’s a full point higher for the same term. (If you check Bankrate’s list of CDs, the national overnight average is 3.69% APY, WaMu’s CD isn’t even listed)
Right now I have some CDs at ING Direct because I laddered our emergency fund , but the rates are all in the 3%’s only recently have they gone up. The rates these days are far more competitive and I’ll be opening a WaMu  account so I can take advantage of the one-two punch of a high yield checking/savings account combo and this 5.00% APY CD.
While I’m pretty sure you don’t need a checking/savings account to open a CD, I think it’d be easier to use their 3.75% APY checking account as a holding account. It certainly trumps my piddly 0.00% APY checking account for sure. Plus, having a checking account there costs nothing (except time) and it makes it easier for me to move things around if WaMu keeps things competitive.
Details of the offer:
(Photo: thetruthabout )
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 best CD rates: http://www.bargaineering.com/articles/best-cd-certificate-of-deposit-rates.html
 Washington Mutual: http://www.bargaineering.com/articles/r/wamu.php?tag=5APYcdBack
 ING Direct’s: http://www.bargaineering.com/articles/r/ingdirect.php?tag=5APYcdBack
 4.00% APY: http://home.ingdirect.com/products/products.asp?s=OCDHP
 HSBC Direct’s: http://www.bargaineering.com/articles/r/hsbcdirect.php?tag=5APYcdBack
 3.70% APY: http://www.hsbcdirect.com/1/2/1/default/learn-more/ocd?code=CSM0000459&WT.ac=HBUS_CSM0000459
 laddered our emergency fund: http://www.bargaineering.com/articles/laddering-your-emergency-fund.html
 WaMu: http://www.bargaineering.com/articles"http://www.bargaineering.com/articles/r/wamu.php?tag=5APYcdBack
 detailed listing of their fees: http://www.wamu.com/NR/rdonlyres/E58D9C54-1024-49DE-878A-661CC5518942/0/OurFeesandFrees_060108.pdf
 thetruthabout: http://www.flickr.com/photos/thetruthabout/2668765545/sizes/s/
Thank you for reading!