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WaMu Online Savings Account Rate Increase: 3.75% APY
Posted By Jim On 07/31/2008 @ 9:43 am In Banking | 7 Comments
WaMu was acquired by JPMorgan Chase in 2008 and this rate is no longer available. For the latest on bank rates, check out the best high yield savings account rates  page.
I just received an email that Washington Mutual  will be raising the interest rate on their online savings account from 3.30% APY to 3.75% APY. This beats the rates found at FNBO Direct  and HSBC Direct . It’s also a sign that interest rates are headed up. (FYI, FNBO’s top rate isn’t a “promotional offer” and has no set expiration date, HSBC Direct’s rate is a promotional offer and is set to expire in September)
With inflation heading upwards, the rate was 1.0% in June 2008, it’s getting more and more likely that interest rates will also move upward to counter. The Fed doesn’t like high inflation rates and will counter with increasing the funds rate, which will in turn increase bank’s interest rates. Whether or not that’s good for your pocketbook in the long run remains to be seen, there are simply too many factors pulling at one another, but a higher bank interest rate is better than a lower bank interest rate.
Update: For some reason I thought FNBO and HSBC were at 4.50% and mis-typed 3.50%, they’re not, they’re at 3.50% and now they lag WaMu.
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