I just called WaMu and asked if they were still offering high rates after being sold to JP Morgan Chase. The news was good.
I just called WaMu and asked if they were still offering high rates after being sold to JP Morgan. The woman on the phone told me the 1 year CD at 5% APY and the 4% APY savings account were still active. This is a great opportunity. You can technically get very competitive rates with the security of JP Morgan Chase.
I don't know how long these rates will last. Judging by what happened to Countrywide rates after the Bank of America takeover, I'd judge not that long. But for now, they are a great opportunity for yield and safety.
Washington Mutual (WaMu) has raised the rate on its online savings account from 3.75% APY to 4%. This is the top rate in the country according to the BestCashCow rate table.
Update: September 26, 2008
Last night we learned that Washington Mutual (WaMu) was seized by regulators and then its deposit and loan business sold to JP Morgan Chase for $1.9 billion. Long term, the WaMu brand will disappear and all deposits in WaMu will be converted to Chase. Thus, if you are a WaMu account holder you will become a Chase customer. From a customer standpoint, this will look like a bank acquisition.
WaMu is open for business and is still offering some of the best rates in the country. A call to the bank verified that it is still offering its 4% APY savings account and a 5% APY 1-year CD. The 4% savings account is the top savings account rate in the country while the 1-year CD rate is also the best rate according to the BestCashCow rate table. As an added bonus, there is no minimum balance and you now get the security of Chase backing up your deposit.
To receive the high savings rate, you must open a checking account with the savings account. The checking account also doesn't have a minimum balance and is free. Both accounts can be opened together online. WaMu has received high marks for the ease of its account opening process.
Amboy Direct is offering a $50 bonus to open their eSavings Account. The account currently pays 3.25% APY.
Amboy Direct is offering a $50 bonus to open their eSavings Account. The account currently pays 3.25% APY.
To receive the $50 bonus, you must open a new Amboy eSavings account and keep a minimum monthly average balance of $3,000 or more for 90 days. The bonus will be credited within the following statement cycle after account meets 90 day balance requirements. Only one new client bonus per household. This bonus offer cannot be combined with other promotional offers. To get the $50, bonus reference code 50719 required.
The minimum balance to receive the 3.52% APY is $3,000.
Amboy Direct is a division of Amboy Bank, a $2 billion community bank with branches in several communities of New Jersey. The bank was founded 120 years ago. It has a 2 star Bauer Financial rating out of 5 stars.
I did find one annoying thing about Amboy Direct. When I went to their website to explore the offer more, they forced me to give my email address before providing any details about the offer. It seems counterproductive to force potential customers to provide personal information before they've decided to open an account. I'll be pretty upset if I receive frequent email solicitations from them.
