As discussions heat up at WaMu over a possible sale, cash infusion or government-assisted transaction, so is their savings account rate. WaMu increased their online savings account rate to 4.00%APY, as they say – “sweeter savings”. Just keep an eye on your FDIC limits.
Washington Mutual is currently in trouble due to their over-exposure to mortgage related securities that may lead to insolvency. They are essentially invested into too many bad securities that will undoubtedly lose value over time.
*Note: This article is now out of date and WaMu is no longer a functioning bank due to government takeover. For the latest savings account rates, see our main savings page.
