WaMu offers five different types of savings accounts that can be used to accumulate some money for your next trip. The first thing I looked at between WaMu’s two savings account offerings (online and statement) were the annual percentage interest rates.
The online savings accounts offers a competitive 3.30% but the statement account is less than half a percent. If you’re just opening a new account, the online savings is a good way to accumulate money while it sits in the bank. Existing online savings account holders might not have a good enough incentive other than a few tenths of a percent annually to switch. I was hoping to get the benefits of an online account (good earning interest rates) along with the benefits of a WaMu’s brick and mortar banks.
The site itself does a wonderful job of laying out the options and advantages of each account. I was easily able to find out the minimum deposit needed to open an online CD, find out the relevant interest rates, and learn that CDs are automatically renewed once they have matured.
Frankly I’m encouraged to see WaMu and other “traditional” banks offering more in the way of online savings accounts. The differences between the accounts are clearly laid out and you can centralize your emergency funds, trip stash, and retirement wealth with WaMu’s savings accounts.
This is a sponsored review of WaMu savings accounts.
