Open an online savings account with Washington Mutual (WaMu) and earn more interest than a conventional account. The application process takes about 7 minutes and you only need $1 to begin.

WaMu savings accounts offer competitive interest rates, even when compared to other major online banking and savings programs. The rates of each program and income bracket are clearly displayed on the savings setup page. Existing WaMu customers may also link online savings accounts with their existing conventional checking and other accounts.

The initial fee of $1 is tolerable, but the $4 monthly fee would seem to negate any accumulated interest – a concern I hope that WaMu takes into consideration and does away with. All that is required to open an account is a valid social security number and US citizenship or legal residency.

Customer service representatives are available 24 hours a day 7 days a week by phone to answer any questions you may have. Online checking from WaMu does offer some advantages over its competitors that are very appealing such as checks for life and free ATM withdrawals.

The site is well laid out and creating an account is simple and in most cases quick (as advertised, 7 minutes unless further history checks are required, then 2-5 days).

This is a sponsored review of WaMu Online Savings Accounts.