WaMu is offering free checking and a new savings account with a new 4.00% Annual Percentage Yield (as of 9/08), so combining these two is a great option for those who have WaMu branches near them. You can get the convienence of your local branch coupled with ATM withdrawals and deposits, plus you'll receive the high interest rates and free online fund transfers of your online banking account. For comparison, this is what you get with WaMu's free checking account.
– No minimum balance or direct deposit requirements
– Free basic checks for life
– No ATM Fees
– Free Overdraft
WaMu Online Savings Account:
– Competitive 4.00% APY on all balances
– Rate is only available online
– No minimum balance requirements
– Instant Transfer Between Checking and Savings Account
You can open up your free WaMu checking account either at a local branch or online, but you can only open the savings account online. However the set up time for these accounts is really quickly, with the online savings account being set up in less than 5 minutes. Because funds transfer instantly from one account to the other, you can always have your money in the highest yield account and take out what you need, when you need it.
Overall, since WaMu lacks fees from all of its services, it's a great way to spend and save money, especially since all of your checks are free for the duration of your account. You can deposit any checks directly into your savings account at any ATM, which helps you maximize your interest. There's no other online bank which allows you to do this. You can also transfer the funds instantly from your savings account to your checking account, with no fees. However, you are limited in the amount of times you can do this in a month, with the limit being six.
The online interface for making transfers and deposits is very easy to use as well. It's simple and intuitive, which makes it easy to use their Online Billpay feature. A new feature which has been added in the past few months is online funds transfer, which lets you link up any external accounts you have by using your routing number and your account number. Transfers done in this way are free both in and out, which makes it very convenient for those who don't have a WaMu checking account but still want to use their high yield savings account features.
WaMu also features unparalleled security to give you the peace of mind you need when dealing with your money online. They have several security features in place which require you to confirm your identity before any major changes are made to your account. You can confirm yourself either via phone or mail, which makes it harder for identity thieves to get your information and use it for nefarious purposes. Customer service is also great, if you ever have a problem with your account, or you need assistance, WaMu's customer service via the website or telephone is fast and curteous in helping you resolve your problems.
Originally posted 2008-09-29 16:39:51.