Wamu 7% saving account

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Moderator: lvergon

Posts: 260
Joined: Sun Jun 10, 2007 6:00 pm
Location: Chicago, IL

Wamu 7% saving account

Postby Baker » Wed Aug 15, 2007 5:04 pm

Well its only currently availible in 4 states and its really more of a CD but heres the details.

The minimum deposit is $1 and the maximum deposit is $500. Then each month you can add between $25 to $500 a month by automatic transfers from your WaMu checking. The yield of 7.00% APY is guaranteed for 12 months. At the end of the 12 months, the money is moved into a WaMu sweeps account where you can start the Savings for Success account again (at a new rate) or transfer it out. During the 12 months, it's like a CD in that early withdrawal penalties apply. A WaMu checking account is required.

Available in Illinois, Texas, Georgia, and Washington.

Seems like a decent safe place to throw some money you won't need for a year. If I did my math correct and you max it out every month you would turn $6,000 into $6,232. Not the best in the world but a guaranteed 7% return is still pretty good.

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