edit
Help/Support

Forums ›
Finance

WaMu 5.00%APY 12 or 13 Month CD Still Available Archived From: Finance

  • Text Only
  • Search this Topic »
  • Classic
   posted: Aug. 22, 2008 @ 11:44a
alert mods    

I just found this out, starting tomorrow 8/23 thru 8/29, WAMU is offering a 13 month, 5.00%APY CD. It will be available in the branches, online, or by phone.


**UPDATE: Looks like the promotion is back on starting tomorrow 9/6 thru 9/12**


   posted: Aug. 22, 2008 @ 11:44a

Update 9/24: 12- and 13- month is now 5% again. Online Saving is now 4%.
Link

Update 9/13: 12 and 13 month down to 4% now. But the 8 month is back to 4.25%

Update 09/06: 5% rate is back, effective 09/06/2008
Go to www.WAMU.com and click on link "Earn a great rate on our 12 month Online CD! Learn more"

As of 8/30 rate for 12 and 13 month online has dropped to 4.5%

12 & 13-month @5.0% APY online

13-17 month term when I called to renew traditional CD

Online CD must be closed at the end of term. Cannot be renewed.
Traditional CD allows you to add additional fund up to the original deposit.

Minor note: 12 month or less CD's get better delayed tax treatment (all is interest taxable at maturity, none this year). For longer than 1 year CDs, interest is taxable for year it's earned. Might make you want to choose a 12 over a 13 month CD if you're tax rate is flat or rising.

http://www.fdic.gov/bank/individual/failed/wamu_q_and_a.html#interest

6. Will I continue to earn interest at the same rate?

All interest on deposits accrued through September 25, 2008, will be paid at your same rate. JPMorgan Chase Bank will be reviewing rates and will provide further information soon.

Message edited by: manuvns on 2008-09-26 08:56:53 CDT
   posted: Aug. 22, 2008 @ 11:49a
alert mods    

Too bad, I just started a 9month 4.25% CD with WAMU at the end of last month.


   posted: Aug. 22, 2008 @ 11:56a
alert mods    

I just confirmed with my WAMU bank and indeed they are offering a 13mo CD 5%APY starting Saturday 8/23 and ending 8/28.

I think I may take them up on this special. Just received $30K and I had planned to it invest the money in one of my MM funds, but this sounds pretty good.


   posted: Aug. 22, 2008 @ 12:03p
alert mods    

I need to get in on this but have been unable to open with them because of my security freeze. So I just called and was told they pull through Equifax and will need to unfreeze. Figure for 5% I can take the hard hit


   posted: Aug. 22, 2008 @ 12:12p
alert mods    

This is definitely a sign of desperation from a one star bank. But as long as some stupid Senator does not make comments on them they should be bringing in more than enough new money with these great rates to keep operating


   posted: Aug. 22, 2008 @ 12:23p
alert mods    

When WAMU goes under, will the FDIC continue paying out the 5% for the duration of the term?


   posted: Aug. 22, 2008 @ 12:27p
alert mods    

swandown said:When WAMU goes under, will the FDIC continue paying out the 5% for the duration of the term?
With Indymac they did because they took them over. I think with WAMU it will depend on what happens when/if they fail. Normally the the FDIC tries to get another bank to take the accounts but like Indy they might be to big for that


   posted: Aug. 22, 2008 @ 12:57p
alert mods    

swandown said:When WAMU goes under, will the FDIC continue paying out the 5% for the duration of the term?

That brings up a good opportunity. Let's start a FWF bank, issue 20% CDs with FDIC insurance, then fail. We'll all put our money into them, and be covered.


   posted: Aug. 22, 2008 @ 1:32p
alert mods    

walletfart said:swandown said:When WAMU goes under, will the FDIC continue paying out the 5% for the duration of the term?

That brings up a good opportunity. Let's start a FWF bank, issue 20% CDs with FDIC insurance, then fail. We'll all put our money into them, and be covered.Actually, with Indymac, they stopped paying interest (at least on the brokered CDs) before the end of the term. People ending up getting effectively 3.6% APY instead of 4%. source. So the FDIC doesn't always continue paying out interest. YMMV.


   posted: Aug. 22, 2008 @ 1:35p
alert mods    

theman2 said: Actually, with Indymac, they stopped paying interest (at least on the brokered CDs) before the end of the term. People ending up getting effectively 3.6% APY instead of 4%. source. So the FDIC doesn't always continue paying out interest. YMMV.
That was only on brokered CDs, Ones opened through Indymac held rates


   posted: Aug. 22, 2008 @ 1:44p
alert mods    

scott1961 said:theman2 said: Actually, with Indymac, they stopped paying interest (at least on the brokered CDs) before the end of the term. People ending up getting effectively 3.6% APY instead of 4%. source. So the FDIC doesn't always continue paying out interest. YMMV.
That was only on brokered CDs, Ones opened through Indymac held ratesWere you able to keep the CDs at the same rate after the bank failed or were they liquidated?


   posted: Aug. 22, 2008 @ 1:47p
alert mods    

theman2 said:scott1961 said:theman2 said: Actually, with Indymac, they stopped paying interest (at least on the brokered CDs) before the end of the term. People ending up getting effectively 3.6% APY instead of 4%. source. So the FDIC doesn't always continue paying out interest. YMMV.
That was only on brokered CDs, Ones opened through Indymac held ratesWere you able to keep the CDs at the same rate after the bank failed or were they liquidated?
I did not have any CDs, Only the Money Market. But in the Indymac thread many did have the CDs and had the option of continuing unchanged or could break it with no penalty


   posted: Aug. 22, 2008 @ 2:34p
alert mods    

WAMU is financially in very bad shape.
Will I lose the interests if they go under?


   posted: Aug. 22, 2008 @ 2:38p
alert mods    

szhang6 said:WAMU is financially in very bad shape.
Will I lose the interests if they go under?

all your money are belong to us.


   posted: Aug. 22, 2008 @ 2:44p
alert mods    

hm?

sushiosushi said:szhang6 said:WAMU is financially in very bad shape.
Will I lose the interests if they go under?

all your money are belong to us.


   posted: Aug. 22, 2008 @ 2:48p
alert mods    

This is such perfect timing. I'm about to get some $$ from my AOR, and I'll dump all the 15 month 0% offers in this. Thanks OP, GREEN!!!


   posted: Aug. 22, 2008 @ 2:53p
alert mods    

sushiosushi said:szhang6 said:WAMU is financially in very bad shape.
Will I lose the interests if they go under?

all your money are belong to us.

Wow, there's a blast from the past.


   posted: Aug. 22, 2008 @ 2:57p
alert mods    

theman2 said:scott1961 said:theman2 said: Actually, with Indymac, they stopped paying interest (at least on the brokered CDs) before the end of the term. People ending up getting effectively 3.6% APY instead of 4%. source. So the FDIC doesn't always continue paying out interest. YMMV.
That was only on brokered CDs, Ones opened through Indymac held ratesWere you able to keep the CDs at the same rate after the bank failed or were they liquidated?

Custom Term CD (300-329 days) 29XXXXXXXX Certificate of Deposit XX,XXX.XX XXX.XX 3.970%   Mar. 25, 2009


   posted: Aug. 22, 2008 @ 9:18p
alert mods    

I was surprised when one of the loan officers called me to ask if I want to renew my CD which ends 8/23/08. I was asked to renew at 5.0% for 13 month, one-week only promotion that they are having. At that rate, I said sure, go ahead. It was nice that they called because I was going to come and try to sort out what to do with my expired CD. Great timing.


 Close

Sign Me In
Nickname: 
Password: 
Remember My Login Information:

Forget your login information?

Not Already A Member?
Sign Up Now!


Disclaimer: By providing links to other sites, FatWallet.com does not guarantee, approve or endorse the information or products available at these sites, nor does a link indicate any association with or endorsement by the linked site to FatWallet.com.


Sign up for free today, because you don't want to miss out on any more cash back than you already have! There are currently 1,210,198 people just like you registered to earn Cash Back From FatWallet. Be the next! Sign up to join the discussion & earn Cash Back from FatWallet:
close