WaMu 5.00%APY 12 or 13 Month CD Still Available

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.

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

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

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.

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?

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

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.

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.

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.

Have two CDs maturing 8/28 and 9/5 at FNBO. If I open CD on 8/27 or 8/28, how many days do I have to fund it? 9/5 OK?

B0HEMIAN said: Have two CDs maturing 8/28 and 9/5 at FNBO. If I open CD on 8/27 or 8/28, how many days do I have to fund it? 9/5 OK?
"Minimum deposit to open and obtain APY is $1,000.00. To obtain the APY for the effective date on the day you apply, the Online CD account must be funded within seven (7) calendar days."

A 12 month CD at 5% APY is available too. Appy online here:
http://www.wamu.com/personal/certificate_deposit/online_cd/default.asp

I just applied online and the application get cancelled after ask the indentity questions, saying for security reason... blah, has the credit report already being pulled at this stag? Thanks.

RagingBull said: I just applied , it seems to work, just login and transfer funds from existing WAMU online savings without a problem

Like a roach motel, you can enter, but exiting ......

yes there is

mingsi said: I just applied online and the application get canceled after ask the indentity questions, saying for security reason... blah, has the credit report already being pulled at this stag? Thanks.
Do you have a security freeze on Equifax? That causes mine to get canceled.

theman2 said: Were you able to keep the CDs at the same rate after the bank failed or were they liquidated?I have a non-brokered CD with IndyMac that I opened last year. It continues to pay the originally agreed 5.6% APY to this day, even though IndyMac failed and the FDIC took them over.

As Scott1961 mentioned, this may not necessarily be the case if WAMU fails. It depends on if FDIC can get another bank to takeover or buy WAMU, in which case the new bank makes that decision.

I just checked their website, and the 12-month one also offers 5%.

Edit: Oops I guess someone else already pointed this out.

vrovner said: Does the WAMU CD application allows for adding of beneficiaries?

Yes, I emailed them this question last week about adding beneficiaries to an online savings, checking or CD and received the following reply:

Please be advised, to add a beneficiary to your account, you may do one
of the following:

-Send us a letter to the address listed below:

Correspondence Department
Attn: Vesting Changes
P.O. Box 1165 Mail Stop N080202
Northridge, CA 91328-1165

-Visit your local Washington Mutual financial center

The request must meet the following requirements:

-Request is to add a beneficiary
-Original owner remains an owner on the account
-Original Owner is not being named as a beneficiary

The letter must include the following information:

- Account number
- Name(s) of original owner(s)
- Name of new co-owner or beneficiary

Within five business days of receipt of the letter, a new Master Account
Agreement (MAA) will be mailed to you. The MAA must be signed,
notarized, and returned to the Vesting Change area before the changes on
the account are effective.

If you would like to add beneficiary to your CD account, you may follow
the same procedure.

zxx7x said: vrovner said: Does the WAMU CD application allows for adding of beneficiaries?

Please be advised, to add a beneficiary to your account, you may do one
of the following:

...

-Visit your local Washington Mutual financial center

Interesting, I've asked a couple times at my branch about adding beneficiaries to my online CD and was told that their system doesn't allow them to do it from the branch.