WAMU Online Savings RIP

WAMU built a large and loyal depositor base over the years with its Online Savings product.  They consistently offered very competitive rates, no minimum balance, no fees and an easy to use website.  This past month the WAMU Online Savings rate was lowered from 3.30% APY to 2.25% APY.  So now they just offer the easy to use website and no fees.  Not quite as compelling as before when they actually had competitive rates.

Now that WAMU is part of Chase, I would assume the deposit rates will soon be on par with the Chase offerings.  I checked with Chase and it seems their most comparable savings account has no fees with a $300 minimum balance and offers a rate of 0.10% APY.  That is not a typo.  It’s actually almost zero percent.  They have another savings account with no fees if you maintain a $15,000 balance.  That account pays 1.25% APY on that $15,000 or 1.50% APY on $100,000.

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