I previously wrote about the demise of the WAMU Online Savings account since WAMU was taken over by Chase.   Those accounts are now paying a whopping 1.00%.   Compare this to yesterday’s rates for competitive savings accounts.  Still not so good and I don’t expect it to get better.

Though apparently the WAMU Free Checking Account is alive and well and still a pretty good product.  They offer free checks, free ATM withdrawals, free online banking and free bill pay.  I had this type of account previously and found it to be very good and their website easy to use.  Since there are no monthly fees or check charges, the price is right.  Soon the account will be tied in completely with Chase and bring the benefits of such a large network of branches.  I think Chase will continue with this free product and not make any changes because they are heavily marketing this account right now.

In fact, I found out they are now offering $100 when someone opens an account and sets up direct deposit.   You may need a coupon to get the $100.  Check with your local branch or call (800) 685-1644 to see if they will honor without the coupon.   They have been sending out coupons via mass mail and also have a site set up at http://free.wamu.com to get the $100 offer.  (Although the site wasn’t working properly when I tried to check it out.)  The promo code I got was 3744-ADFF-9691 which says it can only be used once and expires March 28, 2009.   I am not using the code.  So one of you are free to use it to take advantage of the offer.  If mine gets used, you could always try to Google “wamu $100 promo code” by clicking here.

If you have a promo code you won’t be using, please share it with our community by posting the code in a comment below.