A few months ago, WaMu cut their savings rate steeply from 4% to 3.3%. They have redeemed themselves earlier this week by raising their rate to 3.75%, which brings Wamu's rate in-line with the highest savings rate in the country (Alliant Credit Union). To get the 3.75% rate, you need to open a free checking account (does not require direct deposit). Minimum balance is $1.
Another perk is the 4.25% 8-month CD that Wamu is currently offering.
However, I would advise you not to put more than $100,000 in the account, because WaMu had been an aggressive subprime lender.
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