Washington Mutual raised the rate on their online savings account this week to 3.75% APY. This is a very competitive rate, but you should be careful.
Some believe that Washington Mutual took too many lending risks in recent years, and that they will possibly fail. The company has been in the news lately trying to do damage control. The higher interest rate may be a strategy to gather liquid assets and improve their financial health.
If you're funds are under FDIC insurance limits, it's no big deal. However, if you go over the limits you're taking a risk. So, if you want 3.75% you can get it -- just be careful. You can read some commentary on the offer and Washington Mutual's strength at Bank Deals.
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