Washington Mutual Online Banking

In our previous article, Washington Mutual CD rates, we provided and overview of the various types of WaMu CDs.  We discussed the Washington Mutual traditional CD, liquid CD and online Cd.  This article is going to provide a deeper dive into the current WaMu cd rates.

WaMu 6 month cd:

The Washington Mutual online certificate of deposit is currently paying a 2.00% APY on its 6 month CD.  The interest rate on this WaMu cd is 1.98%.  This WaMu 6 month cd has a minimum deposit of $1,000.

WaMu 8 month cd:

The WaMu 8 month CD is currently paying a 3.25% APY on its 8 month CD.  This is one of the best WaMu CDs that is currently being offered.  The interest rate on this Washington Mutual CD is 3.20%.  This WaMu 8 month cd has a minimum deposit of $1,000.  If you are looking for a short-term place to save money and earn a healthy interest rate, these Washington Mutual CD rates are a good option.

Wamu 60 month CD:

The WaMu 60 month CD is currently paying a 4.00% APY on its 60 month CD.  This is one of the best WaMu CDs that is currently being offered.  The interest rate on this Washington Mutual CD is 3.93%.  This WaMu 60 month cd has a minimum deposit of $1,000.  If you are looking for a longer term cd, these are the best Washington Mutual CD rates.

Washington Mutual CD rates are very competitive.  If you are looking for a CD, you should check out the WaMu.com website.  WaMu CD rates change frequently so you need to monitor their rates closely.

Ironically, one of the best things about Washington Mutual online banking is the number of Washington Mutual branch locations.  One of the biggest complaints or fears about online banking is the inability to visit a local branch.  But Washington Mutual did not start out as an online bank.

Washington Mutual Savings Bank is located in 36 states all across the United States.  The Washington Mutual headquarters is in Seattle, Washington.  Beginning in the early 1990s, WaMu started to branch out of Washington and the Northwest United States.  WaMu’s growth strategy focused around buying up banks across the nation.

Today you can find Washington Mutual branch locations all over the United States.  If you live close to one of these bank locations, this can really improve the Washington Mutual online banking experience.  If you run into problems, you know that you can always visit a WaMu bank location close by.  This is a huge advantage of Washington Mutual.

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One really great Washington Mutual on line banking product is WaMu CDs.  Washington Mutual offers four types of certificates of deposit: a traditional CD, a liquid CD, an online CD and a retirement CD.  This article will review two of these Washington Mutual CDs and the Washington Mutual CD rates being paid on each of these WaMu CDs.

Let’s start by defining what is a certifcate of deposit.  The WaMu.com website defines a CD as,

A certificate of deposit or CD is a short- or medium-term, interest bearing investment. CDs normally offer a higher interest rate than liquid savings accounts and they provide a guaranteed rate for a specific term. Individuals who want high rates with a guaranteed return and do not need regular access to their money should consider a CD. Total deposits including CDs are FDIC insured to maximum allowed by law.

Wikipedia defines certificates of deposits as,

A certificate of deposit or CD is a time deposit, a financial product commonly offered to consumers by banks, thrift institutions, and credit unions.

Such CDs are similar to savings accounts in that they are insured and thus virtually risk-free; they are “money in the bank” (CDs are insured by the FDIC for banks or by the NCUA for credit unions). They are different from savings accounts in that the CD has a specific, fixed term (often three months, six months, or one to five years), and, usually, a fixed interest rate. It is intended that the CD be held until maturity, at which time the money may be withdrawn together with the accrued interest.

Washington Mutual Traditional CD:

This WaMu traditional CD is for the investor who wants to buy a high rate certificate of deposit and not even think about withdrawaling early.  If you do withdrawal early from the traditional WaMu cd you will have to pay an early withdrawal penalty.

The Washington Mutual CD rates for the Traditional CD are tiered based on the dollar amount you invest in the CD and the term of the certificate of deposit.  The longer you make the term, the better the CD rates.  Additionally, the high the dollar value of the cd the higher the cd rates.  If you buy a WaMu CD with a term of 48 months or greater you will earn an APY of 4.25%.  This makes the WaMu CD rates some of the top cd rates.

Washington Mutual Online CD:

The Washington Mutual Online CD is a CD that you can only purchase online through the wamu.com website. This is are great cds.  If you are looking for a high rate certificate of deposit but don’t have a lot of money to buy one, The WaMu online CD has a minimum price of just $1,000.  These WaMu online CDs have a highest cd rate of 4.00% for cds having a cd term of 48 months or more.

The Washington Mutual online CD is for the wamu account holder who doesn’t mind using the Washington Mutual online banking website.  These cds must be purchased through wamu.com.  If you prefer to use do your banking at a washington mutual bank location then you should buy the Traditional CD.

I hope that you have found this Washington Mutual CD review to be helpful.  Please visit Washington Mutual Online Banking more often to find out about changes in Washington Mutual CD rates.  We will make sure that we keep you up to date on these Washington Mutual CD rates.

Washington Mutual On Line Banking is a very robust website. Unlike many banks, WaMu has really foucsed on delivering a great online banking experience. This article will provide an overview of the Washington Mutual Online Banking service offering.

Ease of Use:

Wamu’s online banking website has been designed to make it very easy for users to manage their accounts and and other online banking needs. This ease of use is helps Wamu account holders manage their money in a one stop portal. If you like the idea of being able to do all of your banking online, Washington mutual on line banking is perfect.

Washington Mutual Online Security:

In addition to the ease of use of the Wamu website, Washington Mutual online banking is also very secure.  The Wamu.com website requires your browser to use 128-bit encryption, which helps to protect your sensitive financial information.  Additionally, Wamu uses a firewall to make sure that its website and your information is protected.  This seems likea very secure system.

Washington Mutual On Line Banking Services:

Washington mutual provides the following online banking services,

• Monitoring of account balances
• View account transactions
• View all statements
• Transfer money with other wamu accounts and also to out of network accounts
• Online billpay services

Washington Mutual Mortgage Co. has been hit pretty hard in the last year due to the subprime mortgage problem that the United States faces.  As an attempt to clean up its higher risk mortgages, Washington Mutual Mortages has decided to stop offering negative amortizing mortgages.

A negative amortining mortgage is a mortgage where a borrowers minimum payment does not even pay the entire interest on the mortgage.  Since the interest is not even being paid off, the amount of the mortgage actually goes up over time.

Washington Mutual Mortgage Co. has created many varieties of home loans and other washington mutual mortgages with various washington mutual mortgage rates, but in its creativity it has found itself in trouble as the housing market has declined.  I think that this is a good decision by Washington Mutual.  These Washington Mutual mortgages make it too easy for borrowers to take out bigger loans than they can afford.

Washington Mutual Online Banking and Twentieth Century Fox have decided to create WaMu credit cards that have a Fox Entertainment Rewards card program.  These Washington Mutual credit cards will give cardholders a lot of rewards which can be used to gain Twentieth Century Fox and Fox Entertainment goods and movie products.  Expect these WaMu credit cards to start being promoted in the fall of 2008.

Dave Tomlinson a senior vice president of the Washington Mutual credit cards said,

“There are a number of really unique entertainment-related rewards that we know consumers will like.  We’re excited to be partnering with Twentieth Century Fox, and look forward to unveiling the full rewards program to entertainment fans nationwide when the card becomes available later this year.”

This looks like a pretty cool awards program that will be attached to the Wamu credit cards.  If you don’t already have a WaMu credit cards, read more here about the Washington Mutual credit cards.

Yesterday we discussed Washington Mutual mortgage rates for various WaMu mortgages.  However, we failed to mention the Washington Mutual Multipay Home Loan.  The Multipay Home Loan is one of the most unique Washington Mutual mortgages.

The Multipay mortgage is an adjustable rate mortgage that gives you an initial fixed interest rate with the added bonus of being able to make flexible payments.  The initial fixed interest rate for these WaMu mortgages lasts for five years.  After this initial five year period the mortgage has an adjustable rate based on the LIBOR index.

The really unique part about these Washington Mutual mortgages is that for the first ten years there are four different payment options that you can choose.  The first option actually allows you to pay even less than the accumulated interest.  The second option is to make it an interest only mortgage.  The third payment option on the Multipay home loan is to pay both the interest and full principal.  The fourth payment option is to make the loan a 15 year loan.

The WaMu Multipay mortgage is designed to help new home owners with the first few years of home ownership.  The first years of being a home owner are often the hardest.  Home buyers know that their salaries will increase as they get their annual raises which will make their mortgage payment easier to pay a few years down the road.  However, for the time being their cash flow might be low.  These Washington Mutal mortgages can help these first time home buyers.

The WaMu Multipay home loan is a little risky due to the fact that you can choose not to pay down the principal and after five years the interest rates can go up.  While this can be good for a new home owner, you really need to make sure that you will be able to afford the home loan when these Washington Mutual mortgages become adjustable rate mortgages.  If you use Washington Mutual online banking for all of your banking needs, you might want to consider this mortgage too, but be careful.

Washington Mutual Mortgage Co offers many types of mortgages and loans that will suit your financial desires.  These mortgage offerings are just another part of the financial products offered by Washington Mutual online banking.  Washington Mutual mortgage rates vary based on the type of mortgage you apply for.  This article will review the types of mortgages that Washington Mutual offers and the mortgage rates associated with each type of mortgage.

Types of Washington Mutual Mortages:

Fixed Rate Washington Mutual mortgages - The first type of mortgage that WaMu offers is their standard fixed rate mortgage.  Fixed rate mortgages are very good choices for any home owners because the mortgage payment stays the same for the life of the loan.  For someone who is concerned about rising interest rates, a fixed rate mortgage is great because you never have to worry about your mortgage payments going up.  Washington Mutual offers 15 year and 30 year fixed rate mortgages.  Washington Mutual mortgage rates change daily so head on over to the WaMu.com website to find out today’s rates.

Washington Mutual Fixed Rate Interest Only Mortgage - Washington Mutual Mortgage Co offers a very unique fixed rate interest only mortgage.  With this Wamu mortgage, home owners can choose to pay only the interest on their home loan for the first ten years of this mortgage.  At the same time, home owners can enjoy stable interest rates and mortgage payments with this fixed rate interest only mortgage.  Washington Mutual Mortgage Co offers this mortgage with a 30 year term or a 40 year term.

Washington Mutual Traditional Adjustable Rate Mortgage - Washington Mutual Mortgages also offers a traditional ARM.  Adjustable rate mortgages allow home buyers to get lower interest rates when they first purchase their home in exchange for possible higher interest rates after the initial fixed mortgage rate period.  WaMu mortgages allows home buyers to lock in low interest rates for the first 10 years of their mortgage.  After the initial 10 year fixed interest rate period passes, the interest rate can fluctuate based upon the market rates existing at that time.  For someone who does not plan to live in their house for more than ten years, this can be a great option for locking in lower Washington Mutual mortgage rates.

These of just a few of the offered Washington Mutual mortgages.  Savings Accounts 411 will cover other WaMu mortgages in future articles.  We hope that this gave you a good overview of WaMu’s mortgage products.  Again, you should check out the Washington Mutual website to find the current Washington Mutual mortgage rates being offered.

In addition to Washington Mutual online banking and Washington Mutual savings, WaMu also offers credit cards. The Washington Mutual credit cards are administered by Mastercard. This Washington Mutual Platinum Credit Card is a great addition to the Wamu banking.

This article is a review of the WaMu credit cards. We hope that we provide you with the most important information about these Washington Mutual cards. If you need more information, please visit the WaMu.com website.

These credit cards are a good choice for the mere fact that WaMu does not charge a monthly fee or annual fee. This is an absolute deal breaker for me. Why would anyone sign up for a credit card that has an annual fee. Isn’t the interest rate enough of a payment for the use of the credit?

Like the other Washington Mutual online banking options, the WaMu credit cards allow you to do all of your banking online at WaMucards.com. This is a great online banking interface where you can pay your Washington Mutual credit card bill, monitor your FICO score, and view your recent WaMu credit card purchases. I think that Washington Mutual’s online banking website sets it apart from many other credit card companies.

When trying to find the credit card that is right for you, there are several things that you need to research.  This list is not intended to be exhaustive, but it is a good guide for choosing a credit card.  Firstly, you need to understand its annual percentage rate.  This is the interest that you will be charged for borrowing money using your card.  Secondly, you need understand what fees and other charges you will have to pay.  These may include monthly use fees, annual fees and late payment fees.

We hope that this review of the Washington Mutual credit cards has been helpful. If you have any questions about the WaMu credit cards, please leave a question in the comments below.

Washington Mutual savings has been trying very hard to shed itself of the image that it is a tradition, boring brick and mortar bank. Here is a funny commercial that Washington Mutual has created that makes fun of old time bankers who offer boring banking products. This is commerical highlights how Washington Mutual savings is offering more competitive features.

I hope you enjoy this Washington Mutual savings video.

Washington Mutual online banking is aggressively promoting itself as different from traditional banks.  I think that this type of commercial is good for WaMu to keep producing.