New Savings Account with WaMu

Washington Mutual, or better known as WaMu, is a USA based bank which recently launched a new online Savings Account aiming to reduce operational costs and maximize customers' benefits.

Wamu includes in its very attractive package free Online Banking backed up by free electronic statements. The suggested interest fee is amongst the most competitive in the U.S. market and stands at 3.25%, while allowing the convenience to customers of starting up an account with as little as $1. WaMu endows its customers with no monthly service charge, when the account is opened and handled through its free online checking. Customers can also link their new online account to an existing active WaMu checking account, as long as checking relationship is maintained.

Although there aren’t any hidden costs, there is a monthly service charge amount of $4.00 which can be easily avoided if the minimum balance is maintained above $300.00 on any given time throughout the month.

Additional features included the potential sign up for an overdraft transfer service and available funds will be conveniently transferred from your linked Online Savings Account to your checking account to prevent overdrafts or other NSF transactions like bounced checks (subject to transaction limits and funds availability). Direct access to funds by ATM can prove very useful, though again transaction limitations do apply to online savings accounts and access is subject to funds availability.

Concluding, WaMu Free Checking™ proves itself as a useful and transparent online service providing customers with the Relationship Interest Rate/APY. The online savings account comes with free bank checks and money orders.

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