This use to be one of the best Online Savings accounts a few years ago. They had always paid a fairly high rate and actually did up to the time WaMu was acquired by JPMorgan (5% at the time it was acquired). Since then, the interest rate has dropped dramatically and is no longer considered a top contender of Online Savings (1.5% at the time of this comment). However, it is still a good company and easy to use in my opinion. I've never had trouble accessing my funds online and transferring them to the checking account. I would just like to note the more WaMu gets integrated into JPMorgan, the more the rate will continue to decline. Therefore, if you're looking for a stable bank and ease of funds, you may consider this account. If you're looking for a substantial interest rate, you'll probably be better off looking else where.

Due to the unfortunate decrease of interest earning power of my savings account at WaMu that I opened a couple of months ago, my hope of seeing real interest has virtually vanished. Well hope this economy bounces back sooner than later. It is kind of hard to watch my account just sit there. i mean the classic just put your money in the bank every time you have extra money, it gets hard. i like to see a higher or fully restored interest rate.

I appreciate the anymosity everyone has about banks holding funds, due to their "policies". I found Venture Bank Direct and had my onilne savings account up and earning interest in 1 day.

When I opened this account about a year ago the rate was a leading 5.00% now it seems to fall a half a percent every few months. Now its down to 2.50%. If the falling trend keeps up by jan 09 the rate will be under 2.00%! At that point I will move my money elsewhere.

It was easy to sign up for this account but Im not sure it is worth it. The interest isnt that great and I worry about the future for WaMu in general.

DO NOT put yourself through what happened to me. Sure you can open the account on-line. Your initial deposit will not be credited for at least 7 days after they get your money, because that is their policy. So there you sit with money in their bank that you do not receive interest on due to their "internal policy" of not releasing funds.

WAMU has to "buy" deposits with higher rates as compensation for the aggrevation you are put through. You haven't lived until you chat with their fraud department over a $500 on-line deposit. Best part, they put up to a 30 day hold on additional deposits to new accounts. There's another 30 days without interest. Getting the picture? STAY AWAY!