Washington Mutual Bank (WaMu) has raised the rate it pays on it’s Online Savings Account to 4.0% APY from 3.75% APY. The rate change is affective immediately. The rate is very competitive with 1 year CD rates. You must also have a  WaMu Free Checking account linked to the savings account to receive this rate. WaMu Savings Accounts without a relationship checking account receive a paltry rate of .25% APY.

The checking and savings account can be opened online. No direct deposit is required for the checking account and checks can be ordered online. There is a minimum deposit of $1.00 for each account.

WaMu Checking & Savings Account Application