“Investing” Archive
Apr
20
I have very little loyalty to banks and will typically switch banks when a better deal comes my way. For the past 18 months, I have had an account with Bank of America, where I have enjoyed one Alaska Airlines Mileage Plan Mile for every $2 I spent using my debit card. In addition, I had a linked savings account that was earning a very meager 0.15% APY. As I evaluate my financial situation and try to keep my money in a place where I might get something in return, I’ve decided to switch my account to Washington Mutual.
Washington Mutual currently has a great offering when you open a checking account and savings account together, online. The WAMU Free Checking account requires only $1 to open and there are no fees, even if you don’t do direct deposit. Now, the Statement Savings Account, when opened seperately from the WAMU Free Checking account, only earns a 0.25% APY. If opened online, together with the WAMU Free Checking, you will enjoy a very nice 5.00% APY. You can schedule regular investments into the savings account from your linked checking account if you so desire.
In addition, if you choose to get a debit card for your checking account, you will earn $0.03 on every debit card, non-pin transaction, up to $250 per year. Not bad to get paid to do nothing other than use your debit card. I’m already a fairly cashless operator–I’ve shredded all my credit cards–so getting a reward for using my debit card is much like getting something for nothing.
For those of you with access to Washington Mutual, I highly recommend signing up for this account combination.
