Thursday, December 25, 2008

Goodbye, WaMu!

I recently transferred my savings (aka "My Freedom Fund") into my HSBC online savings account. The 3% APY was attractive, but the deciding factor was WaMu's way of doing business. Instead of receiving a rate change notification, I would log on to check my transactions sporadically & find that WaMu's savings rate had decreased. Every time. My formerly trusty savings account at WaMu (newly dubbed "Ye Olde Freedom Fund") has registered a steady decline to today's 2% APY - a far cry from the days of 5% APY. Not that I don't understand why, with today's economy, the rate would drop. Just that I don't appreciate not being advised of changes. And though the rates at Chase have never been outstanding, I'm still eagerly awaiting the promotions that may arise from WaMu's completed changeover to Chase...

2 comments:

Anonymous said...

So why didn't you go for ING Direct? By the way, you can compare how much you have saved in your "My Freedom Fund" to others like you now with ING's new web-tool - www.ingcompareme.com

WH said...

ING's rates were 2.5% only. Although HSBC's online savings rate has also dropped to 2.6% lately in light of the Fed's rate decreases.

And thanks for the link to the ING tool. I find the comparisons on Networth IQ pretty useful too!