WaMu has just started out rolling out a new saving account named “Savings for Success” which is only available to residents at Illinois, Georgia, Texas and Washington. However, not like Bank of America’s “Keep the Change” (also available at Lasalle Bank) and Wachoiva’s “Way2Save”, you just earn high interest rate in this account.

How does Savings for Success work?

You will need a checking account and then open this savings for success account, and then link them together. After that, you can set up automatic monthly transfer from your checking account to this special saving account (up to $500 per month) for t he rest of the year. In the first year, you can’t withdraw the money at this special account otherwise a penalty will be applied. The reward is 5.50% to 6.50% APY in your account for a year. After the first year, you can choose to renew at a new interest rate or close the account and take the money out from this account. The initial deposit is from $1 to $500 at your choice without monthly fees. And you can transfer from $25 to $500 per month from your checking account to this special saving account.

If you are currently using WaMu’s checking account and want to earn some interest, you may want to think about it. (link to WaMu, compare this to BOA Keep the Change & Wachovia Way2Save)
Obviously, this account is not suitable to people with large deposit. If you have lots of free money, you may want to consider WT|Direct Saving account.

• 4.30% APY*
• Accounts $10,000+
• No Fees
• FDIC Insured**
• Rate consistently in top 5% of U.S. banks
• Customer service with a direct connection to real people
• Part of a family of companies recognized globally as leaders in financial services.

Currently, the best checking and saving combination in the banking market is from WaMu. Use the free checking account together with a saving account from WaMu and you will see how much you can save!