WAMU 5% APY Certificate Of Deposit Account  » Finance  »
1.5
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  • The problem with this Washington Mutual account is that you need to understand that it is not the same as actually making a deposit in a bank like you would a savings account
  • Being that this person works in financials I thought that he knew what he was talking about and that he knew the answer to the low interest rate that I was getting in my savings account

    • by rich
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      The problem with this Washington Mutual account is that you need to understand that it is not the same as actually making a deposit in a bank like you would a savings account. This means that you actually will not be able to take out the money whenever you would like to do so. When I signed up for this account I was told by the Washington Mutual representative that if I was looking for a better option than putting my money into a savings account (because of the low interest) then I should get this certificate and I would be able to turn a little bit of money into a lot of money.

      Being that this person works in financials I thought that he


      knew what he was talking about and that he knew the answer to the low interest rate that I was getting in my savings account. The thing about this is that Washington Mutual advertised this as if it were a special and something that I would need to jump on if I wanted to get the most out of my money.

      A savings account is a sure thing and you will have the money there for you if and when you decided to take the money out. They will give you a low rate of interest but you can take the money out whenever you would like and when you please.

      If you were to buy a stock you would be risking more but you could ...


      • potentially make $100 on one stock but the problem is that the next day it could be worth $0 and all of your money would be lost. Now, what I was told by the representative was that this certificate was basically the same as a savings account and that I would put the money in there and I would get a high rate of interest which would eventually double my money if I put it in their long enough.

        The problem with this is that I did not ask enough questions and the “special ” 5% rate is for the certificate each year. This means that if you buy the certificate in January 08 then in Jan 09 you will be given the money you

        invested with 5% back.

        What I did not understand is that I would need to wait a full year to pull any of the money out and I recently had some family trouble and could have used the money. I asked the rep if I could take the money out of my account and was denied.

        I invested $1000 6 months ago which means that I essentially have gained just $25 in all of this time. Also, before I can take any of the money out I will need to wait 6 more months and for this I will only get $40 in interest which is very little considering I have no access to the money for a year.

        Also, this company may be going out of business soon.




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    The review was published as it's written by reviewer in October, 2008. The reviewer certified that no compensation was received from the reviewed item producer, trademark owner or any other institution, related with the item reviewed. The site is not responsible for the mistakes made. 42910490480131/k2311a109/10.9.08
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