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Washington mutual savings and loanWashington Mutual, Inc is a Washington state corporation. The company is a retailer of financial services to consumers and small businesses. In 1923 on the first school bank 17000 children made saving deposits in the school saving program instituted by the company to teach children the value of saving money. Ever since the program began a large number of students have been introduced to the bank through this program.
What ever the purpose of saving money could be the, Washington Mutual is there to take care of the money and insure it under FDIC. Saving and money market accounts let the customers make deposits and withdrawals while still earning interests. CD accounts offer higher interests rates. The differences among the main accounts are noted below. Minimum amount $4 is required to open a Statement account, $2,500 for Guaranteed Great Rate Money Market account, $10,000 for Money Market account and $1 only is required to open online account. Deposit and withdrawals coupled with Automatic Savings Plan are permitted in all these accounts but checking access is allowed only in case of Guaranteed Great Rate Market There are three types of CDs, Traditional CD, Liquid CD, and Online CD.
$1,000 is the minimum deposit required for opening Traditional CD, $5,000 required for Liquid CD and $1, 0000 is required for Online CD.
Deposits and withdrawals are allowed in both the Traditional and Online CD but not in case of Liquid CD in which only certain transactions are only allowed.
Checking access is allowed in all these three accounts.
Through Coverdell Education Saving Account the depositor could take advantage of tax-advantaged contributions for benefits the childs education expenses programs.
Money market saving is on top-of ?the-line saving account of Washington Mutual with highly competitive interest rates on upper balance tiers and easy accessibility. The opening balance required is only $10,000 or more. The interest rate and annual percentage yield of Money Market Saving Account ?Washington are$0.10% on the balance Tiers of $0-$2,499 and $2,499-$9,999. Both the interest rate and yield change to 0.75% on the balance tier of $10, 000-$24,999. The interest rate slab goes up to 2.96% at the balance Tier of $25,000-$49,000 and the yield goes up to 3.00%. On the next balance of $50,000-$99,999 and $100,000+ the interest rate and the yield goes up to 4.4% and 4.5% respectively in both the tiers.
The account holder can avoid monthly service charges of $15.00 by maintaining a minimum balance of $25,000 each day of the monthly statement cycle. Unlimited ATM and in-person withdrawals are permitted. Six other transfers and withdrawals are allowed per monthly cycle, three of which can be by check or debit purchase. With automatic saving plan the account holder can automatically transfer a set of amount from the Washington Mutual checking account each month.
By signing up for Overdraft Transfer Service the account holder can avail of services of transfer of available funds from his Money Market Saving Account to his Linked checking account to protect against overdrafts or other NSF transactions to take care of bounced checks and other defaults. By opting for Platinum Checking this service can be availed free.
The midsize Money Market account can provide great guarantee feature with easy access to the money provided the balance tier does not go below the line for the first 4 months.
The Guaranteed Minimum Interest Rate, Standard Interest Rate and the annual percentage yield on the balance Tier of $0-$4,999 is 0.15% only. These three parameters change to 1.00%, 0.75% and 0.84% on the balance Tier of $5,000-$9,999 and further change to 1.79%, 1.54% and 1.63% on the balance tier of $10,000 and plus. The maximum level of these parameters goes up to 1.79%, 1.54% and 1.63% on the balance Tier above $25,000.
On maintaining a minimum balance of just $300 each day of the monthly statement cycle or by participating in the Automatic savings plan and by meeting program requirements the account holders in the Statement Saving Plan can avoid the monthly fee of $4.00. This monthly charge is already waived for the children of 18 and below. By opening an Online saving account with WaMu Free checking account or linking a new Online saving to an existing active WaMu checking account the account holder can receive the Relationship Interest Rate and service charge waiver on his Online saving account.
CD account can be opened with as little as $1,000 or $5000 for a one-month term. Children below 19 can open CD accounts with $100 only
Add-On feature allows the account holder to add funds to the Traditional CD of one year or less. This account is best for committed savers as there's a penalty for early withdrawals. Total Add-On deposits for each term can be as high as the balance at the beginning of that term, as stated in the Account Disclosures and Regulations.
Washington Mutual, Inc. is a consumer and small business banking company with operations in United States markets. It is a savings and loan holding company which conducts a multi-family and commercial real estate lending business in selected markets, and the Home Loans Group, which engages in single-family residential real estate lending, servicing and capital markets activities
Washington Mutual supports a variety of programs that benefit schools to build new houses, renovate old houses, and revitalize the neighborhood. The company supports program that create opportunities to own houses by many families who otherwise would not have been eligible for such opportunities Workshops for first timers in home buying are organized to educate them on topics that include choosing a loan, working with brokers and lenders, home maintenance and mortgage payments, hiring a contractor, the process of home improvement.Originating home equity loans and lines of credit, providing investment advisory services and brokerage and other financial services are a few other additional services offered by the Company.
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