WAMU Saving for Success

I noticed a full page ad on the back of the business section of last week's Sunday paper for a WAMU Savings for Success account earning 6.5%. I went online to WAMU.com and found no trace of such an account, so today I went to a branch location and asked about it.

Here is the fine print:

• Only offered in Georgia, Illinois, and Texas
• Minimum $1 deposit/Maximum $500 to open the account
• Must have automatic monthly transfers of $25 to $500 from your WAMU checking account
• You have to open the account at a bank branch

Basically it sounds like a 1 year CD. There is a penalty if you withdraw the money before 1 year maturity date. Once the year is over the money sweeps into an account that earns 2%. You can renew the CD after 1 year but the rate is subject to change.

I think this is a great deal and promptly signed up.