As some of you know, online savings accounts typically offer a higher interest rate than traditional bricks-and-mortar banks can, due to the low overhead and “automatic” nature of the internet.
WaMu is now offering personal savings accounts at a current rate of 3.25% (3.3% APY) with what they’re calling “relationship interest”. Otherwise, it’s only 0.25%, which honestly makes it not worth it unless…
Open an Online Savings account with a WaMu Free Checking™ account online, or link a new Online Savings to an existing active WaMu checking account, and your Online Savings will receive the Relationship Interest Rate/APY (3.25%/3.3%) and a monthly service charge waiver. Minimum balance to open checking and savings account is $1 for each account; minimum balance to earn APY on savings is $1.
Now THAT seems worth it. Throw $5 in a WaMu Free Checking account, and then attach a personal savings account to it, and earn 3.25% interest on your money in your savings.
I’ve always been in favor of having multiple accounts, with multiple institutions, to accomplish my financial goals. You could effectively earmark your new WaMu savings account for a certain goal, like maybe a vacation, or a car, or home improvement costs. (That’s another post for another time… 
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Also, these rates are determined by the state you live in, and I happen to live in New York. Other states may have different rates, but you’ll find out for sure when you get to the site.
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