Wamu Free Checking Account
The Washington Mutual Checking Account
is one of the few online checking accounts from big banks that is truly free. There are no monthly fees, the minimum balance is $1, paper checks are free for life, and they waive one overdraft charge per year. Plus the Washington Mutual Visa debit card pays 1% cash back on purchases, another relatively rare feature among the big banks, although relatively commonplace among online banks. Altogether, this makes for a pretty good deal considering Wamu's size.
Linked Wamu Savings Account
Wamu is also offering a linked Washington Mutual Savings account when you apply for a checking account online. It pays a pretty good rate - almost as some of the better online-only banks, and having checking and savings together at one institution is nice and convenient.
Best Deal Among the Big Boys
Of course no deal is perfect, and the Wamu Free Checking account falls short in that doesn't pay interest like many strictly online checking accounts do. That's the price you pay for having access to Washington Mutual's enormous network of branches and ATMs, and its prominent, trusted national brand. For many, this is well worth the cost. If you're keen on banking in person, at least from time to time, then the
Washington Mutual Online Checking Account may be just the thing for you. If this is not a concern for you, however, and you'd rather earn interest on your checking balance, you might consider
Ing's Electric Orange
instead. Either way, you'll be getting a much better deal than most big banks offer.