Update 2012: This savings account is now yielding a much more modest interest rate. Contact the institution to find out what the premium rate is on the first $500 when you enroll with member advantage. CD rates and MMA rates as a whole have slid drastically over the last few years. Today, the average 6 month CD yields just 0.45% APY while the average 5 year CD only yields 1.30% APY. View our archive of CD rates in Washington to see how they compare against the nation’s top online offers.
- Offer from Archive -
To all first-time or newbie savers in Washington State – here is a fantastic online savings account rate from Boeing Employees Credit Union. Details below.
BECU (Boeing Employee’s Credit Union) is offering it’s customers a whopping 7.25% dividend rate on newly established checking and savings accounts. This blows the current national average for money market rates clean out of the water!
Here is the catch (and a pretty mediocre one at that):
- You must set up an online bank account with them (min. deposit of $5.00)
- You can only earn 7.25% on your first $500.00 deposit (every thing after that earns 1.25%)
This is a great deal for newbies out there opening their first savings account. The rate is indefinite for your first $500.00 deposit, so max it out! We expect interest rates to begin to fall here shortly, so you’ll want to keep your funds in this liquid savings account as long as possible. If you’re considering a longer term deposit to keep a high rate while weathering the future interest rate drop, you may want to check out a 5 year CD. They are becoming increasingly popular.
About BECU: I have been banking with them for almost 10 years. When they first established you needed to be a Boeing employee (or related to one) but have since broadened their customer acceptance to accept memberships in all of Washington state and additional regions in the Pacific Northwest.
View BECU’s CD rates to see how they stack up against today’s national averages.