I actually have their savings account that earns me 4% APY. When I got it I earned 5%, and last month it was at only 3.75%. I'm planning on leaving it there under JPMorgan's rule unless they offer me less.
From my reading (because I can't call it research yet), WaMu's fall was triggered/multiplied by a lot of withdrawals from their customers because of fears that this would happen (chicken/egg). In fact, $19 billion was supposedly withdrawn over the past few weeks, which put them under their loan ratio (banks must maintain a certain cash/loans ratio). Of course it now makes sense that they offer such a great interest rate - they needed the money!
My concern now is what will happen to my interest rate?
From my reading (because I can't call it research yet), WaMu's fall was triggered/multiplied by a lot of withdrawals from their customers because of fears that this would happen (chicken/egg). In fact, $19 billion was supposedly withdrawn over the past few weeks, which put them under their loan ratio (banks must maintain a certain cash/loans ratio). Of course it now makes sense that they offer such a great interest rate - they needed the money!
My concern now is what will happen to my interest rate?