Washington Mutual currently has one of the best bank deals available: a combination of their free checking and their new 4.75% APY savings account allows you to combine the convenience of local branches and ATMs with the high interest rate yield and online transfers of online banking.

WaMu Free Checking offers:

• No minimum balance or direct deposit requirements, open with $1
• Free basic checks for life
• No ATM fees on their end
• One free overdraft per year
• Free outgoing wire transfers.

The Statement Savings Account offers:

• A competitive 4.75% APY on all balances (rate only available online)
• No minimum balance requirements, open with $1
• Instant transfer to/from the Free Checking

If you already have a checking account with Washington Mutual, you will have to open a new checking account to take advantage of this bank deal. You can just go ahead and close your old one.

Overall, while this isn’t necessarily the highest interest rate available, the account’s lack of fees and relative convenience if you already bank with WaMu helps make this a great bank deal. You can deposit checks directly into the 4.75% APY savings account at an ATM, maximizing interest. From there you can move money into the checking account instantly online as you need it, with a limit of 6 transfers a month. In addition, you can access your account at any of Washington Mutual’s large network of ATMs.

In addition, Washington Mutual offers free online fund transfers that allows you to link your account to external accounts using a routing number and account number. A soft credit pull is done when you sign up for the account, allowing you to avoid the ding from a hard credit pull. For more information, visit Washington Mutual’s savings account signup page.