Washington Mutual (WAMU) recently raised the rate on their online savings account to 4.00%, which is one of the highest savings rates currently available.

Here are some of the details on this great deal:

• No minimums or fees
• Only a $1 deposit required
• ATM cards are available
• Free checks for life
• Cash back on debit card purchases
• No hard credit pulls

It’s true that WaMu has had some problems recently–this is part of the reason they are offering such great rates. However, WaMu is FDIC insured for the standard $100,000, and if you keep your deposits below 100k you shouldn’t have anything to worry about. I recently opened this account a 3.75% and was pleasantly surprised when they announced an increase to 4.00%.

By opening a savings account instead of a CD, you keep your assets liquid and have them ready if and when you need to make a withdrawal.