Washington Mutual currently is offering one of the best bank deals available. This deal is a combination of their free checking and a recently launched 4.75% APY savings account. As a result, you’re able to have a high degree of liquidity with a checking account while earning a great return on your money in the high yield savings account. Here are some of the details:

WaMu Free Checking:

• 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 has:

• 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.

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.

Washington Mutual offers free online fund transfers that allows you to link your account to external accounts using a routing number and account number. For more information, visit Washington Mutual’s savings account signup page.

Washington Mutual is of course FDIC insured.