Washington Mutual or aka WAMU has been known for a few months now for their high interest checking account.  As of Thursday, March 20, 2008, WAMU lowered its checking account rate from 4.00% APY to 3.55% APY.

If you’re unfamiliar with how the account works, here are some cliff notes –

When you sign up for a WAMU checking account, you’ll receive a 3.55% APY savings account.

WAMU offers free checks for life, free ATM cash withdrawals, no monthly fees, cash back on your debit card purchases, and more.

If it sounds like something that might appeal to you, check out more details on WAMU’s official website.

If you’re not currently looking for a money market account but are looking for a savings account online instead with a decent APR, I’m sure you’ve heard of ING Direct.  ING Direct is one of the biggest online institutions offering one of the best savings account rates online.  As of Wednesday, March 19,  2008, ING Direct dropped its rate from 3.60% to 3.00% APY.  This is a very good rate considering it’s a savings account.

For more information, visit ING Direct’s homepage.

It’s not too often that you see Washington Mutual pop into the top ten CD rates chart but this week not only did WAMU (Washington Mutual) pop in the top ten chart, they are holding two number one spots.  Right now, the big buzz around the finance industry is Washington Mutual’s 4.00% APY Checking account, which seems to be a pretty big hit among many savers.

Here are the two rates you should jump onto before they lower them –

6 months – 4.00% APY

5 year – 4.25% APY

All CDs require at least $1,000 minimum.  WAMU is FDIC insured.  For more information, visit their main website.

If you’re a current subscriber to gotalkmoney.com and you’ve noticed that Provident Direct bank isn’t on the top ten money market list, there are a few reasons why.  The bank just started this rate and you should know by now, money market rates aren’t fixed, they can change anytime and this may be a promotional move to get more customers in the door.  Once they reach their quota, they may drop the rate significantly.  If this doesn’t scare you off, I’ll highlight what this savings account is all about.

As of 3/14/2008, the rate is 4.50% APY (the highest I can find online)

Up to 6 withdrawals per month

A $25 fee if you close your account within 180 days.

The minimum deposit is $1.  This makes it great for everyone.

The bank IS FDIC insured.

Provident bank has been in business for over 120 years and has over $3 billion in assets so you can rest assured that the bank is indeed legit.  If you’re looking to get a decent rate on your money, either contact the bank at 1-888-top-bank or visit their main website.

Doing your Own Financial Planning

We all work for our money (well let’s hope so) and if you haven’t thought about retirement already, you better start thinking about it NOW.  The earlier you start to save, the more money you’re going to have when you retire.

Many elderly people today find themselves in the retirement age and they aren’t able to enjoy it because they were irresponsible with their money.  This leads them to downgrading their homes, living on ramen noodles, and not be able to have any hobbies to enjoy.  In order to avoid this mess, it’s possible that you can do your own financial planning so that you can have a brighter future.

Think of your family first

Before you start planning for the future, make sure you keep your family in mind.  Meet up with an attorney to create a will, so that when you do die, there won’t be any controversy over your belongings.  This saves a lot of stress and time with your family.  Remember, you can always go back and edit your will in the future.  Have something simple set up today.

Start your Research

Whether you’re clueless or a pro, you’re going to want to know what you want to invest in.  Depending on your age, this will depend on how aggressive you’ll want to be.  If you’re in your early twenties, you’ll want to invest in something that’s slow growing over time like the S+P 500.  It’s always nicer to have a slower growth mutual fund than an aggressive stock that loses its value quicker than it gains.

Even if you don’t want to hire a financial advisor, I would highly advise you meet with one once to get information on where you should be headed.  Just because you’re meeting with one doesn’t mean you’ll have to take their advice or sign up for their services.  A lot of the times they will lead you down the right path in a way you never thought of before.  If you don’t like the idea of a financial advisor, you can always talk with family and relatives and see how they are planning for retirement.

Diversify!

When you’re planning for your retirement, remember to keep this keyword in mind.  You’ll never want to have all of your money in one basket; this is a big no-no.  If one mutual fund fails, you’ll lose all your money.  This is why you’ll want to spread it across many sectors and funds, this way if one sector fails, you’ll have another one to fall back on.

There are plenty of financial tools to use once you sign up with a broker.  Many brokerage firms will offer screeners, tools, and advice that can help you with your retirement.  Make sure you dig deeper when it comes to these tools.

There’s so much to retirement funds, I can’t explain it all on one post, it’s up to you to do all the research over the next few months and learn as much as possible if you’re new to the game.  Even if you’re a pro, there’s always more to catch up on with the latest tools and gadgets.  Below are a few firms that I recommend you should do business with –

Firstrade.com
Ameritrade.com
ETrade.com