I was wondering how this whole online savings account works. I know that if I apply for the Wamu free checking I can get an online savings account for an interest rate of 4.65%. How will I make deposits and withdraws form the online savings account? And do I need a parent to help me open an account since I'm only 16 or can I open one for myself? Is there anything else I need to know? Thanks.
Online Savings Account from Wamu?
if you do not live in an area that has a wamu near you, you would have to send a money order or check in to open the account.
However being that you are only 16 you would not be able to open a checking account with WaMu, you can open a savings without a parent. Also WaMu doesn't allow customer under the age of 18 to use online banking.
Reply:The way it works is you will either send them a check or do a wire to WAMU to move the money. The wire will just require you to provide them an existing account's routing number and account number. If you do this you will than be able to withdraw funds electronically back into the original account. As for being underage I am not certain but you may need a signature from a parent to enter into the agreement.
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