Their loss is your gain, Part II – or – WaMu Deathwatch

Six weeks ago, IndyMac Bank started offering suspiciously high term deposit rates – and collapsed the next day.

Thanks to the USA’s deposit insurance system, if you had less than $100,000 in one of those suspiciously high term deposits, you won’t have lost a penny.

Now, it’s Washington Mutual’s turn to start offering suspiciously high term deposit rates – 5% on a 1-year term, against 4% for most other banks. The deathwatch starts now.

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