If you think that high interest accounts are only for the rich then think again. Washington Mutual bank (WaMu) is helping people save money for retirement and future emergencies down the road. The new Savings account promotion will get you 1 year for 5.00% interest when you deposit as little as $1 to start up the account.

The high interest savings account works by taking money out of your WaMu checking account and depositing that money in your savings each month. The transfers would be $25 to $500 each month which are low enough that you may not even notice helping save for college or your future.

You cannot put more than $500 in the account more than once a month so those of you with large amounts of money sitting around you should consider their CD at 3.25% APY. This 5% account is mainly intended to help families or people save money who are not good at saving money and helping them do that at a higher interest rate.

To get into this great deal go into your local WaMu in Georgia, Illinois, Texas, or Washington and ask them to open a Savings for Success account. If you do not live in any of these areas I would recommend that you check out the other WaMu offers online where you can normally get the best deals on higher yields.