As we reported Aug. 16, Washington Mutual Bank is looking to win back some of the high-yield deposit business from ING Direct, HSBC, and Citibank. The bank is now bidding aggressively on Google with its "5.00% APY" landing it in fifth place for "savings accounts" (placing it second on the right-side list) and eighth for "high-yield savings" (see inset, search conducted 21 Sep, 1 pm PDT, from Seattle IP).
After clicking through the ad, potential customers are delivered to a well-designed landing page further emphasizing the "5.00% APY Statement Savings" rate (see screenshot below, click for larger view). Wamu continues its year-long effort to lampoon bankers with the three-piece suited icon "complaining" about the high rate paid on savings (see also, 28 April).
A new Wamu checking account (opened after 11 March 2006) is required to take advantage of the special rate. That important fact is downplayed on the landing page but is obvious once the user clicks through to the application (see screenshot by clicking the continuation link below). Furthermore, both accounts must be opened online. However, deposits can be made in the branch.
Wamu landing page from Google ads on "savings accounts" (see continuation link to see full page with fine print)
Full landing page (with fine print)