Rates

It is hard to find any kind of good savings rates these days with rates being so low. However, we were able to gather 5 of the highest CD Rates that are above 2 percent in the nation for you. Top 5 banks with great CD Rates are:

1. Midvale, UT - Ally Bank (05/27/09)

• Rate: 2.08%
• CM: D
• APY: 2.10%
• Minimum Deposit: $0

2. Chicago, IL - Corus Bank (05/27/09)

• Rate: 2.18%
• CM: M
• APY: 2.20%
• Minimum Deposit: $10,000

3. Birmingham, AL - UmbrellaBank.com (05/27/09)

• Rate: 2.14%
• CM: H
• APY: 2.15%
• Minimum Deposit: $1,000

4. Birmingham, AL - Nexity Bank (05/27/09)

• Rate: 2.10%
• CM: D
• APY: 2.12%
• Minimum Deposit: $1,000

5. Louisville, KY - Ascencia, a div. of PBI Bank (05/27/09)

• Rate: 2.01%
• CM: M
• APY: 2.03
• Minimum Deposit: $500

If you know of any CD Rates higher than these ones, please share with the Go Banking Rates community.

If you are getting mortgage loan, you have two main alternatives: a fixed-rate loan, where the interest rate stays the same for the life of your loan; and an adjustable-rate mortgage, or ARM, where the interest rate on your mortgage moves up and down along with some standard interest rate chosen by your lender. One of these standard interest rates is the 11th District Cost of Funds, the full name of which is the 11th District Monthly Weighted Average Cost of Funds Index (COFI). The 11th District Cost of Funds was launched in 1981 and has become one of the most popular mortgage interest rate indexes in the western US. (In the eastern US, the standard measure is the Treasury Index.)

COFI is simply an average rate interest paid by California, Arizona and Nevada banks on its deposit accounts. Of course, your ARM mortgage rate won't be equal to this rate, it is far too low (e.g., in February 2009, it was just 2.003%). Your ARM rate might be 2-3% above COFI depending on your credit history, the size and terms of the loan, your ability to negotiate with the bank and many other factors.

COFI moves up and down with the economy. When the American economy slows down, COFI rates typically fall. When economy picks up, COFI rates slowly move up. Unfortunately, COFI rates can also move up in recession, if the country suffers from significant inflation. That would be the worst outcome of all, since recession means poor job security and low income, and it is hard to deal with increasing mortgage rates at such times.

E*Trade 0.75% APY Checking Account Offer

ETrade is offering a checking account with 0.75% APY that comes with some great benefits:

• No ATM FEES at any machine, any bank, anywhere nationwide via unlimited ATM fee refunds
• FREE, one-click transfers to and from any instituiton
• Unlimited check...

E-LOAN 1.71% APY Savings Account

E-Loan has a 1.71% APY savings account offer with no fees. The account is FDIC insured.

Annual Percentage Yield (APY) for a Savings Account is effective as of 2/12/2009 and subject to change without notice. There is a $5,000 minimum opening account deposit and...

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FNBO Direct 2.60% APY Online Savings Account

First National Bank of Omaha is offering a 2.60% APY online savings account with no minimums and no monthly fees. You can manage your account online at any time, and deposits are insured by the FDIC for up to $250,000.

Online Savings Account offered...

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