EverBank has a high yield money market account with a 1.51% annual percentage yield (APY) for the first year. The Yield Pledge Money Market has a bonus rate of 2.25% for three months for first-time account holders.

The bonus money market rate applies to balances up to $50,000. Balances above that amount earn the variable ongoing money market rate, which was 1.25% as of Feb. 4, 2010. The bank is required by law to disclose the blended APY, which combines the bonus and ongoing interest rates for an estimated new account first-year APY. The new account first-year APY for balances from $50,001 to $10,000,000 is basically a range between 1.26% and 1.51%.

Other details of the money market account include:

• Minimum opening deposit of $1,500
• $8.95 monthly fee if average monthly balance falls below $5,000
• Only six transfers or withdrawals each month to avoid a fee
• Free online and mobile banking
• Free at-home check deposits

You can also combine the high yield money market with a high interest checking account. The FreeNet Checking Account requires a minimum opening deposit of $1,500 but there is no minimum balance to earn interest. The checking account has a first-year APY of 1.46% for balances between $50,000 and $100,000, and a three-month bonus rate of 2.25%.

Maintain a checking balance of at least $5,000 to avoid a monthly fee of $8.95. You also can write an unlimited number of checks.

Some banks offer bonuses for opening personal checking accounts but not business accounts. If you’re looking for banks that have special deals for business accounts, Chase is offering a $100 bonus for opening a business checking account.

Sign up on the Chase website to receive a $100 coupon by email. You have to take the coupon to a Chase branch and open a business checking account. The $100 bonus is deposited into your account within 10 days of meeting the minimum deposit requirement.

Other details of the checking account offer include:

• Minimum deposit of $500 with funds from a non-Chase bank account within 30 days of opening
• Limit of one business checking account-related premium per customer each year
• Interest bearing checking accounts available to sole proprietors, non-profits, and government entities
• No monthly service fee
• Up to 200 transactions per month on a Chase BusinessClassic Checking or Chase BusinessClassic Checking with Interest

Free checking accounts require you to do one of the following:

• Make five or more debit card purchases during each statement period
• Link the  checking account to a Chase Business Credit Card that has a balance above $0 at least once during the statement cycle
• Link the business account to a Chase personal checking account
• Maintain a monthly average balance of $4,000 to $7,500 depending upon the region

The $100 bonus offer expires March 15, 2010.

If you or your spouse are members of the military, check out some of the bank deals offered by USAA Federal Savings Bank. Anyone who is active, retired, or honorably discharged from the military can choose from a variety of financial products at the bank. Qualifying family members of military personnel also can search for bank deals at USAA.

Among the bank deals are certificate of deposit (CD) rates as high as 3.75%. Terms for a CD range from 30 days to seven years.

Standard CDs with a variable rate require a minimum deposit of $250 and those with a fixed rate require a minimum of $1,000. The bank also offers jumbo CDs for a minimum deposit of $95,000 and super jumbo CDs, which require a deposit of at least $175,000.

The adjustable rate CD allows a one-time adjustment if rates rise, and one additional deposit during the term. USAA also offers variable rates that can change daily, but allow you to make additional deposits to a CD.

USAA has free savings and checking accounts. The checking account has no monthly fees, free checks for life, free overdraft protection, and a free rewards debit card. You won’t pay a fee for the first 10 ATM withdrawals each month and can receive a refund of up to $15 for ATM fees from other banks.

The Federal Reserve decided this week to keep interest rates at record lows. The target interest rate remains near zero. The decision is aimed at helping the economy recovery.

One member of the Fed, Thomas Hoenig, voted against the action. A statement by the Fed said that Hoenig ”believed that economic and financial conditions had changed sufficiently that the expectation of exceptionally low levels of the federal funds rate for an extended period was no longer warranted.” Hoenig is president of the Federal Reserve Bank of Kansas City.

The Fed said the economy is continuing to strengthen. Household spending is improving but “remains constrained by a weak labor market, modest income growth, lower housing wealth, and tight credit.” However, business spending on equipment and software seems to be improving.

Also, the Senate backed Ben Bernanke in a 70-30 vote for a second term as chairman of the central bank. Bernanke’s future as the head of the Federal Reserve was shaky due to opposition from lawmakers fed up with big banks and regulators.

“The politically neutral and independent Fed has really been politicized this week, probably to its detriment,” Chris Krueger of Concept Capital, a private firm that tracks Washington for institutional investors, told the New York Times.

Large, national banks are not the only places to find competitive savings rates. Many savers are turning to local banks to find some of the best savings accounts.

Geddes Federal Savings and Loan Association, which serves the Central New York area, has a 2% annual percentage yield (APY) on money market account balances of $50,000 and up. Balances between $1,000 and $49,999 earn a money market rate of 1% APY. Money market accounts must have a minimum of $25 to earn interest.

Geddes Federal Savings and Loan Association also offers certificates of deposit (CDs) with competitive rates. CD rates include:

• 1.3% APY for 4 months
• 1.55% APY for  9 months
• 1.65% for 12 months
• 1.7% APY for 18 months
• 2.15% APY for 24 months
• 2.45% APY for 36 months
• 2.65% for 48 months
• 3% APY for 60 months

The bank also offers other CD rate terms. To earn the best CD rates, a CD must have a $500 minimum balance. Withdrawing money early results in a penalty.

The bank also offers CD rates for IRAs. Those CD rates include 2.15% APY for 12 months, 2.65% APY for 24 months, and 3.5% APY for 60 months. The bank offers other CD rates and terms for IRAs. The IRA CDs require a $500 minimum deposit.

Geddes Federal Savings and Loan has one office just outside of Syracuse, N.Y. The bank has been in business since 1949. The bank does not offer mortgages and services all of its accounts in-house.