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Even though CD rates are fairly low right now, it doesn’t mean there aren’t any good deals out there.  If you’re looking for a long term CD right now, check out Bank of Internet’s 60 month CD.  Right now, they are offering a very competitive 4.20% APY.

-          $1,000 minimum to open.

-          Interest compounds daily.

-          FDIC insured.

Bank of Internet has received some fairly good reviews and if you’re looking for a online bank only, please consider Bank of Internet, especially if you’re looking for that long term deal!  For more details, please visit Bank of Internet’s website.

GMAC raised all of their rates this week offering some very competitive rates.  The nice thing about GMAC is that they offer a very low minimum balance at $500.  Their customer service is also a major plus.  If you have a little bit of money to set aside, I recommend you check out the rates this week.  When rates jump this high from a bank, they tend to drop just as quick within a few days.

Below are GMAC’s rates as of March 11, 2008

3 month - 3.50% APY - #7 / 10

6 month – 3.60% APY - #9 / 10

1 year – 3.60% APY - #5 / 10

18 month – 3.60% APY - #5 / 10

2 year – 3.75% APY - #1 / 10

3 year – 4.00% APY - #1 / 10

5 year – 4.15% APY - #2 / 10

The numbers noted after the APY rates are how they rank compared to other nationwide banks.

For more information on these rates, check out GMAC’s website.

I know I’m late to the punch but if you own a business are looking to get a $200 bonus, Chase Bank is currently offering this deal.  The rules are simple and are as follows –

Open up a Chase BusinessClassicSM, BusinessPlus® or Chase Advanced Business CheckingSM Checking account and deposit at least $500 within 30 days of opening your account.  This deal is open to new business accounts only.

You can get more information on Chase’s website.

Please keep in mind that this offer does expire 3/15/08.  Sometimes Chase Bank may extend this offer but no guarantees.

M and T bank is giving away money to it’s new customers.  The plan is quite simple and noted below –

Activate direct deposit on a new M&T Select account checking account and you’ll receive $50.

Get $25 when you activate direct deposit on any other M&T new consumer checking account.

*One free gift per household. Gift quantities are limited. One $25 cash bonus per personal checking account or $50 cash bonus per M&T Select or M&T Select With Interest account for activating direct deposit within 90 days of account opening. Bonus will be credited to the account after the first direct deposit is made and will be reported as income for tax purposes. Bonus offer available for new personal accounts opened on or after 1/2/2007 only, subject to change at anytime in our sole discretion without notice, and not available to employees of M&T Bank, or any of its affiliates.

For more information on this bank deal, visit M&T’s bank website.

If you’re looking for a unique idea on ways to saving your money, Wachovia Bank has come up with a pretty cool concept that has been around for a while.  It’s called the Way2Save account.  I’ll go in detail on how it works.

If you don’t have a Wachovia checking account, you’re going to need one because they will need access to your checking account so that they can withdrawal money from your account. 

Every time you make a purchase with either your Wachovia bank card OR you pay a bill online, Wachovia will withdrawal $1 from your checking account and put it in your Way2Save account.  This account will earn you 5.00% APY in your first year and 3.00% APY for the second and third year.  The 5.00% is an awesome rate in today’s market!

Below are some terms from their website –

Customers enrolled in the program earn a 5 percent annual bonus in year one, up to $300, and a 2 percent annual bonus in years two and three, up to $300. Bonuses are calculated on an annual basis for the first three years on eligible balances. The eligible balance is equal to the savings contributions for the current year (i.e., the sum of the $1 transfers and up to $1,200 of the recurring transfers) or the Way2Save account balance, whichever is less.

Get more details on their Way2Save Account