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I updated the CD rate averages for April of 2008 today and found that only two sectors made increases.  This is the first time ANY sector has made an increase in almost three months.  Below are the averages from March in the first bracket, followed by the current month, April’s averages.

3 MONTH – 3.55% to 3.26%

6 MONTH – 3.76% to 3.50%

1 YEAR – 3.60% to 3.67%

18 MONTH – 3.57% to 3.46%

2 YEAR – 3.60% to 3.60%

3 YEAR – 3.80% to 3.76%

5 YEAR – 4.04% to 4.06%

To browse this month’s averages and the past’s, visit the CD averages page.

If you’re currently looking for a decent money market account and you’re not sure who you want to use because of the fear of banks lowering rates or because the bank has a bad rating, we have implemented a system at GOtalkmoney to show you exactly whose consistent and who’s not.  I’ll show you how the system works –

If you go to our official top ten money market chart, you’ll notice that there’s a category with the column header “W”.

This column shows you how long the current bank has been on the top ten consistently.  This is a great way to see exactly how long a bank has been on the top ten.  The longer they are on the top ten charts, the more likely their rates are going to stay the same.  But remember, a bank can change their money market rate anytime soon.

Here are the top three money market accounts that have remained consistent for the past three months.

WTDirect is offering a 3.31% and has been on the charts for 25 weeks straight.  They are currently ranked #10.

Corus Bank is offering a 4.00% and has been on the charts for 22 weeks straight.  They are currently ranked #2.

OneUnited is offering a 3.60% and has been on the charts for 20 weeks straight.  They are currently ranked #7

As for the minimum balance, WTDirect is $10,000, OneUnited is $1,000, and Corus is $100.

Money market rates aren’t guaranteed and a lot of investors find it annoying when they open up a money market account because the bank is currently offering a great deal and a week later they find that the rate has dropped below the industry average.

Let’s take Flagstar Bank for example.  During the week of March 18, 2008, Flagstar was offering a 4.30% APY money market account and was receiving a ton of positive reviews.  A little less than a week later, they dropped their rates to a 3.90% APY.

If this is your first time visiting the website, make sure you check out GOtalkmoney’s top ten money market rates.   The nice thing about this top ten list is that you’re able to see how long that bank has been in the top ten consistently.  This should help make the money market applying a little easier but remember, a bank can drop its rate anytime!

Here are the top three banks that have remained in the top ten consistently –

20 weeks straight – Corus Bank – 4.00% APY -$100 minimum

18 weeks straight – OneUnited – 4.00% APY - $1,000 minimum

23 weeks straight – WTDirect – 3.56% APY - $10,000 minimum

I’m sure if you’re reading this blog post, you have a credit card in your purse and wallet.  A question that makes us wonders a lot is, “Are there credit cards out there that are interest free?”  Believe it or not, there actually are a few cards out there that are interest free but there’s a catch.  I’ll explain them to you.

Don’t be late with your payments

If you do decide to sign up for one of these cards, you’re going to have to stick with a set plan.  If you don’t, it’s going to cost you.  One of the biggest credit card carriers, Discover, offers this type of no interest deal.  One of the catches though is that if you’re late with one of your payments, they can hit your balance with a pretty hefty APR.  This rate can generally range around fifteen to twenty percent.

Read the fine print

Sometimes you may find that your card indeed does offer no interest but this is only to your transferred balance.  You’ll want to stay away from these cards.  You’ll want a card that offers you no interest on the life of your balance every time you make a purchase.  Also keep in mind that the life of the balance may not necessarily mean the life of the card.  This is where you’ll want to read the terms and conditions again.

Make minimum purchases

I know some of Discover’s credit cards make you make a minimum purchase each month.  They will usually tell you to keep the card active.  So if it means making two purchases a month, you best do it or else they will take away your privileges.

Like anything in life, if it’s going to be a good deal, it’s going to cost you and a credit card with no interest is going to be the same.  IF you do apply for one, make sure you apply some of these techniques because if you fail to do so, you may find your card carrying that hefty fee defeating the purpose of why you applied for it in the first place.

Some Helpful Resources

Fatwallet.com forum thread discussing this issue

CNN article on no interest credit cards

Washington Mutual or aka WAMU has been known for a few months now for their high interest checking account.  As of Thursday, March 20, 2008, WAMU lowered its checking account rate from 4.00% APY to 3.55% APY.

If you’re unfamiliar with how the account works, here are some cliff notes –

When you sign up for a WAMU checking account, you’ll receive a 3.55% APY savings account.

WAMU offers free checks for life, free ATM cash withdrawals, no monthly fees, cash back on your debit card purchases, and more.

If it sounds like something that might appeal to you, check out more details on WAMU’s official website.