Sovereign Bank has CD rates for saving for the short term and investing for the long term. The bank has a limited time offer for the save and invest CD package, which requires a minimum deposit of $5,000 to be split evenly between a six-month and 36-month certificate of deposit.

The deal requires you to deposit at least $2,500 into a six-month certificate of deposit with a 2.25% annual percentage yield (APY). There are no fees or penalties for early withdrawal after the first six days.

You also must deposit at least $2,500 in a 36-month invest certificate of deposit that matures on Nov. 30, 2012. Each year on the review date of Nov. 30, you earn a good rate if the S&P 500 Stock Index rises. If the S&P 500 declines, you may not receive an interest payment, but your principal is guaranteed so you won’t lose any money. There is a penalty for early withdrawals from the invest CD.

Call the bank or visit a local branch by Nov. 27, 2009, to find out more about the CD rates and to sign up for this deal. You can deposit a maximum $499,999 in the save and invest CD package.

Money in these CDs is insured by the Federal Deposit Insurance Corp. (FDIC).

Flagstar Direct has one of the best certificate of deposit rates for 36 months. The bank is offering a 3-year CD with a 3% annual percentage yield (APY). Flagstar also has a 1-year CD with an APY of 2.01%. The details of the offer include:

• Minimum opening deposit of $500
• Interest is fixed for term of CD
• Insured by Federal Deposit Insurance Corp. (FDIC)

You cannot make additional deposits into the account before maturity. You can withdraw interest anytime after it has been credited to the account. However, withdrawing interest before maturity affects the APY earned on the CD.

If you withdraw principal before the maturity date, you pay a penalty. The 1-year CD has a penalty of 180 days interest, whether it is earned or unearned. The 3-year CD has a penalty of at least 180 days interest, depending on how the penalty is calculated.

CDs automatically renew upon reaching maturity unless you notify the bank in writing before that date. The interest you received is based on rates being offered on new CDs. Flagstar also has the option of preventing the CD from being renewed if it notifies you in writing 30 days before maturity.

ING Direct has an Added Value CD with a rate of 2.25% annual percentage yield (APY) for 12 months, one of the best CD rates around. You must open the certificate of deposit online and  funds must come from a non-ING checking account. Other details of the offer include:

• Certificates of deposit can’t be used for business, power of attorney, beneficiary, or individual retirement accounts
• FDIC insured up to $250,000 per depositor
• Penalty for early withdrawal
• Interest can be disbursed monthly or annually to external checking account

ING Direct also offers other CD rates for certificates of deposit linked to ING savings or checking accounts. Orange CDs are for terms of six months to 60 months. The following CD rates are current as of Oct. 2:

• 6 months - 1.55% APY
• 9 months - 1.15% APY
• 12 month - 2.1% APY
• 18 months - 1.5% APY
• 24 months - 1.5% APY
• 30 months - 1.5% APY
• 36 months - 1.5% APY
• 48 months - 1.75% APY
• 60 months - 1.75% APY

Interest on ING Direct CDs is calculated daily and compounded monthly. CD statements are delivered electronically each quarter unless there is activity on the account, in which case statements are delivered monthly. Interest payments alone are not considered activity. Once a certificate of deposit matures, you can renew it for the same term or a different term.

If you have at least $25,000 to put in savings, MetLife Bank has a 12-month CD rate of 2.25% APY. The CD rate is good for a traditional certificate of deposit or an IRA CD. You can open the account online or by phone and use the code Sally8 to receive the special CD rate.

Other requirements for opening a MetLife Bank certificate of deposit include:

• CD rates are good as of Sept. 15, but are subject to change at any time
• $25,000 must be deposited in a single transaction
• Deposit must come from a non-MetLife Bank account
• Accounts with less than $25,000 earn lower CD rates

MetLife Bank has other CD rates available with terms that range from 6 months to 60 months. Among the rates available are:

• 1.55% APY for 6 months for $25,000 - $49,999
• 1.85% for 18 months for $15,000 - $24,999
• 2% APY for 24 months for $15,000 - $24,999
• 2.25% APY for 36 months $25,000 - $49,999

The minimum deposit required to open a CD account is $2,000. MetLife Bank also has a jumbo CD for savings of $100,000 or higher. The Federal Deposit Insurance Corporation (FDIC) insures deposits for up to $250,000 per individual account holder.

Although you can withdraw money from a CD early due to an emergency, you have to pay a penalty equal to 3 to 6 months interest.

American Express is known for charge cards and credit cards. But the bank has two products that can help you build  savings. The bank’s high-yield savings account currently has a 1.85% annual percentage rate (APY) and its 24-month CD rate is 2.35% APY. Other CD terms are also available.

You don’t need to have an American Express credit card to open a high-yield savings account or certificate of deposit. You can open accounts  online or by phone. Other details of the high-yield savings account include:

• No minimum deposit required
• Interest is compounded daily and credit to account monthly
• Interest begins accruing on the business day the deposit is received
• No fees for electronic transfers
• Savings is FDIC insured up to $250,000 per depositor

Details of the certificate of deposit offer include:

• CD rates can change at any time without notice
• No minimum to open account
• No additional deposits are allowed before maturity date
• Penalty for early withdrawal of principal
• Interest can be withdrawn

Once the CD matures you have a 10-day grace period to withdraw the money, renew it at current CD rates, or transfer the money to a high-yield savings account. Statements are  sent online or by mail each month.

You can open American Express certificates of deposit and high-yield savings accounts as individual or joint accounts, but not trust accounts.