OnBank is currently offering a fantastic deal on its certificate of deposit or CD accounts.  The 60-month CD is available at 5.15%.  Obviously, OnBank is expecting a pretty good increase in interest rates over the next 5 years.  In any event, this is one of the better CD deals out there.  Generally, I groan at the thought of putting money into CDs, but given the stock market tumult, uncertainty in the municipal bond market, and general economic woes, this may not be a bad option for someone who wants to stow away some money securely.  The bank also offers 3.5% on Money Market savings accounts.

Taking a look at current money market accounts, it seems as if EverBank is offering the highest interest rate with 4%, but this is where people get tripped up.  EverBank’s offer is 4% on its MMAs for the introductory period, but then only 2% on accounts below $10,000 after that.  Looking for the best money market rates it seems as if the IndyMac at 3.85% is the best for accounts over $10,000, with Corus Bank offering a 3.82% rate for the $10,000 deposit as well.  There is a savings account available at OneUnited Bank for 3.6% with a minimum deposit of $1,000 and the HSBC that we discussed yesterday that is 3.5% with no minimum.