Great Online Savings and CD Offers

The last quarter of 2007 has been particular rough on the U.S. economy. Several banks have lowered their interest rates on their products, including savings accounts and certificates of deposit (CD). For example, in the beginning of 2007, HSBC Bank offered their online savings account with an interest rage of 5.05%. After the mortgage market crash, the rate dropped to 4.50% and continued to fall to today's 4.25%. The Federal Treasury lowered interests rates but it did little to alleviate fears of a slowing economy. However, not all is lost. There are a number of decent investments.

Washington Mutual is still offering an online savings account with a 4.75% interest; however, you need to open a free checking account as well. The minimum deposit is $1.00. Washington Mutual is also offering an online 6 months CD with an interest rate of 5.10%. Minimum deposit is $1,000.

Countrywide Bank is also offering an online savings account with an interest rate of 5.25%; however, to get this rate there is a $10,000 minimum deposit. Countrywide Bank is also offering a 6 months CD with an interest rate of 5.45% with a minimum deposit of $10,000.

ING Direct is offering an online savings account with a more modest interest rate of 4.10%. There is a minimum deposit of $1.00. In addition, it is offering a 6 month CD with an interest rate of 4.70%.