Banks Raising CD Rates - 9/12/2008

Banks are still aggressively looking for your money. As the economy slows and more bad news come out of Wall Street, more banks are raising rates than lowering them. Below are the banks that raised rates over the last couple of days. The bolded bullets are offers that are now the highest for their term according to the BestCashCow rate tables.

• Crestmark Bank Raises rate on 3 month cd from 3.80% to 3.90% APY. Minimum deposit of $25,000. This is the best 3 month CD rate according to the BestCashCow rate table.

• GMAC bank raised several terms. Minimum balance on all CD accounts is $500.
  • 6 month CD from 3.80% APY to 4% APY.
  • One year from 4.15 to 4.25% APY.
  • Two year from 4.30 to 4.35% APY.

• Discover Bank increased rate on its 2 year CD from 4.41% APY to 4.44% APY

• Advanta increased the rate on:
  • 2 year cd from 4.10% APY to 4.25% APY.
  • 5 year cd from 4.55% APY to 5.05% APY.

• Amtrust's 6 month CD at 4.15% is the new top cd for this term.