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Review of Delta Community Credit Union

I just got 2.5% on a money market from the Citibank branch on Boylston Street in Boston. I don't know if the rate is national but here are a few things I learned in the process.

The spread, or difference between the average savings and money market rate and the average 3 year CD rate has been increasing since January. Is this a sign of an improving economy or just a signal that short term deposit rates are horrendously low and going lower?

Capital One is offering $50 to open an online savings account, money market, or CD. The account currently pays 2.01% APY on balances above $10,000. That's somewhat competitive according to the BestCashCow rate tables.

Millions of investors have parked their cash in brokerage sweep accounts. In most cases, this is a bad idea.

Over the last couple of days, many of the top savings rates have dropped. The downward trend in savings rates continues.

While the headlines discuss the problems with the nation's biggest banks, many small community banks are doing great. Low borrowing costs and lack of competition from the big boys is helping the community bank grow quickly.

The big news this week was the drop today in DollarSavingsDirect's savings rate from 4% APY to 3.5% APY. DollarSavings represented the last 4% APY savings rate and its drop, along with several other banks brought the average rate on savings accounts from the BestCashCow rate table down below 3% APY.

Etrade is offering $25 to open a new online savings account and fund it with $1. The $1 minimum deposit required to receive the $25 is as low as they get.

I've recently stepped up my opening of online bank accounts, but now I am getting concerned that while the process makes sense to keep my savings growing, I may be killing my credit rating.