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Online banking has been a hit with Gen X consumers but not so much so with Gen Y. Why?

Many Massachusetts savings banks have additional insurance for deposit amounts to $1 Million from the Depositors Insurance Fund (DIF). Chartered in 1934, no depositor has ever lost a penny in a bank insured by both the FDIC and the DIF.

The recent problems with Fannie Mae and Freddie Mac roiled the mortgage markets but they also had the potential to impact many money market funds. The government acted to prevent a bigger problem in both.

In the current dreadful economic environment, online savings accounts may provide security of your principal (as long as you stay within FDIC limits), but the rates can fall out from under you in a second.

Without great fanfare, this problem has begun to wind down.

Markets are tanking. This is a terrible time to be invested.

Everbank raised the rates on its money market and savings accounts today, continuing a general bank trend of rising rates.

Rates are on the rise. Deseret Bank has raised the rate on its Deseret Money Market account to 3.53% APY.

SmartyPig is running a second $100 Gift Card Giveaway Using Twitter. Answer a question and you might be selected to win the dough.

Here is why they are not.

One United, the bank with the highest rate on the BestCashCow savings rate table is now also offering customers $50 cash when they open an account and do on the following: - set up a new recurring direct deposit, or - make recurring purchases with your Visa Debit card The offer is good until June 30, 2008. We don't know how long One United will maintain its high rate.