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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.

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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.

The average rate on the top 10 savings accounts dropped for the third straight time as banks continue to bring rates down.

The index dropped 10 basis points over the last week according to the BestCashCow savings rate index. Banks are lowering their high yield savings account rates.

Citibank just raised the rate on their Citibank Ultimate Money Market Account to 5% APY. Business customers can also get the high rate.

Based on the decision minutes ago by the Fed to lower the discount rate by half a percent instead of the expected quarter of a percent, rates on short term CDs and savings accounts will most likely drop. The drop may start as early as tomorrow.

A review of changes in high yield CD rates and Savings rates listed on the BesstCashCow.com rate table.