Geauga Savings Bank is an Ohio-based FDIC-insured bank, with a 3.5 star rating (good) at Bauer Financial. They've stepped into the rate game with some top Certificate of Deposit (CD) rates.

• 1-year CD yields 4.37% APY, second on the BestCashCow top 1 year cd rate table.
• 2-year CD yields 4.44% APY, first on the BestCashCow top 2 year cd rate table.
• 3-year CD yields 4.84% APY, first on the BestCashCow top 3 year rate table.

Their CDs are open to residents of all state with a minimum deposit of $25,000 and the maximum off $95,000. Interest is paid and mailed annually on the anniversary date of the CD or you can receive a monthly interest check (i.e., interest does not accrue).

The bank is small witth $550 million in assets but is FDIC insured. The bank was chartered in 1983.

Farmers & Traders Bank Takes Weekly Spotlight for 3% APY 60-Month CD

Congratulations to Farmers & Traders Bank of Bancroft, IA for having the highest 60-month CD rate according to the BestCashCow rate tables. The bank offers a 5-year CD that pays 3.00% APY with a minimum balance of $5,000. Just a few short months ago, there were many banks paying 3% or over, but the list has whittled down to Farmers & Traders and a handful of credit unions scattered across the country.

Farmers & Traders was established in 1887. According to their website:

"Since 1887, Farmers & Traders Savings Bank has witnessed the peak of the nation's prosperity and it's deepest plunge in the worst depression the world has ever seen. Prior to the depression, there were three banks in Bancroft; however, the First National Bank and The Farmers State Bank did not survive. Farmers & Traders Savings Bank was one of the few banks in the county that did survive."

The bank's financials numbers look strong. The bank has a low Texas Ratio of 4.01% APY versus a national average of 20%. Return on equity is also higher than the national average while capitalization is a bit below. To view these numbers and their explanations, please click here.

The bank operates one branch and has $54 million in assets. Deposits are FDIC insured.

The bank only serves its community so if you don't live near Bancroft, IA you are out of luck. Still, there are thousands of local and online banks across the country offering competitive rates on a host of banking products.

Stay tuned next week for a new spotlight bank.

It's Friday! And there's no better way to celebrate than to let you know that several banks have increased their rates.

Perhaps the biggest news is the aggressive increase by Amtrust Direct. They raised the rate on their e-Savings account from 5.06% APY to 5.36%APY. They now have the highest rate with the minimum required deposit amount - $1.

Several banks also raised their CD rates:

• Umbrella Bank raised their 1 year CD from 5.00% APY to 5.15% APY.
• E-Loan increased the rates on their 2 and 3 year CDs by 5 basis points. A basis point is equivalent to .01%. So if something increased by 5 basis points it went from 5.05% to 5.10%.
• Corus Bank raised the rate on its 1 year CD and now has the second place on the rate table.

For more information on the best CD rates in the country, please visit the BestCashCow CD Rate tables.

Have a nice weekend.