Everbank has come out with aggressive pricing and now leads yields on the BestCashCow rate table for 12 month CDs and 36 month CDs . The Yield Pledge CDs are FDIC insured up to $100,000 per person.

To see how these rates compare to other banks, please visit the 12 month CD Rate Table and the 36 Month CD Rate Table.

You can also read about what others think of EverBank on the BestCashCow EverBank page.

M&T Bank, NA (not to be confused with their parent bank M&T Bank Corporation) began offering very competitive rates on two and three year CDs. Both their 2 year CD at 4.34% APY and their 3 year CD at 4.69% APY are second in yield on the BestCashCow CD Rate Tables.

There is a five thousands dollar minimum to open the CD but no need to open a companion savings account or some other account. As the woman on the phone told me, "all we sell are CDs, IRAs and Money Markets."

The application process is a bit substandard. You need to print out the form and then mail it in with a check. This is sort of pre-1997. The postal stamp provides proof of when the check was mailed and you'll get the rate as of that day.

M&T Bank, NA is a subsidiary of M&T Bank Corporation which has over $65 billion in assets as of December 31, 2007 and is one of the 20 largest commercial bank holding companies headquartered in the U.S.

Rates keep dropping in anticipation of further rate cuts from the Fed to try and prevent the economy from worsening. Yields on savings and CD accounts continue to fall in anticipation of a rate cut by the Fed.

On December 7, 2007 you could still get a 5.30% APY savings account from OneUnited Bank. They now pay 4%. In February, the top 1 Year CD Rate was Everbank's 4.25% APY. The top rate is now IndyMac at 3.70%.

In a recent Forbes article, economists speculate that the rate could go even lower depending on how the economy performs. Either way, it will be some time before we see those 6% APYs again.

Visit the CD Rate Tables

Visit the Savings and Money Market Rate Tables