Washington Mutual has raised the rate on its 12 month CD to 4.50% APY, making it the top certificate of deposit (CD) rate on the BestCashCow rate table. In addition, they are offering an 8 month cd for 4.25% APY.

The minimum deposit on these accounts is relatively low at $1,000.

Washington Mutual's balance sheet has suffered enormously as a result of the credit crunch. As a result, like with any bank, I recommend you stay with FDIC limits when opening an account.

iGObanking.com is offering a competitive 9 month CD paying 4.15% APY. As the BestCashCow rate table shows, that's 9 basis points better than the best 6 month cd rate, but 21 basis points below the best 1 year cd rate of (4.26% APY).

To get the rate, you must fund them with new money to iGobanking.com.

iGObanking.com uses an all electronic account opening process, which means you confirm your identity by answering questions pulled from your credit report. These questinos may include your monthly mortgage payment, the size of your car loans, etc. The electronic process eliminates the need to email a signature card back and forth and means your account can be instantly opened.

The bank also allows you to fund your account via an ACH transfer. Once you initiate the transfer on iGObanking.com, the bank will pull money from an existing checking account you have elsewhere. ACH transfers can take between 2-4 business days.

Withdrawing money once your cd rolls over is not as easy. You must either request a check or transfer the money into a savings account at the bank. Their savings account currently pays a moderately competitive savings rate of 3.28% APY.

iGObanking.com is a division of Flushing Savings Bank. It is FDIC insured and has a Bauer rating of 4 stars out of 5.

As was discussed in a recent article published on BestCashCow, now may not be a bad time to lock in a cd rate. The financial data seems to indicate that rates will be falling over the next couple of months as financial markets continue to feel the impact of the banking crisis and recession.

Compare the best online 1-year CD rates here.

This week, the banking deal we want to highlight is a 3% APY 12-month Special EasyStart CD offered by Navy Federal Credit Union. To understand how good a deal this is, the average 1-year CD rate according to BestCashCow data is 0.61% APY while the very best 12 month bank (not credit union) CD rate in our database is 2.01% APY. So a 3% 12-month CD is fantastic.

Of course, there are some limitations, some of them quite significant. The minimum balance is a relatively small $50 but the maximum balance is only $3,000. That means the most you can put into this CD is $3,000. To get the CD, deposit holders must also have Direct Deposit of at least $300 set up, a Navy Federal Checking Account, and a monthly automatic transfer of at least $15 into your Special EasyStart Certificate within 90 days of the certificate issue date.

The second big limitation is that you have to be able to join the credit union first before you can take advantage of the offer. Credit unions, unlike banks, often restrict membership. In the case of Navy FCU, the membership criteria is quite broad. You have to have some relation to the military, civilian or uniformed personal, or be a grandparent, child, or grandchild of someone who does. A complete eligibility list is here. Note: I called and was told that if you are a child or grandchild, parent or grandparent must have retired from the military, not just served in order for you to qualify.

Assuming you are eligible, then the CD might be for you. If you are married and have children you could open one for your spouse and each of your kids, boosting the total amount eligible to receive the 3% rate. After the 3% maximum, a one year Navy CD pays .85% APY with a $1,000 minimum balance. The CD looks particulary attractive to credit union members who already have an account and relationship at Navy and for whom meeting the EasyStart CD requirements would be relatively easy.

Navy Federal Credit Union is the largest credit union in the United States according to BestCashCow data with $44 billion in assets. It is NCUA insured. The credit union has a low Texas Ratio of 8.20%, normally a sign that the institution is sound.

If this CD doesn't look like it's for you, then seach for the best CD rates in your area by accessing our tables through the tab above.

Last week's rate deal was:

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