Both WaMu and Chase have started offering a 60 month CD paying 5% APY. While a 5% APY not the top 60 month (5-year) CD rate it is a competitive certificate of deposit rate, especially for big banks. WaMu was recently purchased by Chase so in essence opening in either is opening with Chase. But, there is a difference in the offer.

The WaMu offer only requires a minimum balance of $1,000 to open the CD while the minimum deposit via Chase is $10,000.

While I don't have any experience with Chase's online application, WaMu's has always received high marks.

Be careful if you have accounts at both banks. Depending on when the acquisition becomes final, deposits in both banks will be summed to reach your coverage limits. Thus, if you have $250,000 at Chase and $250,000 at WaMu under one social, you will be over the limit.

Thanks to Bank Deals for discovering this offer.

Compare the best online 1-year CD rates here.

Irwin Union Bank of offering some competitive rates on non-traditional term CDs, including a 40 month cd paying 4.85% APY, a 25 month cd paying 4.55% APY and, a 15 month cd paying 4.25% APY. As a comparison, the highest rate on te BestCashCow rate for a 36 month cd is 4.6% APY while the top 960 month rate is 5.21% APY. The Irwin rates look good for their term.

Account forms can be filled out online but you'll need to print them and send them in. Although the CSR wasn't sure, I assume you'll also need to send two forms of ID including a copy of your driver's license. Once your account is open, you can fund it electronically via an ACH transfer.

Irwin Union Bank is a wholly owned subsidiary of Irwin Financial Corporation (NYSE: IFC) that is headquartered in Columbus, Indiana. Irwin Union Bank and Trust Company was founded in 1871, and today operates locally-managed banks in Indiana, Michigan, Utah, and Nevada. Irwin Union Bank, F.S.B. operates locally-managed banks in Arizona, Missouri, Wisconsin, Kentucky, California, and New Mexico.

The bank's stock has dropped sharply from its 52 week high of $11.85 to about $1.72 today. It has a 2 out 5 star rating from Bauer Financial for safety and soundness.

As with all banks, we recommend that any funds you deposit into Irwin Union Bank be below the FDIC insurance limits.

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Sovereign Bank is offering a competitive 4.25% APY 12-Month CD. The CD has a minimum balance of $500. I called Soveriegn and they told me that the offer was available nationally but that the cd had to be opened via the phone or in a branch. While you can apply online, they'll take your information and have a tele-sales rep call you back to confirm your identify and fund the account. Funding can be done via a Western Union wire transfer or by mailing in a check. Pretty primitive. Clearly, this offer is more appealing if you live near a branch.

The 4.25% APY is competitive with the top 12-month rates on the BestCashCow rate table.

Sovereign nearly went under during the height of the banking crisis in September but was purchased by Spain's Santender Bank. Santender is one of the biggest banks in the world. Spain heavily regulated their banking sector and their banks have come through the crisis in decent shape, so far.

See the best online rates on 1-year CDs here.