Sovereign Bank is currently offering a 15 month CD that pays 1.01% APY. It's a dark day when 1.01% is considered a competitive rate for any term, but complaining isn't going to make rates suddenly spike higher. To get higher rates we need higher employment, and the most recent disappointing jobs report signals that rates aren't going anywhere fast.

Back to Sovereign. The 1.01% APY is twice the national average of 0.50% APY for a 12 month CD and greater than the national average of 0.98% APY for a 3-year CD. Sovereign only requires a $500 minimun balance.

The rate appears to be available across the Sovereign branch network (722 branches), which stretches from New England into the mid-Atlantic and the Mid-west. To find a branch near you, click here. In addition, the CD can be opened from anywhere in the United States online or by phone.

From a safety and soundness standpoint, Sovereign's Texas Ratio is 10.76% versus the national average of 19.96%. A lower Texas ratio is better and means the bank is better positioned to survive and manage any future bad loans. The bank also has a Capitalization ratio of 16.18% versus the national average of 11.18%, also good. The bank has shrunk since the financial crisis, going from $89 billion in assets to $78 billion today. At one point, Sovereign was facing touch financial headwinds before the bank was purchased by the Santender Group, a Spanish bank holding company.

If you don't live in a Sovereign area or don't want to open an account online, don't worry. BestCashCow has plenty of above-average CD rates in your local area.

Below are some other competitive rates recently highlighted by BestCashCow:

• April 2, 2012 - Pigeon Falls State Bank Offering 1.76% APY 3-Year CD - Wisconsin
• March 21, 2012- First Choice Bank Offering Competitive CD Rates in New Jersey
• March 13, 2012 - The City National Bank of Metropolis Offering 1.26% APY Money Market Account
• March 6, 2012 - North Country FCU Offering 2.80% APY 60-Month CD - Northern Vermont
• February 27, 2012- El Paso Area Teachers FCU Offering 2.98% APY Five Year CD
• February 21, 2012 - Cardinal Bank Offering 2.01% APY First Choice Checking
• February 13, 2012 - Citizens State Bank Offering 4.00% APY Variable IRA
• February 6, 2012 - Liberty Bank & Trust Offering 1.31% APY Savings Account Rate
• January 30, 2012 - WYMAR Federal Credit Union Offering 2.27% APY 24-Month CD
• January 23- 2012 - Frederica Credit Union Offering 1.65% APY 12-Month CD - Open to All
• January 17, 2012 - Western Heritage Bank Offering 2-Year CD Paying 1.75% APY
• January 9, 2012 - Navy Federal Credit Union Offering 3.00% APY 20-Month IRA CD
• January 5, 2012 - Consumers Credit Union Offers 4.09% APY Rewards Checking Account - Nationally Available

Free Email Rate Updates for BestCashCow Readers

Users can now register to receive the best bank rates via email every Monday. You can choose to either receive the best rates for banks across the country, or you can receive the best rates for your state. You can cancel delivery at any time and also login to change which product rates you receive for which state. This email service is free. You can register for the service here.

Wisconsin is about to have its Republican Presidential primary tonight so I turned my attention to the state for this week's Best Rate Spotlight. Pigeon Falls State Bank is offering a 1.76% APY 36-month CD with a $1,000 minimum balance. That's tied for the best rate in the state for this CD term and significantly higher than the 0.99% APY average 3-year CD rate.

Pigeon Falls State Bank has three branches east of Eau Claire in northerwestern Wisconsin. The bank was opened in 1920 and is controlled by the The Sletteland family via a holding company PFSB Bancorporation, Inc. On its website, the banks says that "To assure its independence, the Bank will continue to maintain a strong capital ratio." Looking at its financial snapshot, it does appear to be in strong financial shape. The bank's Texas ratio is 14.20% versus the national average of 19.96% (the lower the ratio the better). The bank's capitalization is 10.49% versus the national average of 11.18%. While this is lower than the national average, it's still an adequate number. Assets have grown over the past six years from $53 million to $67 million.

Account can only be opened via the branch.

Previous Weekly Rate Spotlights

• March 27, 2012 - Community Bank Offering 3.00% APY 15-Month CD IRA - Mississippi
• March 21, 2012- First Choice Bank Offering Competitive CD Rates in New Jersey
• March 13, 2012 - The City National Bank of Metropolis Offering 1.26% APY Money Market Account
• March 6, 2012 - North Country FCU Offering 2.80% APY 60-Month CD - Northern Vermont
• February 27, 2012- El Paso Area Teachers FCU Offering 2.98% APY Five Year CD
• February 21, 2012 - Cardinal Bank Offering 2.01% APY First Choice Checking
• February 13, 2012 - Citizens State Bank Offering 4.00% APY Variable IRA
• February 6, 2012 - Liberty Bank & Trust Offering 1.31% APY Savings Account Rate

Check back next week for a new bank deal. Email any deals you know about to ratedeal (at) bestcashcow.com. Feel free to also share them below. If you're a bank and have a great deal not listed on BestCashCow, register for access and add the deal to the site.

North Country Federal Credit Union is offering a very competitive 60-month CD that pays 2.80% APY. That's the top rate in Vermont and one of the best rates in the country. In checking through the database, there were almost zero CD rates above 3.00% APY. The minimum balance to open the CD and receive this rate is $500.

Membership to North Country FCU is open to anyone who lives, works, studies or worships in northern Vermont (Addison, Caledonia, Chittenden, Essex, Franklin, Grand Isle, Lamoille, Orange, Orleans and Washington Counties). The disadvanatage of most credit unions is this restricted field of membership. Unlike many banks, credit unions generally exist to serve specific communities, organizations, or groups of individuals. If you do not belong to one of these groups, then you are unable to join. Luckly, there are over 7,000 credit unions across the country and it's a good bet that there is one that is close, has good rates, and has membership criteria to which you belong.

Find a local credit union near you

North Country FCU is headquartered in South Burlington, VT and has five branches scattered across the northern part of the state. Financially, it has a Texas Ratio of 14.44% versus the national credit union average of 10.34% (lower is better with Texas Ratio). Although its Texas Ratio is a bit higher than the national average, most experts agree that a bank is not in trouble unless its ratio is close to or above 100%. Banks that are closed by the FDIC generally have Texas Ratios above 200%. In another analysis I performed, I found that banks (and most likely credit unions) that offer higher rates are generally more stable than their low rate peers.

5 Month CD Rate Above 3% APY

I also wanted to mention a special deal I found on a 11 month CD. South Central Bank in Chicago, IL is offering a 5-month CD that pays 3.05% APY. That's one of the highest CD rates in the nation. The catch? You must invest $5,000 - no more and no less; you must be a new member to the bank; you must live near one of South Central Bank's five Chicago branches. Still if you live close to a South Central branch, then it might be worth it to deposit $5,000. If you have a family of five, then each person could deposit $5,000 into the bank and receive the rate.

If you don't live in Northern Vermont or Chicago don't despair. In our database, I found 16 banks offering a 60 month CD for over 2.75% APY.

Previous Weekly Rate Spotlights

• February 27, 2012- El Paso Area Teachers FCU Offering 2.98% APY Five Year CD
• February 21, 2012 - Cardinal Bank Offering 2.01% APY First Choice Checking
• February 13, 2012 - Citizens State Bank Offering 4.00% APY Variable IRA
• February 6, 2012 - Liberty Bank & Trust Offering 1.31% APY Savings Account Rate
• January 30, 2012 - WYMAR Federal Credit Union Offering 2.27% APY 24-Month CD
• January 23- 2012 - Frederica Credit Union Offering 1.65% APY 12-Month CD - Open to All
• January 17, 2012 - Western Heritage Bank Offering 2-Year CD Paying 1.75% APY
• January 9, 2012 - Navy Federal Credit Union Offering 3.00% APY 20-Month IRA CD
• January 5, 2012 - Consumers Credit Union Offers 4.09% APY Rewards Checking Account - Nationally Available

Check back next Monday for a new bank deal. Email any deals you know about to ratedeal (at) bestcashcow.com. Feel free to also share them below. If you're a bank and have a great deal not listed on BestCashCow, register for access and add the deal to the site.

Email Rate Updates for BestCashCow Readers

Users can now register to receive the best bank rates via email every Monday. You can choose to either receive the best rates for banks across the country, or you can receive the best rates for your state. You can cancel delivery at any time and also login to change which product rates you receive for which state. This email service is free. You can register for the service here.