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Wachovia is offering a savings account with a 4.88%. However there are quite a few quarks with the account.

Through the ever changing banking dynamics, everything is for sale. This includes bank accounts, especially to those companies who are not necessarily in the banking business. E*Trade, known as a discount brokerage firm, has a banking division which at points in recent history helped the company stay afloat. However, in a further effort to commodify, well, everything, some accounts were sold. Those online savings accounts that were not tied to brokerage accounts were sold to Discover Bank. The actual transfer of asses occurred on March 7, 2010.

Savings rates dipped very slightly this past week with the average dropping from 1.41% APY to 1.40% APY. Despite this drop, the top savings rate remained at 2% (ReadySaver.com from Southern Community Bank). Everbank also continued to offer their promo rate of 2.25% APY for the first three months on new money. After three months, the rate drops to 1.26% APY for a 1-year blended APY of 1.51%.

Savings rates dipped slightly this week with the average dropping from 1.45% APY to 1.41% APY. Despite that, the top savings rate remained at 2% (ReadySaver.com from Southern Community Bank).

The best savings account rates remain near the 2% range this week. Everbank tops the list with their guaranteed 2.25% 3-month promo rate for new money. Southern Community Bank has the highest non-promo rate with their Ready Saver Account.

Average savings rates moved up slightly in the past week as several banks joined the BestCashCow rate tables with competitive rates. This included a non-promo savings rate at 2% APY. CD Rates held steady with the highest rating being a 5-year CD paying 3.55% APY. All rates are as of 2/22/2010.

Savings rates and CD rates were little changed from a week ago, with rates moving 1 or 2 basis points for the various products. The top rates for various cd terms and savings accounts were unchanged from a week ago. The spread between short term and longer term deposit accounts remained elevated.

Irwin Kellner, the Chief Economist or Marketwatch came out with an article today parroting what we've been saying for the last year: the Fed is punishing savers to the benefit of borrowers. The mainstream press has sporadically written articles about this but it's good to see it continuing to get attention.

Etrade sent an email today that notified its Complete Savings customers that their accounts were going to be converted to Discover Online savings accounts in March.