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A mid-year report from the Bank of England analyzes the fall of the banking system and says that in the future banks must return to consumer deposits for funding. The report is an interesting overview of what has happened in the banking system.

The WSJ stepped into the high yield online savings world with an article on transfer times using online banks. There wasn't a lot of new information but it was a decent recap of why it takes 2-4 days to process a transfer.

ING has joined the rate raising crowd. Even though interest rates are projected to drop, banks are keeping their rates steady, or even raising them. I'm not complaining.

Even though the Fed dropped rates last week by 1/2 percent, GMAC raised the rate on their online savings acccount from 3.5% APY to 3.75% APY.

DollarSavingsDirect raised the rate on their online savings account from 3.75% APY to 4% APY, putting them at the top rate savings rate spot on the BestCashCow rate tables.

We expected it would happen and today Washington Mutual cut its savings and cd rates. They were once some of the top rates in the country but they have now dropped off the rate tables. RIP.

Capital One is offering a $50 bonus for opening a Capital One Savings account and funding it with $25,000 within 30 days of opening it.

I just called WaMu and asked if they were still offering high rates after being sold to JP Morgan Chase. The news was good.

Washington Mutual (WaMu) has raised the rate on its online savings account from 3.75% APY to 4%. This is the top rate in the country according to the BestCashCow rate table.

Amboy Direct is offering a $50 bonus to open their eSavings Account. The account currently pays 3.25% APY.

Nationwide bank is offering a $25 bonus to open a money market at the bank. The bank's current rate of 3.52% APY is competitive and the bank has a soundness rating of 4 stars according to Bauer Financial.

More turbulence in the money market fund world as fallout from the Lehman collapse continues. Putnam closed its $12.3 billion Putnam Prime Money Market Fund while Dryfus and Columbia (a division of BofA) injected funds to keep the net asset value at $1.

Washington Mutual, a rate leader in the savings and CD space lately, is rumored to be up for sale. The bank has suffered severe losses to its option rate adjustable mortgage portfolio and needs additional capital. It's been offering great rates lately so let's root for it staying independent.

One of the largest money market funds has frozen redemptions for seven days as the net asset value of its shares falls below $1. THIS IS A MONEY MARKET FUND, NOT A MONEY MARKET ACCOUNT. MONEY MARKET FUNDS ARE NOT FDIC INSURED WHILE MONEY MARKET ACCOUNTS ARE.

E-Loan is offering a 3.85% APY Savings account with a deposit of $100,000 and monthly deposits of $100.