The top CD rates actually went up a bit this week, with the top 5 year CD going from 2.78% APY to 3.01% APY. The same is true of the 3 year CD where the top rate of 2.45% APY was dethroned by the Institution for Savings In Newburyport. The aptly named Institution for Savings is offering a 3 year CD that pays 2.50% APY with a $500 minimum balance to open. That's pretty good considering the average 60 month CD is paying only 1.60%. The average 3 year CD rate is 1.12% APY according to BestCashCow data.

The Institution has seven branches around Newburyport, MA in towns such as Ipswich, Rowley, and Newburyport. The bank was founded in 1820 and has approximately $1.21 billion in assets. Financially, the bank looks very strong with a very low Texas Ratio of 2.78% versus the national average of 21.06%. Its Return on Equity is also strong at 9.55% versus the national average of 7.57%. And like many banks offering higher rates, it has grown significantly in the past five years, increasing assets from $552 million in 2006 to the $1.21 billion today.

If you don't live near a First Choice Bank branch, look for the highest CD rates in your local area. BestCashCow has the Inernet's largest database of bank rate information.

Previous Weekly Rate Deals

• November 7, 2011 - State Savings Bank of Rake, IA Offering 3.82% APY FIRA
• October 31, 2011 - First Choice Bank Offering 2.80% APY 5-Year CD
• October 24, 2011 - First National Bank of St. Ignace Offering 12-Month Flex CD at 1.51% APY
• Oct 17, 2011 - Weekly Rate Deal - Navy Federal Credit Union Offering 3% APY 12-Month CD
• Oct 7, 2011 - Farmers & Traders Bank Takes Weekly Rate Deal for 3% APY 60-Month CD

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.

Have a good week!

For this week's weekly rate deal, we are traveling to Rake, IA where State Savings Bank is offering a 3.82% APY fixed IRA. I spoke to a representative at State Savings Bank and they told me about the IRA. Its term is basically a six month CD. If you opened the CD now, the term would be guaranteed through December 31st, at which point it would automatically roll over, unless you opted to withdraw the money. The bank represenative I spoke with told me that she didn't expect the rate to drop much in January, if at all. At that point, the FIRA would roll over at six month increments. Essentially, this behaves much like a six month CD but with a much higher rate.

For those unfamiliar with Fixed Rate IRAs, they behave much like CDs, expect they must be kept in a retirement account. The woman at the bank confirmed that the FIRA could be deposited into a Roth IRA or a traditional IRA, where the income from the investment grows tax free, or tax deferred. The money has to stay within the IRA until retirement or it will be hit with substantial early withdrawal penalties. Lean more about FIRAs.

The minimum balance to receive this rate is $1.

State Savings Bank is a small bank with one branch and $53 million in assets. It has a low Texas Ratio of 13.5% (below the national average of 21.06%). The bank's assets have grown from $40 milion in 2006 to $52 million in 2011.

FIRAs can only be opened at the branch, so you'll need to live close to Rake, IA to take advantage of this bank deal. But even if you don't there are many deals in your local area. Find the best IRA rates in your local area or state.

With average five year CD rates down to 1.60% APY according to BestCashCow's database, we went searching for yields that smashed the average. What we found was the highest bank rate in the land. First Choice Bank, headquartered in New Jersey is offering a 60-month CD paying 2.80% APY with a $1,000 minimum balance.

The CD must be opened in person at one of their five branches located in the Trenton, NY area. First Choice Bank is a relatively young bank, having been founded in 2007. The bank has $500 million in assets and has grown almost 10X since openening (2007 assets were $50 million). Like many banks opened after the worst of the financial crisis, it looks relatively healthy with a Texas Ratio of 10.45% versus the national average of 21%. Most banks found after the financial crisis escaped the lending binge leading up to 2007-2008 and thus seem to have cleaner balance sheets.

Unlike banks that are shrinking and offering lower rates, First Choice is cleary hungry for deposit dollars and willing to pay for them.

First Choice Bank is headquartered in Lancerville, NJ, a small town eight miles south of Princetown and 8 miles North of Trenton.

If you don't live near a First Choice Bank branch, look for the highest CD rates in your local area by clicking through to our table on the tab above. BestCashCow has the Inernet's largest database of bank rate information.

Previous Weekly Rate Deals

• October 24, 2011 - First National Bank of St. Ignace Offering 12-Month Flex CD at 1.51% APY
• Oct 17, 2011 - Weekly Rate Deal - Navy Federal Credit Union Offering 3% APY 12-Month CD
• Oct 7, 2011 - Farmers & Traders Bank Takes Weekly Rate Deal for 3% APY 60-Month CD

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.

Have a good week!