Everyone has noticed that good CD rates are getting harder and harder to find. Many of the best rates out there that are offered by Internet-only banks, generally because they are able to keep their overhead costs down easier since they only operate on the Internet. One bank prides itself so much on being an Internet-only bank even has the name Internet in its title: Bank of Internet.

Bank of Internet is headquartered in San Diego, California, and it has been FDIC insured since 2000. Their CD rates rival some of the best offered today: 1.110% APY on a 6-month CD, 1.410% APY on a 12-month CD, and even 2.540% APY on a 60-month CD. Interest is compounded daily, it offers free electronic transfer of interest, and gives an auto renewal with a 10 day grace period. Of course, there are fees for early withdrawal of principle before the maturity date. A $1,000 minimum balance is required for all CD products. This bank also offers free online checking and ATM refunds as long as your balance is $5,000 or more with a 0.71% APY (with a $500 minimum opening deposit) and it has an online savings account that pays 0.75% APY with the $100 minimum opening deposit.

Of course, not everyone is comfortable with the idea of having an account at a bank with no physical offices that they could visit. Bank of Internet does offer telephone customer service, so you would be able to speak with somebody over the phone. However, if you like doing business the face-to-face the old-fashioned way, this could be a poor substitution. Before you pick the right banking account for you, you should consider not only the bank’s rates, but also consider how comfortable you would be with the bank’s format.

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Being an avid saver has its advantages and disadvantages. One of the advantages is that I have money for a rainy day. One large disadvantage is that I am able to notice the recent decline in interest rates. Everyone is excited that mortgage rates are fantastically low, but what is often overlooked is the fact that the decrease in bank revenue is passed to the consumers.

I save lots. Not nearly enough, but save through a variety of mediums. One of which is through CDs. It is through CD laddering that the decline of interest rates becomes most apparent. Personally I have a six rung ladder, staggered every six months. (I.e. 6, 12, 18, 24, 30 and 36 month CDs to begin.) Once each CD matures, it is replaced with a 36 month. Therefore, every six months a new CD is opened.

The concept of the CD is simple in that one often receives slightly higher rates than a savings/money market account and post the financial armageddon one would assume that rates would either rise or maintain a status quo scenario. Unfortunately they have not. Once the Federal Reserve rate declined to a floating 0% - .25% scale, we, I, assumed that rates had bottomed.

So, what does this mean to the saver? There are few places one may save. We are currently in a dystopian environment. Some argue that equities are cheap, but one runs the risk of losing in the stock market. Some may argue that real estate may reap value, but one must have initial capital and be willing to hold for the long term. Some may say commodities, but how far can gold go and at what cost? One could play the arbitrage game in forex trading, but the risks out weight the rewards.

ING Direct is holding their Black Friday Sale for three days from Friday, Novemember 26-Sunday, November 28. They are offering savings on checking accounts, kids accounts, and a decent 2% IRA 36-month CD.

Some of the offers they are providing are:

• 2% 36-Month IRA CD
• Open an Electric Orange Checking account, make seven payments, and receive $103.
• Open a Kids Savings Account and get a $25 bonus.

The 2% 36-Month IRA CD isn't a bad rate. The best rate on a non-IRA CD according to BestCashCow is 2.30% APY so 2% is within the range of reasonable. The Electric Orange Checking account currently pays 1.20% on balances from $50,000- $99,999 and 1.25% APY above that. Sadly, that's not a bad rate nowadays.