Irwin Union Bank of offering some competitive rates on non-traditional term CDs, including a 40 month cd paying 4.85% APY, a 25 month cd paying 4.55% APY and, a 15 month cd paying 4.25% APY. As a comparison, the highest rate on te BestCashCow rate for a 36 month cd is 4.6% APY while the top 960 month rate is 5.21% APY. The Irwin rates look good for their term.

Account forms can be filled out online but you'll need to print them and send them in. Although the CSR wasn't sure, I assume you'll also need to send two forms of ID including a copy of your driver's license. Once your account is open, you can fund it electronically via an ACH transfer.

Irwin Union Bank is a wholly owned subsidiary of Irwin Financial Corporation (NYSE: IFC) that is headquartered in Columbus, Indiana. Irwin Union Bank and Trust Company was founded in 1871, and today operates locally-managed banks in Indiana, Michigan, Utah, and Nevada. Irwin Union Bank, F.S.B. operates locally-managed banks in Arizona, Missouri, Wisconsin, Kentucky, California, and New Mexico.

The bank's stock has dropped sharply from its 52 week high of $11.85 to about $1.72 today. It has a 2 out 5 star rating from Bauer Financial for safety and soundness.

As with all banks, we recommend that any funds you deposit into Irwin Union Bank be below the FDIC insurance limits.

• Compare the top cd rates

Sovereign Bank is offering a competitive 4.25% APY 12-Month CD. The CD has a minimum balance of $500. I called Soveriegn and they told me that the offer was available nationally but that the cd had to be opened via the phone or in a branch. While you can apply online, they'll take your information and have a tele-sales rep call you back to confirm your identify and fund the account. Funding can be done via a Western Union wire transfer or by mailing in a check. Pretty primitive. Clearly, this offer is more appealing if you live near a branch.

The 4.25% APY is competitive with the top 12-month rates on the BestCashCow rate table.

Sovereign nearly went under during the height of the banking crisis in September but was purchased by Spain's Santender Bank. Santender is one of the biggest banks in the world. Spain heavily regulated their banking sector and their banks have come through the crisis in decent shape, so far.

See the best online rates on 1-year CDs here.

Pentagon Federal Credit Union has a history of offering great rates on CDs for terms of 3 to 7 years. PenFed calls thse CDs Money Market Certificates, but they're just like any bank CD with a fixed rate for a specific term.

They rarely offer competitive rates for CDs with terms under 3 years, but for a few months each year, they have these great deals on long-term CDs. Early in 2007, they were offering 6.25% APY on these CDs.

Since the start of October 2008, PenFed has been offering 5.00% APY for these CDs. It's not as good as 2007, but it's still very competitive especially for the 36-month term. These probably won't last past this November.

The CDs have a minimum deposit of $1,000. They're also available as Coverdell Education Savings Certificates and as IRA Certificates. You can open the CDs online and fund them using an electronic ACH transfer from your current bank account.

In addition to high CD rates, PenFed has several other competitive banking products including a cash back Visa credit card with 5% cash back for gas purchases and auto loans with very low rates.

If you don't qualify based on military, employer or family, you can become eligible by joining the National Military Family Association (NMFA). Refer to PenFed's Joining Made Easy Page for details.