Washington Mutual has raised the rate on its 12 month CD to 4.50% APY, making it the top certificate of deposit (CD) rate on the BestCashCow rate table. In addition, they are offering an 8 month cd for 4.25% APY.

The minimum deposit on these accounts is relatively low at $1,000.

Washington Mutual's balance sheet has suffered enormously as a result of the credit crunch. As a result, like with any bank, I recommend you stay with FDIC limits when opening an account.

Virtual Bank, a Florida-based online bank, has raised their CD and savings rates.

As of August 8, the bank's rates are now the best 3 month and 1 year CD rates according to the BestCashCow.com rate charts.

In the past, the bank has tended to raise and lower rates quickly, so depositors will probably need to act quickly in order to secure these rates and to monitor the bank's savings rates carefully if they choose to open savings accounts.

As with all deposits in this uncertain period, depositors should be careful to keep deposits below the FDIC insurance limits.

Ascencia Bank took the #1 spot on the BestCashCow 6 month CD rate table with a rate of 4.07% APY. As of September 24, 2008, the rate is just below the best rates offered.

Ascencia has operated since 1996 and is a division of PBI Bank or Porter Bankcorp. Bauer financial rates PBI Bank with 3 stars out of 5 for its soundness. Deposits at the bank are FDIC insured up to the $100,000 limit per person.

When applying, you will have to print out the application and mail it in or ask them to mail you an application. While there is no instant account opening, funds may be transferred via ACH transfer from another bank after the application is received.

Ascencia also offers competitive 1 year, 2 year, and 3 year Certificates of Deposit.