Banks are still aggressively looking for your money. As the economy slows and more bad news come out of Wall Street, more banks are raising rates than lowering them. Below are the banks that raised rates over the last couple of days. The bolded bullets are offers that are now the highest for their term according to the BestCashCow rate tables.

• Crestmark Bank Raises rate on 3 month cd from 3.80% to 3.90% APY. Minimum deposit of $25,000. This is the best 3 month CD rate according to the BestCashCow rate table.

• GMAC bank raised several terms. Minimum balance on all CD accounts is $500.
  • 6 month CD from 3.80% APY to 4% APY.
  • One year from 4.15 to 4.25% APY.
  • Two year from 4.30 to 4.35% APY.

• Discover Bank increased rate on its 2 year CD from 4.41% APY to 4.44% APY

• Advanta increased the rate on:
  • 2 year cd from 4.10% APY to 4.25% APY.
  • 5 year cd from 4.55% APY to 5.05% APY.

• Amtrust's 6 month CD at 4.15% is the new top cd for this term.

Money market funds really stink, especially these days. As BestCashCow.com's rate charts show, the rates are not comparable with online savings rates in the current low rate environment. Even worse, these things are not secure. It has happened before where money markets have had their values fall below par, either through redemptions or through defaults in the portfolio. It could easily happen again in this environment.

The government, through the FDIC, provides a way to get better return and sleep better at night. It is, in fact, a no brainer.

As long as you stay below insurance limits, your CDs at FDIC-backed banks are entirely protected. You cannot get that kind of insurance in a money market account.

What I have done is to buy several 1-year CDs which I have pulled off of BestCashCow.com's rate tables. The rates are currently around 4.50% which is twice what I am earning in money market accounts, and again, it is fully insured. Since I am single, I keep my investments to $95,000 per account so that I am assured that even on maturity in one year, my balance will be less than my FDIC insured amount of $100,000. I am also careful that I do not have any other accounts with the banks where I open CDs.

An easier thing to do that provides the same protection as this strategy is to just buy brokered CDs through my broker, again being certain that no more than $95,000 goes into instuments with a single financial instutution. This strategy lets you sleep better at night, but you are never going to get these kind of yields through brokered CDs, listed with say Smith Barney or Merrill Lynch. I've purchased 2, 3 and 4 month CDs through my broker that yield the same as the money market accounts that I am in. It just isn't worth my while to fill out all of the paperwork to get a slight bump-up on a short-term rate, but it is worth my while to make the call to my broker and get the insurance that money markets don't provide in this environment.

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.