Citibank just raised the rate on their Citibank Ultimate Money Market Account to 5% APY. Business customers can also get the high rate. In order to get the rate, customer must:

• Apply online or via the phone and link it to a Citibank EZ Checking, Citibank Account, Citibank Everything Counts or Citigold Account. There are no fees or minimum balances to open an EZ Checking acount.
• Must make at least two electronic bill payments, through Citibank� Online, Citi Mobile(SM) or Citiphone Banking, from your linked checking account during the calendar month preceding the statement cycle date.

Business customers interested in the Business Ultimate Money Market Account must maintain $50,000 or more and have a CitiBusiness Checking Account. In addition, the money cannot be transferred from an existing Citibank account.

Check to see how this compares to other high yield savings accounts with the BestCashCow Savings Rate Table.

We're pleased to announce the BestCashCow Savings Rate Index. The index, which is a composite of the top 10 rates on the BestCashCow Savings Rate Table, helps you track the direction of bank savings rates and compare them to previous periods. We'll be adding additional historical data shortly and updating it weekly.

Last week's Index: 5.52

This week's Index: 5.54

Rates in the Top 10 stayed fairly steady despite the steep rate cut. The slight increase from 5.52 to 5.54 was due to the addition of Zions Bank to the index and not any increase in rates. While several banks cut rates, no bank increased their rate during this timeframe.

It is noteworthy that while the Fed dropped rates by half a percent last week and individual banks have cut rates, overall savings rates have remained steady.

To see all rates, please visit the BestCashCow Savings Rate Table.

With the big investment banks done reporting this week, one thing has become clear, Goldman Sachs is in a class by itself. Unlike the other banks, Goldman anticipated the credit crunch and put hedging strategies in place that produced the third best quarterly profit in the company’s 138 year history. Amazing.

How did it do it? By seeing the trends and betting against the mortgage market. The company’s mortgage profits actually rose significantly while the company also doubled revenue from equity trading and generated record investment banking fees.

As the chart shows, Goldman suffered along with all of other i-banks during the credit crunch but its stock is bouncing back. Based on these earnings, Goldman should bounce even higher.

It's PE is a bit higher than it's peers:

Goldman 9.68

Bear Stearns: 8.78

Morgan Stanley: 7.28

But how can you bet against a company that seems to have its pulse on the financial market. Short term, the stock may vaccilate but long term I'd put my money with the guys (and girls) who clearly know how to make lots of it - in good and bad.