Gas is very expensive now a days so the best way to save money on gas is to use a credit card that gives you cash back for your gasoline purchases. You are going to buy gas regardless of the price so having a credit card that pays you back is the best way you can fight the prices at the pump.

I suggest getting a gasoline credit card that can be used at most gas stations such as this Discover card. The drawback to other gas cards such as Chevron or Shell cards is that you’re limited to receiving the maximum rebate at those gas stations only. With the Discover Gas card you can go anywhere it’s accepted and get the full 5% rebate for buying gas (Discover is accepted at most places such as Chevron, 76, Mobil, Shell, Vallero, etc.).

With gas fast approaching 5 dollars a gallon this card is a very smart move. I’ve received over 100 dollars in cash back in less than 1 year (took me about 9 months) since you get 5% cash back on all gasoline purchases. This card has no annual fee-click the link below to get started:

Here are some links that you can check out for mortgage loan rates. Remember it is always best to shop around to get the best rates.

Quicken Loans:

Bank of Internet:

Countrywide Bank has the highest APY for 1 year CDs. Countrywide has a minimum deposit $10,000 for new CD accounts. They also have the best jumbo CD rates since they offer the same 3.95% APY for balances over 250,000 dollars. You will incur a penalty if you withdraw your money out of their CD account early.

indymacBank has a promotion going on right now for new certificates of deposit with a 5000 dollar minimum deposit. They are offering a great 12 month CD rate of 4.15% APY which edges out Countrywide’s 1 year CD rate of 4.10% APY. Countrywide’s minimum deposit is also double indymacbank’s at 10,000 dollars.

GMAC Bank has the highest short term CD rates around at over 3.4 % APY for all of their certificates of deposit. If you want to invest your 2008 tax stimulus check money with zero risk then a CD may be right for you. Here’s a list of GMAC Bank’s current CD Rates:

CDs at GMAC Bank only require a $500 minimum (compare that with Countrywide Bank’s $10,000 minimum deposit for opening CD accounts) and they are FDIC Insured. GMAC Bank’s rates are even better than Countrywide’s CD rates right now which are only at 3.25% APY for 3month, 6month, and 9month CDs.

Countrywide Bank again has some of the highest CD rates around. Their 6 month CD is at 4.05% APY. This applies for Certificates of Deposit with $10,000 minimum deposit.

iGOBanking has high rates for 5 year CDs (60 month CDs) at 4.30% APY. Their minimum deposit is only $500, so this is a good option for those that may not want to make a long term investment without a large sum of money.  If you only invested $500 and let this deal run the full term (you don’t withdraw early and incur a penalty) then you would have about $617 dollars total in 5 years.  That’s a net gain of 117 bucks with no risk.

iGObanking has a high APY for their 15 month certificate of deposit at 4.00% APY. This is somewhat of a nonstandard rate since most banks offer 12 month CDs and 18 month CDs with nothing in between. Countrywide bank in comparison has their 12 month CD at 3.50% APY and their 18 month CD at 3.25% APY.  This is a high CD APY with a bank that is FDIC insured.  iGObanking has a $500 minimum to open a CD account.

Countrywide Bank still has the highest CD rates around at 4.45% APY on a 6 month CD with a $10,000 minimum deposit requirement.  Their online savings account APY is also very high at 4.50% however this rate is variable and subject to change at any time.  With a 6 month certificate of deposit you can lock in your high rate.  Online savings account interest rates are volatile; CDs allow you to lock in a good rate.

You can be assured that your money is safe (up to 100,000 dollars) at Countrywide since they are FDIC insured.

Countrywide Bank has the best online savings account rates at 5.00% APY. Compare this with the other companies and they come out on top.

• eTrade: 4.40% APY
• ING DIRECT: 3.65% APY
• HSBC Direct: 3.80% APY
• Eloan: 4.00% APY

You will need to maintain a minimum of $10,000 in your account to get the highest rate of 5.00% APY.  Balances less than 10,000 only earn 4.00% APY, however this still isn’t bad considering the competition.

Countrywide Bank has the highest certificate of deposit rates on a 3 month CD at an amazing 4.80% APY. There was a lot of concern regarding Countrywide Bank however they were recently bought by Bank of America. Their investment products are also FDIC insured so your money is guaranteed safe (up to 100k per account typically).

You will need $10,000 minimum to open up a CD at Countrywide Bank.

I had an online savings account with Eloan for almost a year because of their high rates. It turns out they were lacking in a few areas that made me close my account with them and switch to ETrade.

When I opened my account with Eloan their rates were very high-around 5.4% APY for an online savings account. ING DIRECT was only offering about 4.5% at this time. I still have an account with ING DIRECT since they have rich full featured easy to use customer interface.

I accidentally made a duplicate transfer from my linked checking account into my online savings account at Eloan.  I realized that this transfer was a mistake just minutes after I made the online transfer and looked for a way to cancel it.  There was no way to do this online.  I immediately called their customer service line to get this canceled however they they stated that they were unable to do so since everything is “automated” and NOBODY has the power to stop this process once it has started.  To top it all off their customer service reps were unprofessional and insensitive to my situation.

Reasons why you might not bank with Eloan:

1. Inability to cancel transfers
2. Poor customer service
3. Cannot schedule future transfers
4. Cannot schedule reoccurring transfers

ETrade has a great rate for a 6 month CD at 5.18% APY. Click on the link for list of all their CD rates.

It’s very easy to open an account with ETrade online.  I actually switched my online savings account from Eloan to Etrade recently.
A minimum of $1000 is required to open a new CD account and they are FDIC insured.

All of these banks are FDIC insured. The promos do change so check for updates.

Indymac Bank has very high CD rates for their 3 month CD at 5.40% APY.  A high rate on a 3 month CD is great because your money is not tied up for long.

The main drawback is that they require $5,000 minimum to open a CD.  They are FDIC insured.

In contrast Eloan’s 3 month CD is only at 5.00% APY.

Umbrella Bank has a high rate CD for 6 months at 5.13% APY. This is relatively high considering CD rates offered by other banks at the moment. A quick comparison of other 6 month CDs:

• ING DIRECT 4.70% APY
• E-loan 5.06% APY
• Bank of Internet 4.86% APY

Take advantage now because the Fed may cut the prime rate yet again.

Eloan is offering high CD rates despite the recent interest rate cuts by the Fed. Their 3 month CD is at 5.01% APY and their 6 month CD rate is at 5.05% APY.

The only drawback to Eloan is their $10,000 minimum deposit requirement.

The Federal Reserve recently cut the Federal Funds Rate by 1/2 a percent, from 5.25% to 4.75%. This rate is the rate at which banks charge each other for overnight loans.

Banks will now in turn lower their prime rate, which is the best rate that they offer on loans to their customers.

This means a couple of things for investors:

1. Interest rates on loans (mortgage loans/home loans, auto loans/car loans, personal loans) will drop so this is good for people that need a loan.
2. Interest rates on savings, online savings, and CDs will drop.

If you locked in a CD at one of the higher rates in the past few months then you did great! Hopefully you put in a good amount that will make you more money than you can make at today’s current rates.

If you are looking to invest in CDs then you should still consider a short CD at this time. There’s no way to tell if the Fed will drop rates further in the near future.

Bank of the Internet currently has a great CD rate at 5.17% APY on their 6 to 8 month CD. 12 to 17 month CD rates are somewhat less at 5.11% APY.

CD rates have dropped since the Federal Reserve cut the prime rate by 1/2 a percent. Read more about this in Investment Education.

Right now ELOAN has the best CD rate for 3 month CDs at an 5.55% APY.

This is even higher than their 6 month CD that is at 5.20% APY. Opening a 3 month CD with ELOAN is one of the smartest investments that you can make if you are looking for a short term no risk investment.

If you need access to your money frequently then consider their online savings account. At 5.25% APY, ELOAN beats ING DIRECT by a whopping .75% APY!

There’s a $10,000 minimum to open any CD account at ELOAN and they are FDIC insured.

Washington Mutual (WAMU) is offering a very high rate CD for 6 months at 5.50% APY. This is definitely one of the highest rates at a trusted well known bank. This rate only applies for CDs that are open online.

Here’s a comparison of other “big banks” to put this 6 month CD rate in perspective:

• BofA - 5.10% APY - 5 Month CD - $5,000 minimum
• Wells Fargo - 4.90% APY - 5 Month CD - $5,000 minimum
• US Bank - 4.93% APY - 7 Month CD - $1,000 minimum

The minimum balance required to lock in this CD rate is only $1,000 which is low enough for many people looking to start making small investments for the future.

Bank of Internet currently has the best CD rates around. CD rates have dropped somewhat in the past few weeks. Hopefully you locked in a good rate a month or two ago. Bank of Internet is FDIC insured. Here are their current CD rates:

ELOAN currently has the highest CD rate for 60 month CDs at an amazing 5.60% APY. I currently have an online savings account with them since they offered the best interest rates at the time.

There’s a $10,000 minimum to open any CD account at ELOAN and they are FDIC insured.

They don’t have the best online interface but the transfers from your ELOAN account into your primary linked account occur VERY FAST-usually within 1-2 days.

In comparison, ING DIRECT usually takes 3-4 days to get money transferred from your ING Account into your primary linked account. This is in reference to the online savings accounts from these institutions (you wouldn’t make transfers regularly with CDs as you would incur penalties.)

Transportation Alliance Bank is offering the best CD rates on their 24 to 60 month CDs. If you open a 2 year CD you will get 5.48% APY and for CDs between 3 and 5 years you will get the currently highest CD rate of 5.50% APY.
The minimum deposit for opening a CD with them is only $1000 and they are FDIC insured.

The biggest problem with this deal is that they don’t offer the ability to open the account online. To get this best CD rate of 5.50% you will need to call them at 800-837-4214 or fill out the PDF and mail it in. They will probably lose a lot of business to other banks just because of the lack of online sign up ability.
Find out more about them at www.tabbank.com.

Element Direct has many different tiers for their CD rates. They have minimums ranging from 5000 to 100000 dollars. Here’s the general breakout as of today:

• $5,000 Minimum Deposit CD Rates:
  

  Term	APY
  3 Month CD	5.35 %
  6 Month CD	5.44 %
  9 Month CD	5.42 %
  12 Month CD	5.42 %
  18 Month CD	5.41 %
  24 Month CD	5.41 %
  30 Month CD	5.38 %
  36 Month CD	5.38 %
  48 Month CD	5.38 %
  60 Month CD	5.41 %

• $25,000 Minimum Deposit CD Rates:
  

  Term	APY
  3 Month CD	5.35 %
  6 Month CD	5.45 %
  9 Month CD	5.42 %
  12 Month CD	5.42 %
  18 Month CD	5.41 %
  24 Month CD	5.41 %
  30 Month CD	5.38 %
  36 Month CD	5.38 %
  48 Month CD	5.38 %
  60 Month CD	5.41 %

• $50,000 Minimum Deposit CD Rates:
  

  Term	APY
  3 Month CD	5.35 %
  6 Month CD	5.45 %
  9 Month CD	5.42 %
  12 Month CD	5.42 %
  18 Month CD	5.41 %
  24 Month CD	5.41 %
  30 Month CD	5.38 %
  36 Month CD	5.40 %
  48 Month CD	5.40 %
  60 Month CD	5.41 %

• $100,000 Minimum Deposit CD Rates:
  

  Term	APY
  3 Month CD	5.35 %
  6 Month CD	5.45 %
  9 Month CD	5.44 %
  12 Month CD	5.44 %
  18 Month CD	5.41 %
  24 Month CD	5.41 %
  30 Month CD	5.38 %
  36 Month CD	5.41 %
  48 Month CD	5.41 %
  60 Month CD	5.45 %

Element Financial is a division of Irwin Union Bank, F.S.B. and they are FDIC insured.

WTDirect (the online division for Wilmington Trust) is offering their online savings account at 5.26% APY. This appears to be a good rate for online savings initially however here is the fine print:

• No minimum deposit
• For the first 60 days you will earn 5.26% APY on all your money
• After 60 days you will only earn 5.26% APY on your money if you have over $10,000 in your account
• For balances less than $10,000 you will only earn 0.60% APY

This is obviously not a good choice for people that will have less than $10,000 in their account. You can get higher rates at a normal bank such as US Bank or BofA. They are FDIC insured.

Countrywide Bank is offering a high rate Online Savings Account at 5.40% APY. This is a great rate for an online savings account if you don’t already have one.

• There is a relatively high minimum deposit of $50,000 to qualify for this rate.
• You are limited to 6 withdrawals per month.

Also check out their 5.40% 6 month CD.

Countrywide Bank is offering a high rate CD of 5.40% APY for only 6 months. This is one of the best CD rates around for a 6 month CD. They do require a $10,000 minimum deposit to secure this high rate. Also check out their 5.40% Online Savings Account.

While the name Bank of Internet may sound sketchy, they have actually been established as an “internet bank” by the FDIC shows that they have been in business since 2000 and they are indeed insured by the FDIC.
The current Bank of Internet CD rates are right up there with the best:

• $1,000 minimum deposit
• $100,000 maximum deposit

FNBO Direct is offering their online savings account at an amazing 6.00% APY with $1.00 initial deposit and no minimum monthly balance. This rate is guaranteed until September 28, 2007 so you still have time to make some money on this deal. There are potential fees associated with this FNBO Savings Account:

• ATM Cash Withdrawal - $2.50
• ATM Balance Inquiry - $1.00

And you will also be subject to the typical bank fees should you do something to incur them (read details here.) The biggest negative about this account would be the 6 transfer or withdrawal limit per month. This restriction may not bother some people however it is still a factor to take in to consideration if you need access to your money often.

iGOBanking.com is offering a promotional 8 month CD at 5.40% APY with only $500 minimum deposit. This is for new and existing customers however the money must be “new money” and can’t be transferred into this new CD account from an existing igobanking.com account. This is an excellent rate for only $500 minimum required deposit.

iGOBanking.com is offering their online savings account at 5.30% APY.

Good:

• No minimums
• Highly competitive rate for savings
• CD Rates aren’t bad (currently 5.30% APY for a 6 month CD)

If you’re planning on opening CDs in addition to your online savings account then it may be better to go with a bank that consistently has higher CD rates. INGDIRECT for example may be a better choice because of the ease of opening additional accounts (both savings and CDs.)

ING DIRECT has their standard Online Orange Savings Account at 4.50%. Here are some of the benefits of having an account with ING DIRECT:

• no minimum deposit required
• unlimited withdrawals and deposits
• ability to schedule future and/or recurring deposits
• highly competitive interest rate
• ease of opening additional accounts (you can open additional savings accounts and CDs with just a few clicks)

Citibank is offering their online savings account at 4.65% which is better than average but not as high as the best banks out there. However the $100 dollar bonus is definitely something to consider. Take advantage quickly because this offer expires on May 31, 2007.

• No minimum deposit
• No fees
• You can get your money through Citibank ATMs at no additional charge
• Only available to first time Citibank deposit account customers

Click here to open a Citibank Direct Ultimate Savings Account with $100 bonus

ELOAN currently has the best CD rate on their 1 year CD at 5.45% APY. They edge out Umbrella bank (with Umbrella bank’s 1 year CD at 5.40% APY.) The only problem with ELOAN is that you need a minimum $10,000 deposit.

Many people don’t understand the awesome power of compounding interest. Simply put, compounding interest is making more money with the interest gained from your investment. This way the total principle that you have in the account to gain interest goes up all the time. Even though the interest added is small amounts at a time, you are making more money as time goes by because of the interest made on the interest gained.

The longer you keep your money in the investment the more interest you will make. The higher the interest rate or APR will also net greater gains over lower interest rates or APRs.

Even if you can save as little as 100 dollars a month at a 7% APR you can build $14,507.87 over the course of 10 years. If you did not invest your money you would only have $12,000. Moreover if your investment stayed at a 7% rate of return for an additional 15 years the total of your investment would be $67,899.76 which is a not too shabby for a little retirement nest-egg!

To demonstrate the power of interest rates, we can take the same investment at 4% as opposed to 7%. At the end of a 25 year term the total investment is only worth $42,986.94, a mere 63% of the original amount of almost $68 thousand.

Interest rates are especially crucial when considering long term investments. Many people move their CDs around to get the best possible rate at all times. This is a normal practice and smart investors can make the highest margins possible with this technique. Keep up with the most current information to make informed decisions about your money. Don’t be lazy by keeping your money in a normal savings account if you don’t need access to it for months at a time.

Some banks will give you the option of holding the interest from your CD to the end of the term or depositing the interest monthly into another of your accounts (such as a savings account that you may have with that bank.) If you are offered this choice you should always take the monthly disbursements so you can compound this interest in your savings account.
Here’s a good interest calculator.

CD is a common abbreviation for a Certificate of Deposit. CDs are one of many investment products offered by banks however it is one of the simplest to understand. Banks offer CDs to customers to guarantee a specific interest rate or APY for the customer for a certain deposit amount.

CD INTEREST RATES
CD interest rates are typically higher than ordinary savings accounts but lower than mutual funds. This is because if you have a CD with a bank that is FDIC insured then your investment is guaranteed up to $100,000. As long as you go with a FDIC insured bank then there isn’t really any risk of losing your money. CD rates fluctuate with the market but they’re locked in for the term the day that you open the account. It’s always good to look around and compare CD interest rates when you’re ready to make this investment.

SAVINGS VS CDS

• Savings accounts allow you to withdraw and deposit at any time. CDs do not allow you to add money into the CD during the term.
• You can end your CD early but with a penalty. This penalty can often be MORE THAN THE INTEREST YOU WOULD GAIN by keeping the CD to full term. (You can take a loss because of the penalties associated with early withdrawal.)
• Savings account interest rates fluctuate with the market and are subject to change at any time. CD interest rates are locked in for the period of time stated when the CD is opened.

WHAT KIND OF ACCOUNT SHOULD I OPEN
You can open both an online savings account and CD accounts. Online savings will allow you the flexibility of moving money back and forth without penalties while the CDs can net you more money in the long term. CDs are offered by banks to customers that can part with their money for preset lengths of time from 3 months to 10 years. If you are in a situation where you may need your money soon then this may not be the time for you to open a CD.

INTEREST DISBURSEMENTS
If given the option to receive interest disbursements with your CDs then always say YES. That way you can put the interest to work in your savings account and enjoy the power of compounding interest rates.

Currently UmbrellaBank.com has the best rate on a 6 month CD. A very good investment choice since the minimum opening deposit is only $1000.

Make sure you’re making money instead of spending it
That’s right, you can lose money in an “investment” account if you’re not careful. Inspect the fine print whenever you sign up for a new investment account, whether it be savings, checking, CD, money market, and even 401k and retirement plans. Make sure that you meet the requirements for minimum balances if stated and understand the early withdrawal penalties.

Online Banking-now is the time
If you currently have money in a regular bank savings account, now is definitely the time to consider moving it into an online CD or savings account. Many banks offer higher rates online when compared to their normal branches simply because there are lower overhead costs to managing online accounts. If you need instant access to your money then nothing can beat normal banks. However if you can wait just a few days for transactions to go back and forth then an online savings account will work fine for you. Typically you will still need a normal checking or savings account to link up to your online savings account. Online savings accounts can yield 2 to 4 percent higher interest rates than normal banks! That can be more than double your current savings account rate.

Online CDs-Get the Best Rates
Online CDs have different terms ranging from 3 months to 10 years and they will sometimes also have minimum deposit requirements. Typically the higher interest rates require a higher deposit. Early withdrawal fees vary greatly from bank to bank. Make sure you can part with your money for the specified term and you’ll have nothing to worry about. Researching the best CD rates available when you’re ready to invest can help make the most from your money.

Get Rid of Old Accounts-Make More Money Online
Close out old accounts that are not gaining as much interest. Assuming you’re investing less than 100 to 200 thousand dollars, you will benefit from putting the bulk of your money in the investment that offers the highest interest rate. It’s easy to get lazy and leave some money here and there however if you consolidate the money from all of your bank accounts that are seldom used you may have more than you think.

Schedule reoccurring deposits into your new online savings account
You cannot add money to a CD once you’ve opened one, however you can add money into your online savings account at any time. Some banks such as ING DIRECT have tools available that allow you to schedule deposits for a future date or on a regular basis such as weekly or monthly. There are other banks that have great interest rates but don’t offer this functionality (as of today ELOAN does NOT offer future scheduled deposits with their online savings account.) Just putting in a small amount out of each paycheck will add to your total investment and you’ll soon realize the power of compounding interest.

If you do get a charge from your bank you should always call in to customer service and ask for a one time courtesy refund. I find that it’s best to be courteous and honest with the bank representatives. Of course you cannot do this often but some people often forget that they are the customer and the banks want your business. You can easily save $30 or more depending on the type of fee you incurred (overdraft fees are a very easy and common fee for banks to charge.)