Personal Finance Blog By MoneyRates - July 2008

The list of highest yielding bank savings accounts includes an entry for SmartPig. Since SmartyPig does not sound like a bank, what exactly is it? SmartyPig is for savers who are working to meet a specific savings goal. After a savings goals is established SmartyPig can set up an automatic debit from your existing checking account to your SmartyPig savings account held at West Bank Iowa earning an extremely competitive rate of 3.90%.

SmartyPig is also social network where you can make public your savings goals for friends and family to provide financial support. SmartyPig widgets can be added to your Facebook or MySpace page, blog or Website to make it easy to connect with donors. With the focus of the financial media on the inability of the American consumers to save, SmartyPig is counting on their customers being rewarded for their savings commitment with donations to help the savers achieve their goals - whether they be for Christmas presents, a family vacation, children's education, or even a new boat.

SmartyPig has partnered with some of the country’s top retailers that in many cases are offering what you’ve been saving for. Savers have the option of selecting retail gift card when they have reached their savings goal. The gift cards offer cash discounts from retailers which can be as much as 5% of your savings. Savers can also receive their funds back via a debit card or by check.

Saving money is going to be a big theme from financial planners as many consumers find themselves drowning with credit card and house debt. Many financial planners can help consumers consolidate debt and work out a savings plan (with a program like SmartyPig) to maintain a disciplined approach to saving money.

Find out more at SmartyPig.com

Three major American banks are in the giving mood on the nation's 232nd birthday with rate specials on CDs and money markets:

US Bank

5.00% APY on their 59-month CD, $100 minimum deposit

4.00% APY on their 25-month term CD, $100 minimum deposit

EverBank

4.65% APY on their money market account, intro-APY guaranteed for 90 days, $1,500 minimum

IndyMac Bank

4.00% APY on their 9-month and 10-month CDs, $5,000 minimum deposit

4.10% APY on their 6-month CD, $5,000 minimum deposit

4.35% APY on their 1-year CD, $5,000 minimum deposit

4.40% APY on their 13-month and 18-month CD, $5,000 minimum deposit

4.65% APY on their 2-year CD, $5,000 minimum deposit

4.85% APY on their 3-year CD, $5,000 minimum deposit

While these rates are subject to change, bank analysts are forecasting that the continued competition among banks for deposits and the prospect for higher interest rates will keep bank deposit rates at current level or higher. Find the very latest rate deals and offers from banks at Money-Rates.com

The list of best bank deposit rates at the beginning of 2008 was topped by Countrywide Bank and One United Bank both offering savings accounts with yields over 5.00%. After a quick and substantial march down in rates (following large rate cuts by the Federal Reserve) bank rates have started to increase again in the last few weeks. EverBank is is offering the top yielding money market and checking account with their 4.76% APY introductory offer and another 50 banks are offering yields of at least 3.25% on savings or money market accounts. These rates have been slower to increase than CD rates, but by the end of 2008 5.00% yields are expected to be available again. [Check Money-Rates.com for the very latest rate deals] A small number of banks have jumped into the market with 5.00% and higher CD rates available on terms of five years or longer. The banks offering the 5% yields include:

KeyDirect (5-year CDs, 7-year CDs, 10-year CDs)

Capital One Bank (5-year CDs, 7-year CDs, 10-year CDs)

E-Loan Bank (5-year CDs)

Raymond James Bank (5-year CDs)

GMAC Bank (5-year CDs)

Atlantic Coast Bank (5-year CDs)

Citizens Bank (5-year CDs, Available only in Wisconson, Michigan, and Ohio)

View the complete list of the highest rates on bank CDs.