Since this past September, the Federal Reserve has lowered the federal-funds rate six times, from 5.25% to 2.25%, over the same period, certificate of deposit yields have dropped in tandem.

This time around, banks have been quicker to lower rates on deposits to offset higher credit costs and lower demands for loans. Some banks are offering promotional rates but you have to do your research to find them.

Washington Mutual has been offering a 3.30 percent Online Savings Account and if you don’t mind locking your funds up for a year, Countrywide Financial is offering a 4.10 APY 1 Year CD as of April 08.