Trends for this edition of the “Deal of the Week” include better rates from bigger banks; a shorter shelf life for some bank CD and high yield savings rates; and a good money market deal from a familiar name.

CD Rates

We’ve written about some of the TARP banks who have received bailout money, then went out and undercut the competition by offering higher bank CD, money market and deposit account rates. We’ve also noted how a key industry trade group - the American Bankers Association – has kicked up some dust over the reality of TARP-funded banks handing out better rate deals than banks that didn’t earn any bailout cash.

Well, here we go again, with GMAC – now known as Ally Bank – offering a no-penalty nine-month CD that offers a 2.15% APY.

Ally has already been the target of a lobbying campaign by the ABA for offering “above market” rates on CDs and deposit accounts. GMAC LLC, the financial parent of Ally bank, had received $13.5 billion in bailout funds, according to the ABA.

Ally is encouraging customers to open accounts online, but you can also open an account by phone or via snail-mail. But act fast if you want the Ally nine-month CD, and the attractive 2.15% rate. (Ally also has a one-year CD deal with a 2.30% APY).

Because if you don’t lock it in now, who knows how long the deal will stay around? For more information, visit Ally.

Bank Savings Accounts

How does this sound - a bank savings account with a 2.00% yield that requires no minimum deposit and no heft monthly fees?

At first glance, it sounds great. But the bank services provider in question, UFB Direct, has been known to play the “bait-and-switch” game, i.e., offering initially high bank deposit rate deals than pulling the off table after six months or so. In UFB’s defense, they’re offering new customers a guarantee on its US Savings Account product that yields will stay in the top 10% of comparable savings accounts.

Still, it’s a great rate and UFB is promising to play nice. Plus, the rate is far and away better than anything the bank is offering on the checking, money market, or certificate of deposit front. Check for yourself.

Money Market Accounts

We promised you a familiar name with a good money market rate and here it is – Nationwide Bank (Stock Symbol: NWFS) is offering a 2.00% rate on its self-touted “higher yielding” money market accounts.

The rates come with few strings attached. There is no minimum balance – although there’s really no high value in putting $5 in a money market account – and you get a free first order of checks, free online banking, and a free ATM card when you open the account. You can also link the money market account to a Nationwide checking account for overdraft protection.

Nationwide is hedging, though. On a statement on its web site, Nationwide says the APY is “subject to change”, but adds that the 2.00% rate is good as of June 22, 2009. Also, watch out for maintenance fees. Any balance below $1,000 on a monthly basis triggers an $8.00 account management fee.

Watch Out For Banks Lowering CD Rates

We’re also seeing a trend in bank CD deals, where the good rates are dangled out there for a while, and reeled back in once an avalanche of depositors begin signing on the dotted line.

Among the banks who have cut CD rates recently include Wilshire Bank (California), which cut its six-month CD rate from $2.50 to $1.96, and Atlanta-based eBank, which cut its CD rates right down the line, with rates on six-month CD’s falling from 2.00% to 1.50%, and its five-year CD rates falling from 3.00% to 2.50%.

As a note: there is hardly any empirical evidence that all banks are cutting CD rates, but there are enough doing so to warrant investors’ attention.

But as always, buyer beware.

— For more ways to save, spend, invest and borrow, visit MainStreet.com.