If you have money sitting in your checking or savings account then you are someone like me who is not gaining much in return for the banks holding your money. With the economy in such a downturn and the interest rates dipping ever so slowly you really won't be able to make any money from interest. Unless of course you open an Ally Bank Certificate of Deposit (CD).This hub will give you interest rate provided by various banks that compete with Ally Bank and just maybe give you an option rather than just staying with your brick & mortar banks out there.

What are Certificate of Deposit? According to Wikipedia CDs are "a time deposit, a financial product commonly offered to consumers by banks, thrift institutions, and credit unions.CDs are similar to savings accounts in that they are insured and thus virtually risk-free; they are "money in the bank" (CDs are insured by the FDIC for banks or by the NCUA for credit unions). They are different from savings accounts in that the CD has a specific, fixed term (often three months, six months, or one to five years), and, usually, a fixed interest rate. It is intended that the CD be held until maturity, at which time the money may be withdrawn together with the accrued interest." (source: click here)

So now lets compare which banks have the best interest rate & best options for consumers:

1. HSBC Bank: This bank is not local to many people as this bank is a foreign bank and has few offices across major metropolitan cities across Northern America. HSBC is currently offering 12 Month CD rate with an interest rate of 1.50%. However, there is a minimum deposit of $1000 required. Also this interest rate is only available online so you will get a lower rate in their branches.
   
2. Bank of America: Everyone in the U.S. has at least seen their commercial on TV, or drove by one of their local branches. Being one of the biggest banks in the world I am surprised by the rates provided by B of A. Currently their website states that for a 12 month CD interest rate is 1.20% with a $5000 minimum deposit. Really $5000? That's a bit ridiculous!
3. ING Direct: ING Direct is the pioneering bank that led to the internet revolution when it comes to  banking. With no branches that actually do banking transaction it has the capability to provide better interest rates than most  brick and mortar banks. So for a 12 month CD, ING's website states 1.75% interest rate. Although a minimum amount is due to open an account it is not specified on their website. I am assuming the minimum amount is around $100. Please correct me if I am wrong.
4. Ally Bank: One of the new banks in the market these days that have commercials on TV touting best interest rates in any town and less hassle. Their 12 Month CD comes in at a whopping 1.95% and it gets even better, you do not need to deposit a cent in order to open a CD with this bank, pretty cool.
   

Well it is obvious Ally Bank offers the best rate and the most flexibility with $0 due when opening a CD account. I also checked their rates for Savings and it was still better than the other banks I mentioned above. If you are in the market looking for a new bank to get better interest rates then I would recommend Ally bank.