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Ken Tumin founded the Bank Deals Blog in 2005 and has been passionately covering the best deposit deals ever since. He is frequently referenced by The New York Times, The Wall Street Journal, and other publications as a top expert, but he is first and foremost a fellow deal seeker and member of the wonderful community of savers that frequents DepositAccounts.

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Best Bank Account Interest Rates - Summary for July 29, 2014
Best Bank Account Interest Rates - Summary for July 29, 2014

The two-day FOMC meeting started today. Their statement is scheduled to be released tomorrow at 2:00pm. Little change is expected. They may sound a little more optimistic on the economy and the labor market due to the strong June employment report, and that may suggest a rate hike in 2015 will come a little sooner.

Unfortunately, a rate hike in 2015 is far from certain. This Reuters article describes what may cause the near-zero rate to last for many more years (Thanks to DA member Shorebreak for posting on this article...

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Colorado Federal Savings Bank Raises Online CD Rates
Colorado Federal Savings Bank

Internet bank Colorado Federal Savings Bank (CFSB) has raised its rates on three of its CDs: 1-Year CD (1.10% APY), 2-Year CD (1.25% APY), and 3-Year CD (1.40% APY). The minimum deposit to open any of the three CDs is $5K and there is no maximum balance cap for earnings. In addition, Colorado Federal Savings Bank also offers a competitive Online Savings Account (0.85% APY) that requires a $2.5K minimum.

Availability

As an internet bank, Colorado Federal Savings Bank is able to offer all its Savings and CD...

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Nice Savings and Money Market Account Promotion at Citizens State Bank
Citizens State Bank (FL)

Citizens State Bank in Florida has just come out with a great summer special that’s nationally available. It’s offering an internet savings account and an internet money market account with a 1.06% APY. If these accounts are opened by August 31, 2014, the bank will guarantee the 1.06% APY for six months from account opening. These are tiered accounts. To earn 1.06% requires a balance of between $10K and $250K. Much lower rates are earned for balances below and above these tiers. I don’t see a mention of the rate...

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Survey of the Best CD Rates for July 28, 2014
Survey of the Best CD Rates for July 28, 2014

The Fed will be meeting on Tuesday and Wednesday of this week. Little change is expected when the Fed releases its statement on Wednesday. Hopefully, we’ll see some hints of a future rate hike. I’ll have more about the meeting and future interest rates tomorrow.

The trend that I mentioned last week continues: there have been more rate cuts than rate hikes in my survey of top CD rates. In particular, we saw rate cuts last week on long-term CDs from Doral Direct, Franklin Federal Savings Bank, Third Federal and First...

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Competitive Short- and Mid-Term CD Rates in Ohio at Belmont Savings Bank
Belmont Savings Bank (OH)

Belmont Savings Bank in Ohio has several competitive short-term and mid-term CD rates, and there are even better deals that are not listed on the bank’s website. The bank currently offers an extra 25 basis points for Jumbo CDs with minimum deposit of $98,000. With this extra 25 basis points, all of the bank’s CDs become very competitive, and the short-term and mid-term CDs become hot deals. IRA CDs have the same rates for terms of 18 months and over. The best CD deal is the 12-month term. It has...

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What Motivates People to Save?
What Motivates People to Save?

How do you encourage people to save? That’s a question sure to spark a debate. Researchers from the Stanford Graduate School of Business and Tilburg University in the Netherlands have an answer -- make them feel more powerful.

"When it comes to managing finances, it’s easy for people to feel overwhelmed and out of control," Stanford PhD student Emily Garbinsky and co-author, said in a prepared statement.

In a series of five experiments the researchers showed that feeling powerful, defined as having control over valuable resources is a pleasant state...

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Security First Credit Union Remains Competitive With 9-Month CD Special
Security First Credit Union

In January 2013, I wrote about Security First Credit Union's (Texas) competitive CD and IRA rates. Security First Credit Union is continuing to offer attractive products with a 9-month CD Special (1.16% APY) and a 2-Year CD (1.36% APY up to $50K and 1.39% APY over $50K). The 2-Year CD is also available as an IRA, with the same earnings rate. Both CDs require a minimum $1k deposit to open and have no maximum cap.

Availability

Security First Credit Union offers membership to...

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One Small Illinois Bank Closed by the OCC
One Small Illinois Bank Closed by the OCC

A small Illinois bank was closed by the Office of the Comptroller of the Currency (OCC) on Friday. GreenChoice Bank was the 14th bank in the nation to fail this year, and the fourth one to fail in Illinois. At this time last year there had been 16 bank failures, and for all of 2013 there had been 24 bank failures.

Friday’s bank closure was typical in that the FDIC was able to find a buyer. The FDIC arranged for Providence Bank, LLC of South Holland, Illinois to assume all deposits...

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F & A Federal Credit Union Continues Offering Very Competitive CD Rates
F & A Credit Union

I first wrote about F&A Federal Credit Union (FAFCU) four years ago, listing their many competitive checking, CD and IRA rates, and somewhat restricted membership requirements. Two years later, I updated that posting, (2012) noting FAFCU's continued leading rates. I'm pleased to report that FAFCU still maintains some of the highest CD/IRA rates and has slightly expanded their membership.

All the CDs/IRAs listed below can be opened with a $1K deposit and, according to FAFCU's website, there are no maximum balance caps. An extra feature of the 6-11 Month...

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More Merging of Capital One 360 and Capital One Bank
Capital One 360

It has been 29 months since Capital One completed its acquisition of ING DIRECT and 18 months since ING DIRECT was converted to Capital One 360. The merger of the two banks continue. Capital One 360 just notified customers that they can now view their Capital One Bank accounts (those opened at branches) when they log in. Here’s how Capital One 360 described it in an email to customers:

The merging process is still not yet complete. If you want to view transactions or check your account details on...

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Frankenmuth Credit Union's "Summer 2014 Dollars & Sense" CD Specials
Frankenmuth Credit Union

As part of their "Summer 2014 Dollars & Sense" promotion, Frankenmuth Credit Union (Michigan) is offering a trio of CD Specials with very competitive rates and attractive lengths of term: 37-month CD Special (2.00% APY), 21-Month CD Special (1.51% APY), and 13-month CD Special (1.00% APY). The minimum deposit to open any of the three CDs is $500, with the 13- and 21-Month CDs requiring new money, but the 37-month CD is also available to funds already on deposit with Frankenmuth Credit Union.

Frankenmuth Credit Union...

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Charter Oak CU Celebrates Its 75th Anniversary With 2 GO CD Specials
Charter Oak Credit Union

Charter Oak Credit Union Bank (Connecticut) is celebrating its 75th anniversary, the opening of its 14th branch, and the opening of its new Headquarters in Waterford, by offering two GO CD Specials: a 17-month GO CD (2.00% APY) and an 8-month GO CD (1.00% APY). These offers are only for new money unless Gold Rewards membership applies. In addition, the GO CDs will not renew and will roll into a Jumbo Money Market Account at maturity.

These promotional rates are automatically...

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