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About Ken Tumin About Ken Tumin - Founder and Editor

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 22, 2014
Best Bank Account Interest Rates - Summary for July 22, 2014

The Fed’s decisions on monetary policy should be driven by economic data, primarily the unemployment rate and the inflation rate. Today, inflation data was released by the government, and it showed that CPI increased 0.3% in June, which was inline with the consensus forecast. The core CPI, which excludes food and energy, increased by 0.1% which was under the consensus forecast of 0.2%. Over the past 12 months, CPI is up 2.1%, and the core CPI is up 1.9%. These are close to the Fed’s 2% target, and thus, this...

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Survey of the Best CD Rates for July 21, 2014
Survey of the Best CD Rates for July 21, 2014

Last week was another week with more rate cuts than rate hikes in my survey of top CD rates. Two internet banks cut their rates on 1-year and 18-month CDs. Both were close to the rate leaders. EverBank reduced its 1-year CD rate by 9 basis points to 1.01% APY and its 18-month CD rate by 12 basis points to 1.05% APY. VirtualBank reduced its 1-year CD rate by 6 basis points to 1.01% APY and its 18-month CD rate by 9 basis points to 1.08% APY.

EverBank’s 5-year CD rate...

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Shell Federal Credit Union's BE GREEN Rewards Checking Still Viable
Shell Federal Credit Union

After four years, Shell Federal Credit Union (Houston, Texas metro area) continues to offer their high-yield reward BE GREEN Checking account. Even though the BE GREEN Checking has two downsides for a reward checking account (an above average debit card usage requirement and a below average balance cap), the upside is having a reward checking account available in a large metropolitan area.

BE GREEN monthly requirements include:

  • 20 debit card purchases
  • ...
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Silvergate Bank High Yield Online CDs
Silvergate Bank

High Yield Online CDs

In January 2013, Silvergate Bank begin offering online CDs (1-year and 2-year) on its website. These two High Yield Online CDs debuted with competitive rates, albeit not spectacular rates. The rates on both CDs dropped soon after the initial offering, but have continued to climb back to the original rates. Silvergate Bank has recently raised the rate on the 1-Year CD, pushing it beyond its original rate.

The rates, as of today, are:

  • 2-Year High Yield Online CD 1.16% APY
  • 1-Year High Yield Online CD 1.08% APY
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When You Move Should You Switch Banks?
When You Move Should You Switch Banks?

Moving is often a chance to make a fresh start. Is it also an opportunity to dump your bank?

According to new research from TD Bank, moving impacts banking behavior. Twenty nine percent of those surveyed said they opened a checking account at a new bank when they moved. This was especially true for the 55-plus crowd, 32% of whom switched banks. In contrast, among Millennials, (those 18-34), only 24% did so.

That Millennials were not quick to leave was not news to some. "They see traditional banking as irrelevant. Branch...

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One Small Georgia Bank Closed by Regulators
One Small Georgia Bank Closed by Regulators

A small Georgia bank was closed by state regulators last Friday. Eastside Commercial Bank was the 13th bank in the nation to fail this year, and the first one to fail in Georgia. 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. Consequently, no one lost any money. According to the FDIC FAQs:

CD customers of the failed bank will have to wait...

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Cooper State Bank Raises Rates on 36-Month Step Up CD & 12-35 Month CD
Cooper State Bank

Cooper State Bank (a private, locally owned and managed community bank in the Columbus, Ohio area) has raised the rates on two of its CDs: the 36-Month Step Up Special and the 12-35 Month CD. The 36-Month Step Up Special CD's new rate is 1.60% APY and can be opened with $500; it also allows one "step-up" during the term of the CD. The 12-35 Month CD's new rate is 1.10% APY and also has a low minimum of $500 to open.

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Adirondack Bank eCo Checking Earns 3.04%
Adirondack Bank

Adirondack Bank's (central New York state) eCo Checking account offers a great combination of benefits by allowing you to manage your checking account electronically as you earn up to 3.04%. Adirondack Bank eCo Checking has two recurring transactional requirements:

  • A minimum of 10 POS sale debit transitions per statement cycle
  • A minimum direct deposit of $250 per statement cycle

If you fulfill only one of these requirements, your account still earns 1.51% on the account balance up to $25K, with balances over $25K earning 0.05%. In addition, online banking...

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Special 18-Month CD Rate at BBVA Compass - 1.15%
BBVA Compass

BBVA Compass now has special CD rates that are competitive for both the mid-term and long-term maturities. In March I reviewed the bank’s special 29-month and 60-month CDs. The bank also has a special 18-month CD with a competitive 1.15% APY. Minimum deposit is $500, and the maximum deposit is $2,500,000 ($250,000 maximum deposit for CD accounts opened online). This rate is listed in the bank’s CD promotion page as of 7/17/2014.

BBVA Compass customers who have preferred client relationship may be able to get an extra 10 basis points...

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Checking and Savings Account Special With Guaranteed Rates at First Choice Bank in SoCal
First Choice Bank

First Choice Bank in Southern California has a good deposit deal for large balances. The bank is offering 1.25% APY that’s guaranteed until June 30, 2015. However, this requires a minimum balance of $250,000. Competitive rates are also available for smaller balances. This special rate is listed for the bank’s Premier Personal Interest Checking and Premier Personal Savings accounts. The business versions of these also have a 1.25% APY. Thanks to the DA member who emailed news of this. He said he saw this promotion advertised in Sunday's OC...

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Best Bank Account Interest Rates - Summary for July 15, 2014
Best Bank Account Interest Rates - Summary for July 15, 2014

Fed Chairwoman Janet Yellen started her two-day testimony before Congress on the economy and monetary policy. In her prepared testimony, she suggested low rates will continue for awhile:

The only hope for savers is if the economy improves faster than expected. If that happens, we may see the Fed move to hike rates sooner. According to the Wall Street Journal, Fed Chairwoman Yellen did say today that "rates would rise sooner and more rapidly of the labor market continues to improve faster than expected." However, Yellen and most on the Fed...

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Survey of the Best CD Rates for July 14, 2014
Survey of the Best CD Rates for July 14, 2014

CD rate cuts became more prevalent last week. In my survey of top CD rates, there were noteworthy cuts at GE Capital Bank, Northern Bank & Trust Company, Doral Bank NY and First Republic Bank.

There were just a couple of bright spots. One of those is the 15-month CD special at Synchrony Bank. The rate went up by 5 basis points to 1.20% APY.

The second bright spot was at Wright-Patt Credit Union in Ohio. Its Jumbo 6-year CD rate went up 10 basis points to 2.39% APY.

CDs from two credit...

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