About Ken Tumin

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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Warsaw Federal (OH) Hikes Rate On 5-Year CD
Availability: Market area is the greater Cincinnati, Ohio area.

Warsaw Bank is ending the week with a 70 basis point increase on its 5-year CD (2.75% APY). The 2.75% APY is the highest rate offered on the 5-year CD in its more than five year history. There have been 13 rate changes in those five years, with the majority of the rates at or below 2.05% APY.

The minimum opening deposit is $1K, with no balance cap. The 5-year CD is also available as an IRA...

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Citizens State Bank (WI) Ups Rate On 10-Month Rule Breaker CD
Availability: Market area is Western Wisconsin.

In November 2015, I wrote about Citizens State Bank’s Rule Breaker CDs, specifically the 20-month Rule Breaker CD and the advantages of the unique features of these CDs.

The 20-month CD’s APY has since dropped to 1.40% APY, but the 10-month Rule Breaker CD’s APY was raised to 1.35% at the beginning of the week. The 10-month Rule Breaker CD requires an “active transaction account,” i.e., a checking account, and a minimum deposit of $10k.

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EBSB Direct Adds New Money Market Special 2
Availability: Nationwide (internet bank)

About two weeks ago, I wrote about EBSB Direct’s three competitive CDs, which are now available nationally. EBSB Direct has just added another nationally available product, its Money Market Special 2 (MMS2), which earns 1.08% APY on balances between $10k and $2m. MMS2’s rate tiers are structured as follows:

    0.00% APY – Less than $10 balance

    0.25% APY – $10-$9,999.99 balance

    1.08% APY – $10,000 -$1,999,999.99 balance

    0.58% APY – $2,000,000 and above balance

I don’t recall a Money Market Special 1,...

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INOVA FCU Offers Very Competitive 91-Day CD
Availability: Easy Membership Requirements

For a limited time, INOVA Federal Credit Union (INOVA) is offering a 91-day Certificate Special (1.90% APY). The minimum deposit to open any INOVA Share Certificate is $200, with no balance cap.

An INOVA checking account relationship is required to earn the 1.90% APY, with any of INOVA’s four checking accounts qualifying. The 91-day Certificate Special is also available without the checking account relationship, but earns a lower 1.60% APY.

The 91-day Certificate Special does not appear in INOVA’s rate schedule, but it does...

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CD Rates Summary May 24, 2016
CD Rates Summary May 24, 2016

Last week’s release of the minutes of the Fed’s April meeting indicates a decent chance of a rate hike at the next Fed meeting on June 14-15. This is how economist Tim Duy summed up the minutes in his Fed Watch blog:

In addition to the minutes, comments from Fed officials have been suggesting that a rate hike is definitely on the table in June. However, Tim Duy still thinks there’s a better chance of the Fed postponing the rate hike until July or September.

Changes in both Treasury yields and Fed...

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Open A PNC Bank Virtual Wallet And Earn Up To $300
Availability: Residents of AL, DC, DE, FL, GA, IL, IN, KY, MD, MI, MO, NC, NJ, NY, OH, PA, SC, VA, and WI.

PNC Bank is again offering a variety of bonuses in connection with its Virtual Wallet product line. New checking accounts, opened between now and June 30, 2016, can earn $50, $200, or $300, depending on which Virtual Wallet account is opened.

As stated on PNC Bank's Application Checklist page, initial funding can be made by debit or credit card, or from a non-PNC bank account.

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Florida Community Bank Has Limited-Time 9-Month CD
Availability: Florida

Earlier this month, I wrote about Florida Community Bank’s (FCB) four-month guaranteed 1.20% APY promotional rate on its Personal and Personal High Yield Money Market accounts.

Yesterday, an advertisement appeared in the Miami Herald (and several other Florida newspapers) for FCB’s latest promotion, a 9-month CD (1.40% APY). The minimum opening deposit is $1k of new money, with a balance cap of $500k.

This promotional rate is available to first time FCB checking account customers who open an FCB checking account with a minimum $500 deposit. Any of...

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Bank of the Ozarks Offers 13-Month CD Special
Availability: Nine Dallas-Fort Worth Metroplex area branches

Yesterday’s Dallas Morning News featured an advertisement for Bank of the Ozarks’ limited-time 13-month CD Special (1.36% APY). The minimum opening deposit is $1K of new money, with no balance cap. According to a very pleasant and helpful CSR, the Early Withdrawal Penalty is 182 days interest.

The 13-month CD Special is only available at the nine Dallas-Fort Worth Metroplex branch locations and does not appear on Bank of the Ozarks’ website. The CSR was not able to give me a...

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E-LOAN Raises Rates On 2- And 3-Year CDs
Availability: Nationwide

At the end of last week, E-LOAN increased the rates on its 2-year CD (1.60% APY) and 3-year CD (1.75% APY). The minimum opening deposit for any E-LOAN CD is $10K, with no maximum balance cap.

This is the highest APY for the 2-year CD in more than six years, during which there were 16 rate changes. The 3-year CD has seen 15 rate changes since October 2010, with the majority of those below 1.50% APY.

As stated on E-Loan’s Terms and Conditions page,...

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Types of Institutions in the U.S. Banking System - Foreign Banks Operating in the U.S.
Types of Institutions in the U.S. Banking System - Foreign Banks Operating in the U.S.

This is the seventh in a series of articles on the U.S. banking system. Each article will cover one type of financial institution that engages in banking. This seventh article covers foreign banks operating in the U.S. either by branches or subsidiaries. The last article covered national banks. Future articles will cover additional types of banks.

It’s human nature to think the grass is greener on the other side. You might even think that theory holds true for banks. After all, some branches of foreign banks have offered deals....

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Mountain Commerce Bank (TN) Celebrates 100 Years With Savings Rate Guarantee
Availability: Market area is defined as East Tennessee, including Knox, Washington, and Unicoi Counties.

In celebration of its 100th anniversary, Mountain Commerce Bank (MCB) is offering its Century Gold Savings account (1.05% APY) with a rate guarantee through December 31, 2016.

This promotional offer is for new MCB Century Gold Savings account customers and requires a minimum opening deposit of $100 that must be new money. The fine print on the promotion page states, "Funds deposited must be new money to MCB," but I confirmed...

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Savings State Bank's (IA) Rewards Checking Still A Top Earner
Availability: Residents of Iowa living in Polk, Jasper, and surrounding counties.

For more than six years, State Savings Bank’s Rewards Checking Account has earned 3.30% APY on qualifying balances up to $25k. Qualifying balances over $25k earn 0.25% APY; non-qualifying balances earning nothing.

Rewards Checking Account Qualifying Requirements

  • 15 or more non PIN-based debit card transactions.
  • Five or more ACH Debits, or five or more Bill Pay transactions, or one State Savings Bank Auto Loan Payment.
  • One or more Direct Deposit.

While the Rewards Checking Account has no minimum...

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