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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CD Rates Summary October 25, 2016
CD Rates Summary October 25, 2016

Next week’s Fed meeting (Nov 1-2) will likely be another meeting with no rate hike. Since it’s only a week before the Presidential election, no one is expecting the Fed to act. Even though Fed Chair Yellen has said that "we do not discuss politics at our meetings, and we do not take politics into account in our decisions," one Fed official has suggested that the election is a consideration for the Fed. According to this Wall Street Journal article:

The last Fed meeting of the year will be held on...

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Ally Bank’s Deposit Agreement Changes - Next Day Transfers

Ally Bank informed customers by email this morning of changes to its deposit agreement that will take effect on December 3, 2016. The email summarized the key changes which include faster ACH transfer speeds and improved funds availability for check deposits. I did a quick review of the new deposit agreement, and I don’t see other significant changes. If you see any, please leave a comment. The changes appear favorable to customers. Below is an excerpt from the email that includes all of the description of the changes....

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Geauga Savings Bank (OH) Adds 1.40% APY 7-Month CD
Availability: Market area is northeast Ohio (Geauga, Cuyahoga, and Lake Counties), determined by Zip Code.

Over the weekend, Geauga Savings Bank added a 7-month CD Special (1.40% or 1.20% APY) to its product line.

The 1.40% APY requires an open Advantage Checking account during the term of the CD, while the 1.20% APY has no checking relationship requirement. The minimum deposit is $25k, with a maximum deposit of $245k.

The Advantage Checking account requires a $50 minimum deposit to open, and a $2k minimum balance is required to avoid...

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VirtualBank Raises Rates On Four CDs
Availability: Internet bank

There hasn’t been much occasion to write about any of VirtualBank’s products in almost 18 months. That changed over the weekend with the rate increases on its 12-month eCD (1.26% APY), 18-month eCD (1.31% APY), 2-year eCD (1.51% APY), and 3-year eCD (1.56% APY). These new rates are the highest for these eCDs in more than five years.

The minimum opening deposit for any of VirtualBank’s eCDs is $10k, with no stated balance cap. Interest is compounded and credited monthly.

As stated in VirtualBank’s Terms...

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Banks Not Rushing to Retrofit ATMs to Read Chip Cards
Banks Not Rushing to Retrofit ATMs to Read Chip Cards

The chip card drama continues. Last year retailers were squabbling about having to install card readers at their cash registers to accommodate the wave of chip cards that banks were flooding the universe with. It’s ATM owners time to whine and crack open their wallets to meet the October 21 deadline by MasterCard to equip their ATMs with card readers capable of reading the computer chip embedded in newer debit and credit cards. They can choose not to comply, but doing so comes with a pricetag – liability shifts...

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NuVision FCU (Easy Membership) Has Competitive 5-Year CD
Availability: Easy Membership Requirements

The rates on NuVision Federal Credit Union’s (NuVision) 5-year Certificate (up to 2.20% APY) have remained steady for more than two years, and with the recent decline in rates, have become inherently more competitive.

NuVision structures its Certificate rate tiers in 5 basis points increments, for minimum deposits of $1k, $25k, $50k, and $100k.

The 5-year Certificate is also offered as an IRA (Traditional, Roth, CESA, and SEP), earning the same tiered APYs with the same funding requirements.

As stated in NuVision’s Truth In Savings...

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Orion FCU (TN/MS/AR) Adds 100 Basis Points To Premium Checking APY
Availability: Residents of three Tennessee counties, two Mississippi counties, and two Arkansas counties, all in the greater Memphis metropolitan area; 30+ SEGs.

At the beginning of October, Orion Federal Credit Union (Orion FCU) raised the rate on its Premium Checking account. Qualifying balances up to $20k now earn 3.00% APY, with qualifying balances over $20k earning 0.05% APY. Non-qualifying balances do not earn any interest.

The Premium Checking account was added to the product line in November 2014, earning an unimpressive 1.00% APY. The rate increased to...

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St. Mary’s Bank, the Nation’s Oldest Credit Union, Offers Flex CDs
Availability: Easy membership requirement

I first learned about St. Mary’s Bank and its two unique attributes in 2010. First, even though the word “bank” is in its name, it’s not a bank, but a credit union. Second, it’s the oldest credit union in the United States. I haven’t noticed any noteworthy deals from the credit union since 2010, but today, I came across the Credit Union’s two promotional Flex CDs with rates and features just good enough to be worthy of a blog post.

The 30-month Flex CD (1.25% APY)...

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Spokane Teachers CU (WA/ID) Ups Rate On 24-36 Month Certificate
Availability: Residents of Washington State and eight northern Idaho counties.

Earlier this week, Spokane Teachers Credit Union’s (STCU) raised the rate on its 24-36 month Certificate (1.51% APY). This week’s 40 basis point increase is the first in almost four years. The minimum opening deposit is $2k, with no stated balance cap.

The 24-36 month Certificate is also offered as an IRA (Traditional, Roth, and SEP) earning the same APY, with the same funding requirements.

A very nice feature of this Certificate is the ability to make additional...

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Velocity CU's Promotes Limited Time 5-Year Certificate
Availability: Easy Membership Requirements

Now through December 3, 2016, Velocity Credit Union (Velocity) is offering a promotional 5-year Regular Certificate (2.07% APY). The minimum opening deposit is $1k, with no stated balance cap.

This promotional Regular Certificate is also offered as either an IRA (Traditional and Roth), earning the same APY with the same funding requirements..

Velocity’s Elite Rewards rates do not apply to either the Regular Certificate or IRA Certificate promotion.

As stated in Velocity’s Agreements and Disclosures, the Early Withdrawal Penalty reads as follows:

For Certificate Accounts having a...
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First Community CU (MO/IL) Has Limited-Time 2% APY 24-Month CD
Availability: Residents of five Missouri counties and three Illinois counties (St. Louis metropolitan area).

In celebration of the Grand Opening of its new Crestwood Branch, First Community Credit Union (First Community CU) is offering a limited-time 24-month CD (2.00% APY). The minimum opening deposit is $500 of new money, with a maximum deposit of $10k per member. This is similar to a grand opening special First Community CU had last year. Unfortunately, the maximum deposit has gone down by quite a bit.

The 24-month CD can be opened at...

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NASA FCU Offers Limited-Time 15-Month CD Rate Increase

UPDATE 10/19/16: Extended through October 31, 2016.

Availability: Easy Membership Requirement

NASA Federal Credit Union’s (NASA FCU) 15-month Share Certificate Special (1.45% APY) and 49-month Share Certificate Special (2.00% APY) were originally scheduled to expire on September 30, 2016, but both have been extended through October 31, 2016. The minimum opening deposit is $5k of new money.

The wording in the fine print regarding the new funds requirement is a bit vague:

CSR confirmed that whatever the amount of the opening deposit, $5k must be new funds, while the...

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