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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Bankers Trust Company (IA/AZ) Has 10-Month Promo CD (1.60% APY)

Deal Summary: 10-Month Promotional CD, 1.60%-1.70% APY, relationship required for higher APYs, $1k minimum deposit.

Availability: Online market area includes Iowa and Arizona.

Iowa-based Bankers Trust Company has had a variety of “Pick-A-Term” CDs (with bonus interest rates) over the past few years. While the latest offering is not a Pick-A-Term CD, the new 10-Month Promotional CD (base 1.60% APY) includes the bonus interest rates option. The 10-month Promotional CD requires a minimum deposit of $1k and there is no stated maximum balance cap.

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TCF Bank Adds Promo CDs and Elite Savings Account
Deal Summary: Promotional CDs – 26-month (2.00% APY), 13-month (1.50% APY), $500 minimum deposit, new money, in-branch opening only. Elite Savings, 1.30% APY ($10k-$999,999k), $10k minimum deposit, new money, rate guaranteed for one year, in-branch opening only.

Availability: Arizona, Colorado, Illinois, Michigan, and Wisconsin.

Over the weekend, TCF National Bank (TCF Bank) ran an advertisement in the Chicago Tribune for two Promotional CDs and its Elite Savings account, all of which must be opened in-branch.

Promotional CDs

The 26-month (2.00% APY) and 13-month (1.50% APY) CDs require a $500...

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Best Bank Account Interest Rates - Summary for August 22, 2017
Best Bank Account Interest Rates - Summary for August 22, 2017

The odds of a December Fed rate hike has fallen in the last week. The minutes from July’s FOMC meeting that were released last week indicate growing concern at the Fed about inflation continuing to be soft. According to this Reuters article:

On the positive side, the majority in the FOMC still think this condition of weak inflation is just temporary. This is an excerpt from the July minutes:

If we continue to see weak inflation numbers in the next few months, we may see a change at the Fed as economist...

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GiftsforBanking.com Offers Competitive 2-Year CD (1.85% APY)
Deal Summary: 2-year CD Gifts, 1.85% APY, gifts for $25k+, $50k+, and $100k+ deposits.

Availability: Nationwide (internet bank)

GiftsforBanking.com (GfB) is currently offering 1.85% APY on its 24-month CD Gifts, making it the top-rated nationally available 2-year CD offered by a bank. The minimum deposit is $25k, with no stated balance cap.

For those unfamiliar with GfB, you can actually receive a gift when opening a CD, and we’re not talking a toaster. GfB has at least 18 gifts to choose from for each of three deposit...

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United Bank's Online Advantage MMA 1.36% APY Guaranteed For 6 Months
Deal Summary: Advantage Money Market, 1.36% APY up to $500k, minimum $500 opening deposit, rate guaranteed for six months, available only online.

Availability: Market area for the online Advantage Money Market now includes CA, CT, DE, FL, GA, KS, KY, LA, MA, MD, ME, MO, NC, NE, NH, NJ, NY, OK, PA, RI, SC, TX, UT, VA, and WA.

Approximately nine months ago, United Bank unveiled its new online Advantage Money Market (AMM), which was initially offered at 1.10% APY (up to $500k). In mid-December, the rate was...

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Comparing Rates: Brokered CDs vs. Direct CDs
Comparing Rates: Brokered CDs vs. Direct CDs

In the last few months, short-term brokered CD rates have become very competitive with direct CD rates. Before this year, direct CDs, especially those from internet banks, were the clear rate leaders for terms under 3 years. That has changed, and now brokered CDs are either ahead or close to the internet bank rate leaders.

Brokered CDs are purchased through brokerage firms like Fidelity, Vanguard or Charles Schwab. I’ve written many times about the pros and cons of brokered CDs. Last year, Charles Rechlin wrote a useful overview of brokered CDs...

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Langley FCU Has Nationally Available 60-Month CD (2.53% APY)
Deal Summary: 60-month CD – 2.53% APY w/Active Rewards, 2.43% APY w/o Active Rewards, $1k minimum deposit.

Availability: Easy membership

Virginia-based Langley Federal Credit Union (Langley FCU) raised the rates on its 60-month CD at the end of last week: 2.53% APY w/Active Rewards, 2.43% APY w/o Active Rewards. The minimum deposit is $1K, with no stated balance cap.

The 60-month CD is also offered as an IRA (Traditional, Roth) earning the same APYs, but with a lower minimum deposit of $500.

Active Rewards

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Regions Bank Has $200 LifeGreen Checking Bonus
Deal Summary: $200 bonus when opening any LifeGreen checking account by September 30, 2017.

Availability: New checking customers in Alabama, Arkansas, Florida, Georgia, Illinois, Indiana, Iowa, Kentucky, Louisiana, Mississippi, Missouri, North Carolina, South Carolina, Tennessee, and Texas.

For the past few years, Regions Bank (Regions) has been regularly offering bonuses to new checking customers when opening any LifeGreen Checking account. The last time I wrote about this bonus it was $300, but this latest version is a $200 bonus.

$200 Bonus Requirements

  • Open any personal LifeGreen Checking Account by September...
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CIT Bank Increases Rate on 11-Month No-Penalty CD

Deal Summary: No-Penalty 11-month CD (1.45% APY, $1k minimum)

Availability: Nationwide (internet bank)

CIT Bank increased the rate of its 11-month No-Penalty CD by 20 bps to 1.45% APY. Minimum deposit is $1,000. The No-Penalty CD allows the customer to withdraw the total balance and interest earned without penalty seven days or later after funds have been received. Partial withdrawals of principal are not permitted.

CIT Bank began offering the No-Penalty CD in early July at the same time the savings account rate was increased to 1.30% APY...

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Salem Five Direct Offers 1.35% APY On New eOne Savings Accounts
Deal Summary: eOne Savings, 1.35% APY, $100 minimum opening deposit, $1 million maximum, new eOne customers only.

Availability: Nationwide (internet bank)

This is the latest good news, bad news, and hopeful news about Salem Five Direct's eOne Savings account.

Good news – the rate has been increased to 1.35% APY and the balance cap has been raised to $1 million.

Bad news – the fine print on the promotion page reads,

And in a Live Chat today, CSR stated,

Hopeful news, maybe – in May, a few DA readers reported that their requests...

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Old Missouri Bank Offers Limited-Time 19-Month CD
Deal Summary: 19-month CD, 1.76% APY, $5k minimum deposit, $500k maximum balance per household. Kasasa Cash Checking, 3.01% APY up to $25k.

Availability: 19-month CD is available in MO. Kasasa Cash Checking is available in AR, IA, IL, KS, KY, MO, NE, OK, and TN.

Last week, Old Missouri Bank (OMB) began offering a limited-time 19-month CD (1.76% APY). The minimum opening deposit is $5k and, according to the promotion page, there is a “maximum balance of $500,000 per household.”

According to CSR, the Early...

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Mutual Federal Bank (IL) Raises 1-Year CD Rate To 1.62% APY
Deal Summary: 1-Year Certificate, 1.62% APY, $500 minimum deposit, $249k maximum deposit.

Availability: Greater metropolitan Chicago

The last time I had occasion to write about Mutual Federal Bank (Mutual Fed) was more than six years ago. While Mutual Fed is a small bank with only $78.2 million in assets, it is currently offering a highly competitive 1-year Certificate (1.62% APY). The minimum opening deposit is $500, with a balance cap of $249k.

The 1-year CD is also available as an IRA (Traditional), earning the same APY...

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