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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Bank Deals Blog

How to Switch Banks
How to Switch Banks
Written by Dillon Thompson | Edited by Ali Cybulski | Published on 4/15/2024

 

People switch banks for countless reasons — maybe you moved, got frustrated by poor customer service or found higher interest rates elsewhere.

Changing banks can be harder than you think, with more options than you might expect. You’ll need a little extra know-how to set yourself up for success....

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Where Is the Account Number on a Check?
Where Is the Account Number on a Check?
Written by C. Saint-Denys and Carissa Chesanek | Edited by Ali Cybulski | Published on 4/8/2024

 

A bank account number is usually located at the bottom of a check, the second set of numbers from the left between the nine-digit routing number and the check number. The account number is used to identify your bank account to carry out any number of...

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What Is the FDIC Insurance Limit, and How Does Coverage Work?
What Is the FDIC Insurance Limit, and How Does Coverage Work?
Written by Ken Tumin | Edited by Ali Cybulski | Published on 4/5/2024

 

The Federal Deposit Insurance Corp. (FDIC) was established in 1933 to protect the accounts of Americans if a bank were to fail. You’re covered up to the standard FDIC insurance limit of $250,000 at FDIC-insured banks, and you may be able to insure accounts above that limit if you...

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Deposit Account Holders Netted 5.25 Times More Interest in 2023 Than in 2022
Deposit Account Holders Netted 5.25 Times More Interest in 2023 Than in 2022
Written by Maggie Davis | Published on 4/1/2024

 

The past couple of years have been good to depositors, with interest rates rising and fees falling. And 2023, in particular, was good to bank account holders. In fact, those with deposit accounts netted 5.25 times more in interest than in 2022.

Here’s what else we found.

On this page
  • Key findings
  • Banks paid out 301.0%...
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Latest Liquid Bank Account Rates
Latest Liquid Bank Account Rates

Update 4/3/2024: For an up-to-date Liquid Account Summary, please refer to this scaled-down version in the DA Forum: Liquid Account Leaderboard for April 3, 2024. For the latest savings, money market and reward checking rates, please refer to DA's savings account rate table, money market account rate table and reward checking account rate table.

Some changes are coming to the DA blog. First, this will be the last weekly summary. More attention will be placed in DA’s main rate tables to ensure they remain the best resource for finding the highest...

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March 2024 Fed Meeting: Key Takeaways
March 2024 Fed Meeting: Key Takeaways

The Federal Open Market Committee held the federal funds rate at the target range of 5.25% to 5.50% at its March meeting. This is the fifth consecutive FOMC meeting that the rate has remained unchanged. The committee’s updated forecast also still calls for three quarter-point rate cuts later this year.

The last rate change was at the July 2023 meeting, when the target range increased by a quarter percentage point to the current level. This continues to mark the highest target range since 2001.

Inflation is driving the committee’s decision to hold...

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Michigan Schools & Govt Credit Union 11-Mo CD Has Market-Leading Rate
Deal Summary: 11-month CD Special, 5.40% APY, $500 minimum deposit, at least $10k of new money required if existing funds are also used.

Availability: All Michigan counties

At the end of 2022, one of the most competitive 5-year CDs in the country was offered by Michigan Schools and Government Credit Union (MSGCU). The 4.75% APY (very competitive in 2022), a low $500 minimum opening deposit, a one-time rate bump option, and a mild Early Withdrawal Penalty (EWP) lasted for five months.

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Home Savings Bank 6-Month Internet CD Continues To Be Competitive
Deal Summary: 6-month Internet CD, 5.50% APY, $5k minimum/$250k maximum deposit.

Availability: Nationwide

Utah-based Home Savings Bank is currently offering 5.50% APY on its 6-month Internet CD. The minimum opening deposit is $5k, with each individual “limited to “$250,000 in any one or combination of Online Certificate Accounts.”

The 6-month Internet CD is also available as Internet IRA CD (Traditional and Roth), earning the same APY with the same deposit requirements.

The fine print on the Internet Rates page reads, “Additional disclosure applies to accounts opened online.” Some of...

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CFG Bank 12-Month CD APY Bounces Back To Rate-Leading Level
Deal Summary: 12-month CD, 5.40% APY, $500 min/$500k max deposit.

Availability: Nationwide through online application

It’s been about ten months since I wrote about the CFG Bank 12-month CD, which had been quite competitive in the first half of 2023. In the past five months, the 12-month CD APY lost 42 bps, with last fall’s short-lived 5.67% APY a distant memory. With two rate increases (15 bps) in the past two weeks ago, the 12-month CD is currently offering a very competitive 5.40% APY....

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M1 Bank (MO) Adds Rate-Leading 10-Month And 15-Month CDs
Deal Summary: 10-month CD (5.75% APY) and 15-month CD (5.50% APY), $1k minimum opening deposit.

Availability: Greater St. Louis metropolitan area.

For a limited time, M1 Bank is offering two CDs with market-leading rates: 10-month (5.75% APY) and 15-month (5.50% APY). The minimum opening deposit is $1k, with no stated balance cap. CSR stated there is no specified end-date and the “CDs will be available until the goal is met."

Early Withdrawal Penalty

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Pelican State Credit Union 60-Month CD Has Near Market-Leading Rate
Deal Summary: 60-month CD, 4.70% APY, $500 minimum deposit.

Availability: Nationwide Easy Membership Requirement

Louisiana-based Pelican State Credit Union (Pelican State) boosted the rate on its 60-month CD recently. Following a substantial increase of 88 bps, the 60-month CD offers a competitive 4.70% APY, which places the 60-month CD near the top of the 5-year CD in yesterday’s CD Deal Summary.

The minimum opening deposit is $500, with no stated balance cap. While Jumbo CDs ($10k minimum deposit) are listed separately on the Pelican State...

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Magnifi Financial Introduces Competitive 15-Month "Pick Your Term" CD Special
Deal Summary: “Pick Your Term” CD Specials – 15-month (5.30% APY), 20-month (5.25% APY), and 10-month (5.35% APY); $2.5k min/$500k max deposit per member, with at least 50% of new money.

Availability: Easy membership requirement, but promotion limited to existing members (as of 2/5/2024) and new members from MN, ND or WI.

Minnesota-based Magnifi Financial has restructured its “Pick Your Term” CD Specials, changing the term-lengths and rates. In January, Magnifi Financial offered two CD Specials (17-month, 5.40% APY and 23-month, 5.25% APY); this latest offering includes...

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The financial institution, product, and APY (Annual Percentage Yield) data displayed on this website is gathered from various sources and may not reflect all of the offers available in your region. Although we strive to provide the most accurate data possible, we cannot guarantee its accuracy. The content displayed is for general information purposes only; always verify account details and availability with the financial institution before opening an account. Contact [email protected] to report inaccurate info or to request offers be included in this website. We are not affiliated with the financial institutions included in this website.