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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Farmers State Bank (IA) Adds Two New CD Specials
Availability: Market area includes Blackhawk, Bremer, and Buchanan Counties, Iowa.

At the end of December, Farmers State Bank (FSB) was offering three CD Specials. Four months later, those have expired, but FSB has two new CD Specials: 15-month (1.57% APY), and 29-month (2.00% APY).

The minimum opening deposit for either of the CD Specials is $2.5K, with no balance cap. Interest is compounded every six months for CDs with terms of 1 year and greater.

As stated on FSB’s Deposit Rates page, the Early Withdrawal...

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Bank of Southern California Adds 13-Month CD Special
Availability: Market area is Southern California.

Bank of Southern California recently added a limited-time 13-month CD Special to its product line.

The 13-month CD Special requires new money to open, with deposits of $100k+ earning 1.30% APY, and deposits of $5k - $99,999 earning 1.20% APY. While no balance cap is specifically mentioned, the fine print does state,

CD Rate valid for first $1MM in balances. For balances over $1MM see banker for details.

According to a very helpful CSR, the Early Withdrawal Penalty on the...

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Nicolet National Bank (WI/MI) Offers Real Rewards Checking
Availability: Market area includes Wisconsin and Michigan’s Upper Peninsula.

More than four years ago, Nicolet National Bank introduced its Real Rewards Checking account that earned 3.00% APY on qualifying balances up to $25k.

The 3.00% APY is still currently in effect, but in April 2013 the qualifying balance cap was lowered to $15k. Qualifying balances over $15k earn 0.10% APY, with non-qualifying balances earning 0.02% APY.

Real Rewards Checking Qualifying Requirements

  • Have at least 10 debit card purchases, PIN or signature
  • Have at least one Direct Deposit (payroll, Social Security,...
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Fed Holds Steady - What to Expect from Deposit Rates
Fed Holds Steady - What to Expect from Deposit Rates

As widely expected, the Fed decided not to raise interest rates on Wednesday at the end of its third scheduled FOMC meeting of the year. The interest rate paragraph in the policy statement has no changes from what the Fed said in January and March:

In trying to predict what the Fed will do in June, economists were looking for specific language in this policy statement. Based on what the Fed included and what it left out, the chance of a June rate hike appears unlikely.

First, the Fed didn’t add...

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University of Iowa CCU Offers Competitive Bump Up CD Special
Availability: University of Iowa students, staff and alumni; Residents of 48 Iowa counties and 4 Illinois counties.

In the past few years, I have written about several competitive CD Specials offered by University of Iowa Community Credit Union (UICCU). The most recent addition to UICCU’s product line is a 25-month BUMP UP CD Special, which was added in March. It has three rate tiers based on deposit balances: 1.70% APY ($1k+), 1.80% APY ($100k+), and 1.90% APY ($250k+).

The 25-month BUMP UP CD Special...

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NRL FCU (Easy Membership) Offers "777" 7-Month Certificate
Availability: Easy membership

Virginia-based NRL Federal Credit Union (NRLFCU) is offering a limited-time "777" 7-month Loyalty Rewards Share Certificate (7.00% APY). The minimum deposit is $500, with a $7k balance cap, and there is a limit of one "777" Share Certificate per member.

The 7.00% APY includes the maximum Loyalty Rewards rate increase (0.25% APY.) The Loyalty Rewards program automatically gives members a better rate when establishing a new qualifying Share Certificate, auto loan, or personal loan. Meet one of the following...

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CD Rates Summary April 26, 2016
CD Rates Summary April 26, 2016

The third FOMC meeting of the year is taking place today and Wednesday. The policy statement is scheduled to be released at 2:00pm Wednesday. There will be no press conference or release of economic projections with this meeting. No policy changes are expected. The policy statement may provide clues about the chance of a June rate hike.

According to Calculated Risk’s FOMC meeting preview, the key indicator that a June rate hike has a reasonable chance is if the Fed adds back the phrase about "balanced" risks. This is the phrase...

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Tropical Financial CU (FL) Offers Limited-Time 13-Month CD
Availability: Residents of Broward, Collier, Hendry, Lee, Martin, Miami-Dade, Palm Beach, Sarasota, and St. Lucie Counties, Florida; 200+ SEGs.

Tropical Financial Credit Union (Tropical Financial) started the week by introducing a limited-time 13-month CD Special (1.75% APY). The minimum opening deposit is $15k of new money, with no balance cap.

The 13-month CD Special is also being offered as an IRA (Traditional and Roth) earning the same APY, with the same funding requirements.

As stated in Tropical Financial’s FAQs page, the Early Withdrawal Penalty reads as follows:

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Review of Common Banking Fees: Overdraft and NSF
Review of Common Banking Fees: Overdraft and NSF

Fees. No consumer is excited to see that word relative to any product in which he or she is interested. In regards to the banking industry, the potential fees a given consumer might face are many and varied, from maintenance fees to ATM fees to minimum balance fees to fees for overuse of your account in a given time period for starters.


Two of the most commonly charged banking fees are the Overdraft Fee (OD) and Nonsufficient (Insufficient) Funds Fee (NSF). Many consumers consider these fees one and the...

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Option 1 CU (MI) Offers Profit Sharing Checking
Availability: Residents of the Michigan counties of Allegan, Barry, Clinton, Eaton, Ingham, Ionia, Kent, Livingston, Newaygo, Ottawa, and Shiawassee; 500+ SEGs in West Michigan and Lansing areas.

Six months ago, Option 1 Credit Union (Option 1 CU) added a new rewards checking account, Profit Share Checking, which earns 4.0% APY on qualifying balances up to $10k. Qualifying balances of $10k+, as well as non-qualifying balances, do not earn any APY.

Profit Share Checking Qualifying Requirements

  • Have at least 20 debit card purchases
  • Have at least one Direct Deposit or...
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Types of Institutions in the U.S. Banking System - Commercial Banks
Types of Institutions in the U.S. Banking System - Commercial Banks

This is the fourth 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 fourth article covers commercial banks. The last article covered mutual banks. Future articles will cover additional types of banks.

Commercial banks are probably the ones you are most familiar with – think big names like Bank of America and Wells Fargo.

Commercial banks serve individuals, businesses and organizations. What they do varies of course, but basically, they offer deposit accounts, as well as...

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Lincoln 1st Bank (NJ) Offers 18-Month Variable Rate CD
Availability: Market area is northern New Jersey.

Earlier this month, the newly re-branded Lincoln 1st Bank (formerly Lincoln Park Savings Bank) added an 18-month Variable Rate CD (1.65% APY) to its product line.

The minimum deposit is $5k, and while no balance cap is mentioned, the promotional page does state, "FDIC insured up to $250,000." As many DA readers know, there are several ways to extend FDIC coverage over $250k.

Variable CD rates are frequently tied to a such determinants as prime rate, consumer price index, treasury bills,...

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