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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

Federal Reserve, the Economy and CD Rate Forecast - July 23, 2019
Federal Reserve, the Economy and CD Rate Forecast - July 23, 2019

I’m afraid that it looks very likely that there will be a 25 bp rate cut at next week’s Fed meeting. In a speech last Thursday, the New York Fed President John Williams sounded like he might be pushing for a 50 bp rate cut. According to the Wall Street Journal:

Even though Williams had given similar speeches in the past, the timing of this speech had the markets thinking that he was giving a signal. However, in a rare move, the New York Fed came out and told reporters that...

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Survey Finds 1 in 3 College Students Have At Least $1,000 Saved
Survey Finds 1 in 3 College Students Have At Least $1,000 Saved
Written by Lauren Perez | Published on 7/23/2019

Young people aren’t typically known being financial savvy. Scan various headlines and you’ll read that millennials and Gen Zers are killing industries or otherwise mismanaging their money.

But in a new DepositAccounts survey, we’ve found that today’s college students may be better at saving their money than we thought. Not only are college students saving their money, but many are funding their own tuition payments, living expenses and emergency funds.

Let’s take a deeper dive into the money management habits of today’s college students and...

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SAFE Federal Credit Union (SC) 60-Month CD Earns Up To 3.38% APY
Deal Summary: 60-month Investment Certificate, 3.38% APY ($100k), 3.27% APY ($50k), 2.76% APY ($1k).

Availability: Residents of seven South Carolina Midlands counties.

Last week, SAFE Federal Credit Union (SAFE) raised the rates on its 60-month Investment Certificate, with deposits of $100k+ now earning 3.38% APY. Deposits of $50k+ earn a competitive 3.27% APY, while the lowest rate tier ($1k) only offers 2.76% APY.

The Investment Certificate is also offered as an IRA (Traditional, Roth, and CESA), earning the same tiered APYs based on the same deposit levels.

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Bank5 Connect's 24-Month Investment CD (Add-On) Remains Competitive
Availability: 24-month Investment CD, 2.70% APY, $500 min/$500k max deposit, unlimited deposits through the term.

Availability: Nationwide, with the exception of Massachusetts and Rhode Island.

Bank5 Connect increased the rates on many of its CDs in April 2018. At the time, the newly raised rates were competitive, but lost their edge by remaining static, as many other nationally available CD rates soared upward. With rates currently trending downward, Bank5 Connect’s 24-month Investment CD and 36-month Connect CD are again good deals.

24-Month Investment CD

When I wrote first wrote about...

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Hanscom Federal Credit Union 48-Month CD Still Earns 3.10% APY
Deal Summary: 48-month CD, 3.10% APY, $1k minimum deposit

Availability: Easy membership requirement; active and retired military; federal employees in Massachusetts; 250+ SEGs.

For the last eight months, Hanscom Federal Credit Union (Hanscom FCU) has been offering 3.00% APY on its 19-month CD Special. As rates have declined lately, the 19-month CD Special had become more competitive, rising from seventh place in the January CD Rates Summary to the top spot beginning in late May. Following last week’s rate drop to 2.75% APY, the 19-month CD Special...

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TBA Credit Union (MI) Adds Cash Reward Checking, 5.00% APY
Deal Summary: Cash Reward Checking (rewards checking), 5.00% APY on qualifying balances up to $10k

Availability: Residents of Michigan

At the beginning of July, TBA Credit Union (TBACU) introduced a rewards checking account (RCA). The new Cash Reward Checking earns 5.00% APY on qualifying balances up to $10k. Interest is not paid on qualifying balances above $10k or on non-qualifying balances.

Qualifying Requirements

  • At least 25 debit card transactions.
  • At least four online or mobile banking logins.
  • Deposit(s) totaling at least $1k through direct deposit or remote capture deposit...
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Goldman Sachs Bank USA Offers Up To $500 Savings Account Bonus
Deal Summary: Receive a 1% cash bonus of up to $500 for new deposits of $1k+ into a new or existing Online Savings Account.

Availability: Nationwide

Goldman Sachs Bank USA (Marcus) has recently launched a new savings account promotion which allows you to earn up to $500. It’s similar to their March promotion, but this one allows you to earn a lot more. The only mention of this promotion is on this Marcus landing page, which has the following promotion summary:

With interest rates starting to fall, bonuses might become a...

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GTE Financial Ups 12-Month Add-On IRA To 3.30% APY
Deal Summary: 12-month Add-On IRA Special, 3.30% APY, $500 minimum deposit, additional deposits limited by personal tax contribution limits.

Availability: Easy membership by joining CU Savers ($10 one-time membership fee); residents of certain Tampa Zip Codes; SEGs.

Florida-based GTE Financial has raised the rate on its 12-month Add-On IRA Special to 3.30% APY. The minimum opening deposit is $500, with no stated balance cap. There’s also a Jumbo version of the 12-month IRA Special, requiring a $100k minimum deposit, but it earns the same 3.30% APY....

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Historical CD Rates: How Things Have Changed Since the 1980s
Historical CD Rates: How Things Have Changed Since the 1980s
Written by Lauren Perez | Published on 7/17/2019

In dynamic, ever-changing financial markets, interest rates constantly fluctuate. CD rates are no exception. Examining historical CD rates can give us insight into the direction rates may be heading in the future.

The current situation is characterized by declining CD yields, in response to the Federal Reserve’s latest policy pause. The average 6-month CD rate in July 2019 sits at 0.92% APY. What a difference the decades can make: 6-month CD rates had climbed to around 18% in the early 1980s.

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Asian Bank's 18-Month CD Special Earns 2.80% APY
Deal Summary: 18-month CD Special, 2.80% APY, $10k minimum deposit.

Availability: Market area includes southeast Pennsylvania, portions of south New Jersey, portions of New York City, and northern Delaware.

Philadelphia-based Asian Bank recently updated its promotional CD Specials selection, with the 18-month (2.80% APY) now offering the most competitive rate. (I had planned on writing about the 30-month CD Special (3.00% APY), but it was removed from the product line yesterday.) The 18-month CD Special requires $10k minimum opening deposit, with no stated balance cap....

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Lakeside Bank (IL) Ups Kasasa Cash To 2.50% APY Up To $25k
Deal Summary: Kasasa Cash, 2.50% APY up to $25k; Kasasa Saver, 1.25% APY up to $100k.

Availability: Market area is Chicago and the surrounding suburbs.

About 2½ years ago, Lakeside Bank began offering a Kasasa Cash account, earning 2.25% APY up to $25k at the time. Earlier this year, this rewards checking account (RCA) experienced a couple of favorable changes, with a new 2.50% APY on qualifying balances up to $25k. Qualifying balances between $25k and $125k now earn 0.50% APY, while non-qualifying balances earning 0.02% APY....

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Keesler Federal Credit Union Has 30-Month Step CD, 3.21% APY Blended
UPDATE 7/18/2019: Easy membership requirement has geographical limitations, which is explained in greater detail in the “Availability” section below.

Deal Summary: 30-month Step and Jumbo Step Certificates, blended APYs of 3.10% APY ($1k) and 3.21% ($100k).

Availability: Limited easy membership requirement; residents of six southeast Mississippi counties and two southeast Louisiana parishes; employees/members of more than 300 SEGs.

About a year ago, Keesler Federal Credit Union (KFCU) caused quite a flurry of interest with a 5.00% APY offered on its 7-month Share Certificate Special. That...

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