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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Northwest Savings Bank Offers Up To $200 In Checking Bonus
Availability: Market area covers portions of Maryland, New York, Ohio, and Pennsylvania.

While many recurring checking account bonuses have specific start and end-dates (usually spanning a couple of months), Northwest Savings Bank’s MyNorthwest Checking bonus (up to $200) has been continuously available for several years. As I was going through my list of current bonuses, I realized that I hadn’t written about this particular bonus since April 2015 – time for a new blog post.

The $200 MyNorthwest Checking account bonus is actually two $100 bonuses, with the first $100...

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TruMark Financial CU (PA) Raises 60-Month CD Rates
Availability: Residents of the Southeastern Pennsylvania counties of Bucks, Chester, Delaware, Montgomery, and Philadelphia.

At the end of last week, TruMark Financial Credit Union (TruMark Financial) raised the rate on its 60-month Jumbo CD (2.30% APY, $75k minimum) and 60-month CD (2.25% APY, $500 minimum).

In the past two months, both CDs have experienced three rate increases, with each CD adding 35 basis points to their APY.

As stated in TruMark Financial’s Truth in Savings Disclosure brochure, the Early Withdrawal Penalty reads as follows:

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Wells Fargo Offers Easy $250 Checking Bonus
Availability: Nationwide

Wells Fargo Bank (Wells Fargo) is offering a $250 checking account bonus for “new checking customers.” According to a CSR, "new" means new, as in "never, ever having a Wells Fargo checking account."

O-ho the Wells Fargo Wagon is a-comin' down the street, oh please, let it be for me!

I usually find bank bonuses through a variety of search techniques, or through notifications from DA readers. I didn’t have to search for this Wells Fargo bonus: it was in the middle of the Yahoo! home...

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Review of the 2016 Bank Failures and Their Effects on Depositors
Review of the 2016 Bank Failures and Their Effects on Depositors

Only five banks failed in 2016. The year looked similar to the years before the 2008 financial crisis when bank failures were rare. Last year continued the trend of a declining numbers of bank failures. This trend started in 2011 when 92 banks failed, which was a big improvement over 2010 when 157 banks failed. The year 2010 had the highest number of bank failures since the 2008 financial crisis. If you were a DA reader back in 2010, you probably remember my Friday bank failure posts. Almost every...

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Nationwide Bank (Internet Bank) Raises Rate On 24-Month CD
Availability: Nationwide (internet bank)

Ohio-based Nationwide Bank raised the rates on its 24-month CD (1.56% APY) and 60-month CD (1.90% APY) earlier this week. The minimum opening deposit to earn these APYs is $100k, with no stated balance cap. Of the two, the 24-month CD is the most competitive.

The 24-month CD was added to the product line in March 2010 and has had more than 30 rate changes since that time. The new 1.56% APY is the highest rate for the 24-month CD since December 2010.

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Evergreen Bank (IL) Adds 6-Month Money Market Rate Guarantee
Availability: Chicago metropolitan area

Yesterday, Chicagoland DA reader, miked, posted in the Forum about Evergreen Bank Group’s (EBG) Money Market Special that guarantees 1.05% APY on $25k+ balances for 180 days. New money is required to qualify for the promotional rate. Balances between $2,500 and $9,999 earn 0.35% APY, with balances between $10,000 and $24,999 earning 0.45% APY.

The Fine Print

  • Promotional rate requires new money.
  • Account balances falling below $2,500 will result in a 0.00% APY.
  • Minimum opening deposit is $2,500, with no stated balance cap.
  • If the ledger...
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MidFirst Direct Has Competitive Long-Terms CDs
Availability: Online market area includes Arizona, Arkansas, California, Colorado, Florida, Missouri, New Hampshire, Nevada, New York, Oklahoma, Texas, and Wyoming.

Last week, MidFirst Direct raised the APYs on most of its CDs, with the 60-month CD (2.25% APY) and 84-month CD (2.50% APY) being the most competitive. The minimum opening deposit for either CD is $1k, with no stated balance cap.

A specific description of the Early Withdrawal Penalty (EWP) used to be included in the Certificate of Disclosure Page, but it has been replaced with,

If Your...
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CIT Bank Raises High Yield Savings APY By 10 Basis Points
Availability: Nationwide (internet bank)

CIT Bank, N.A. (CIT Bank) has just raised the rate on its High Yield Savings account to 1.05% APY. CIT Bank has become the first internet bank to raise the rate on a savings account since the Federal Reserve’s rate hike in mid-December. The 10 basis point increase places CIT Bank’s High Yield Savings in the top third of all the Savings/Money Market accounts listed in DA’s current Liquid Accounts Survey.

Since its introduction to the product line in April 2012, the High Yield...

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Bankers Trust Company Offers Limited Time 7-27 Month CD
Availability: Iowa

In September, I wrote about Bankers Trust Company’s 7-27 Month Pick-A-Term CD (1.30% Base APY) that had four different levels of Bonus Interest Rates (0.02%-0.10% APY). Qualifying for a Bonus Interest Rate included a lengthy list of transactional activities and/or checking/savings/loan balance requirements.

Bankers Trust Company has just simplified the process with a limited-time 7-27 Month Special CD Rate Promo (1.40% APY) that has no hoops to jump through to qualify for the competitive APY. The minimum deposit for the 7-27 Month Special CD Rate Promo is...

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Best Bank Account Interest Rates - Summary for January 10, 2017
Best Bank Account Interest Rates - Summary for January 10, 2017

Friday’s jobs report was considered to be solid, supporting the case for at least three Fed rate hikes in 2017. According to the Wall Street Journal:

Economist Tim Duy had this to say about the jobs report in his Fed Watch blog:

As we all know, the Fed and economists were too optimistic last year regarding rate hikes. At the start of 2016, four Fed rate hikes were expected. We only saw one hike in December.

For 2017, there are signs that predictions may be underestimating rate hikes. Tim Duy summed up the...

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Regions Bank Offers $300 LifeGreen Checking Bonus
Availability: New checking customers in Alabama, Arkansas, Florida, Georgia, Illinois, Indiana, Iowa, Kentucky, Louisiana, Mississippi, Missouri, North Carolina, South Carolina, Tennessee, and Texas.

Over the past few years, Regions Bank (Regions) has been regularly offering bonuses to new checking customers when opening any LifeGreen Checking* account. In the past, the LifeGreen Checking bonus had been $200, but this latest iteration is a $300 bonus.

*Note: The link I used above (and will use throughout this blog post) goes to Regions’ FaceBook post about the $300 bonus. If you...

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EverBank Leads With Internet Bank CD Rates
Availability: Nationwide (internet bank)

The first week of the new year saw EverBank raising the APYs on many of its Yield Pledge CDs, resulting in competitive rates, particularly when compared to other internet banks. The minimum opening deposit for any of the Yield Pledge CD is $5k, with no stated balance cap.

The Yield Pledge CDs are also available as IRAs (Traditional and Roth), earning the same APYs with the same funding requirements.

As DA reader, cumulus, pointed out in a recent Forum post, EverBank’s higher-than-average Early Withdrawal Penalty (EWP)...

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