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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SouthPoint Bank (AL) Offers Competitive Kasas Cash
Availability: Kasasa Cash and Kasasa Saver accounts available nationwide.

SouthPoint Bank’s Kasasa Cash account has just marked its 1-year anniversary, and is now available nationally through an online application. (A cautionary note: it is not uncommon for small banks to change the availability status of “nationally available” accounts and products, if the demand exceeds the bank’s ability to process a sudden influx of new accounts.)

The Kasasa Cash’s initial rate of 2.10% APY on qualifying balances up to $25k is still in effect. Qualifying balances over $25k...

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Fed Holds Steady But Chance of a September Rate Hike Increases
Fed Holds Steady But Chance of a September Rate Hike Increases

As widely expected, the Fed decided yet again not to raise interest rates on Wednesday at the end of its fifth scheduled FOMC meeting of the year.

The important thing to note from the FOMC statement is that there are signs that the Fed is preparing to hike rates, perhaps at its next meeting in September (if you believe the Fed isn’t waiting to after the election). The first sign is in the first sentence of the statement. Below is the first sentence from the June statement:

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Everette Co-op Bank (MA) Has Competitive Short And Long-Term CDs
Availability: Market area is Massachusetts.

Earlier this week, Everett Co-operative Bank (ECB) raised the rate on its 14-month CD Special (1.30% APY) and 60-month CD (2.25% APY). The minimum opening deposit for either CD is $500, with a maximum balance cap of $250k.

According to CSR, the Early Withdrawal Penalty for either CD is six months interest.

The fine print at the bottom of the Certificates of Deposit Rates page states:

I misread it at first, thinking it was “required” rather than “requested.” CSR and I had...

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Best Bank Account Interest Rates - Summary for July 26, 2016
Best Bank Account Interest Rates - Summary for July 26, 2016

The Fed’s fifth meeting of the year began today and is scheduled to end on Wednesday with the release of the FOMC statement. Fed Chair Janet Yellen is not scheduled to give a press conference. It is widely expected that the Fed will hold rates steady once again. If we’re lucky, there will be hints in the FOMC statement pointing to a rate hike at its September meeting. Here’s what Bill McBride of Calculated Risk Blog said in his FOMC preview post:

In this Bloomberg article, economist Tim Duy describes the...

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Manasquan Bank Now Offers Kasasa Cash In 16 East Coast States
Availability: Market area for Kasasa Cash and Kasasa Saver includes Connecticut, Florida, Georgia, Delaware, Maine, Maryland, Massachusetts, New Hampshire, New Jersey, New York, North Carolina, Pennsylvania, Rhode Island, South Carolina, Vermont, Virginia, and Washington DC.

When I wrote about Manasquan Bank’s newly introduced Kasasa Cash account in April 2014, it was only available in four states (Delaware, New Jersey, New York, and Pennsylvania). Today it’s available in 16 East Coast states and the District of Columbia.

The Kasasa Cash’s initial rate of 2.00% APY on qualifying balances up to...

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First Peoples CFCU Ups Rates On 15- And 60-Month CD Specials
Availability: Residents of Allegany and Garrett Counties, Maryland; Somerset County, Pennsylvania; and Mineral County, West Virginia.

First Peoples Community Federal Credit Union (First Peoples) recently raised the rates on its 15-month CD Special (1.50% APY) and 60-month CD Special (2.05% APY), with the 15-month CD Special being the more competitive of the two. The minimum opening deposit for either CD is $500, with no stated balance cap.

The two CD Specials is also available as IRAs (Traditional), earning the same APY with the same funding requirements.

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How Do Consumer Deposit Rates Track with Fed Rate Changes?
How Do Consumer Deposit Rates Track with Fed Rate Changes?

Just about everyone these days has some sort of gut reaction to hearing the words “Fed Rate hike.” The financial crisis of 2007-2008 virtually ensured that fact. Whether excitement, nerves, or hardened skepticism, responses are based on innumerable variables unique to individual circumstances. As depositors, it is important to understand what it means when the Fed changes interest rates and what to expect when it does. Heading into 2016, the FOMC (amazingly) predicted four rate hikes, a forecast that has since been adjusted downward (quite predictably in the minds of...

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Wings Financial CU Offers Competitive 5-Year CD
Availability: Easy Membership Requirement

Earlier this year, Wings Financial Credit Union (Wings Financial) added a 5-year Share Certificate with three rate tiers: 1.96% APY ($500), 2.02% APY ($10k), and 2.07% APY ($90k). Earned dividends can be paid on either a monthly or quarterly basis.

The 5-year Share Certificate is also available as an IRA (Traditional, Roth, and CESA), with the same rate tiers and minimum deposit requirements.

As stated on Wings Financial’s Most Requested Info page, the Early Withdrawal Penalty reads as follows:

Term 12 months or greater...
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M&T Bank $150 Checking Bonus Extended

Availability:

Market area includes CT, DE, FL, MD, NJ, NY, PA, VA, WV, and the District of Columbia. Bonus eligibility is based on Zip Code.

M&T Bank has been offering new checking account bonuses on a regular basis for the past several years, with the latest promotion being a $150 cash bonus, available now through September 30, 2016.

Since I last wrote about this offer, M&T Bank has added Connecticut to the bonus market area. Eligibility can be determined by entering your Zip Code on the promotion page.

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Companies Behind Online Banking - Kasasa
Companies Behind Online Banking - Kasasa

This is the first in a series of articles on the companies behind online banking. This article features Kasasa, formerly called Kasasa by BancVue. CMO Keith Brannan, shared information about the company and its role in the Financial technology (FinTech) world.

Kasasa Makes Its Mark With Rewards-Based Checking and Savings Accounts

Q: Can you provide a little background on Kasasa’s beginnings?

A: Kasasa was founded in 2004 as a single product company, providing community banks and credit unions with rewards checking accounts.

Today, Kasasa is the sixth largest branch banking network in the...

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Merchants Bank (MN/WI) Offers "Growth Spurt" CD Specials
Availability: Market area includes southeastern Minnesota and west-central Wisconsin.

Minnesota-based Merchants Bank, National Association (Merchants Bank) recently added four “Growth Spurt CD Specials,” (25- and 45-month terms) with tiered APYs.

These limited-time CD Specials require new money, with the lower APYs requiring a $10k minimum deposit, and a $25k minimum deposit for the higher APYs.

The fine print on the promotion page states,

According to CSR, the Early Withdrawal Penalty for any of these Specials is 180 days interest.

Thanks to DA reader, susanc, for her Forum post about the Growth...

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Astoria Bank Offers $250 New Checking Account Bonus Again

UPDATE 7/22/2016: $250 bonus is available through September 30, 2016.

Availability: New York Boroughs of Manhattan, Brooklyn, and Queens; New York Counties of Nassau, Suffolk, and Westchester

Astoria Bank (New York) is once again offering $250 bonus promotion for new Astoria Bank customers who open a Simple+ or Select checking account.

General Requirements for the $250 Bonus

  • Required balance must be maintained for three consecutive months within the first four months of account opening.
  • Receive direct deposits of $250 or more during three consecutive months, OR
  • Make three monthly online bill payments...
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