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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

CD Rates Summary April 7, 2020
CD Rates Summary April 7, 2020

The start of April didn’t bring as many CD rate cuts as I expected considering the emergency Fed rate cuts that occurred in the first half of March. Several of the large online banks held steady, and several credit unions didn’t further slash CD rates after slashing rates in March.

As I mentioned in my Fed summary, not all banks are rushing to slash deposit rates. A pattern that’s similar to what we saw after the 2008 financial crisis is occurring in which some banks see a need to maintain deposits....

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Federal Reserve, the Economy and CD Rate Forecast - April 7, 2020
Federal Reserve, the Economy and CD Rate Forecast - April 7, 2020

It’s widely believed that we’re now in a recession due to the COVID-19 pandemic and the nationwide shutdown that it has caused. The main question for future interest rates is how serious will the recession be. The worse the recession, the longer we’ll be in the ultra-low interest rate environment.

Kiplinger Washington Editors just published their opinion on a best-case realistic forecast. Even this best-case forecast is grim. They forecast a GDP decline of 4% for 2020, which is worse than the Great Recession. It also forecast an unemployment rate that...

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ECCU Adds Kasasa Brand To Its Product Line
Deal Summary: Free Kasasa Cash Checking, 3.00% APY on qualifying balances up to $35k.

Availability: Nationwide, with religious affiliation

California-based ECCU (formerly known as Evangelical Christian Credit Union) has recently added the Kasasa brand to its product line. The Free Kasasa Cash Checking currently earns 3.00% APY on qualifying balances up to a generous $35k. Qualifying balances over $35k earn 0.25% APY, with non-qualifying balances earning 0.05% APY.

The monthly qualification cycle requirements include,

  • At least 12 debit card purchases.
  • Be enrolled in online statements.
  • Be enrolled in and...
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Cross River Bank CDs Can Be Opened By Email/Phone
Deal Summary: 24-month CD, 2.10% APY, $500 minimum balance.

Availability: CDs can now be opened through a combination of email, fax, and phone calls.

A long-time DA reader emailed me with some good news about opening a CD at New Jersey-based Cross River Bank.

More details about the application process are in the “Availability” section below.

Cross River currently has one competitive CD in its product line: the 24-month CD, earning 2.10% APY. The minimum opening deposit is $500, with no stated balance cap.

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Second 2020 Bank To Fail Was Struggling Long Before Coronavirus
Second 2020 Bank To Fail Was Struggling Long Before Coronavirus

West Virginia state regulators closed The First State Bank this Friday, April 3rd. This is the second bank to fail in 2020, and it’s the first bank to fail in the coronavirus crisis. Even though this bank failed in the coronavirus crisis, it had major financial problems long before the pandemic started. Based on the 2019 Q4 bank call reports from the FDIC (the latest available), this bank had the highest Texas Ratio of any bank in the nation (1,050%). Any bank with a Texas Ratio greater than 100% is...

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Prime Alliance Bank Liquid Accounts Still Competitive
Deal Summary: Personal Savings, 1.71% APY ($10k), 1.61% APY ($1); Personal Money Market, 1.71% APY ($10k), 1.61% APY ($1).

Availability: Nationwide through online application.

Utah-based Prime Alliance Bank (Prime Alliance) is the latest financial institution to lower the rates on its savings and money market accounts. The Personal Savings and Personal Money Market accounts were both lowered by 25 bps yesterday, giving each a 1.71% APY on minimum balances of $10k; balances between $1 and $10k earn 1.61% APY.

A year ago, the Personal Savings and Personal...

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Western State Bank High Yield Money Market Available Nationwide
Deal Summary: High Yield Money Market, 1.85% APY on all balances up to $3 million.

Availability: Nationwide.

Western State Bank (Western) has been now offering its High Yield Money Market* (HYMM) on a nationwide basis for more than a year. The 1.85% APY applies to all balances up to $3 million, with no minimum balance requirement.

*I have included a link to the HYMM’s landing page because it has its own URL that cannot be found on Western’s main website.

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Comenity Direct Makes Modest Rate Increases
Deal Summary: High-Yield Savings Account, 1.70% APY on balances between $100 and $10 million.

Availability: Nationwide (internet bank)

In a Forum post last week, DA reader, tbc3, noted that,

As I noted in yesterday’s Liquid Summary, Comenity Direct is one of a handful of online banks that have changed the trajectory of their rates with modest increases, partially reversing rate cuts made in early March. In doing so, Comenity Direct seems to have joined other online banks that are stretching out their transition to low rates.

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Best Bank Account Interest Rates - Summary For March 31, 2020
Best Bank Account Interest Rates - Summary For March 31,  2020

Widespread rate cuts continue on online savings and money market accounts. The last emergency Fed rate cut that lowered the federal funds rate to the zero bound was just over two weeks ago. Most online banks appear to be following a strategy of stretching out the transition to low rates. A few have decided to act quickly with large cuts.

One interesting twist to the rate cuts is that a couple of online banks have changed course. They have partially reversed their early March rate cuts with modest rate hikes. So...

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Federal Reserve, the Economy and CD Rate Forecast - March 31, 2020
Federal Reserve, the Economy and CD Rate Forecast - March 31, 2020

With last week’s passage of the massive coronavirus relief package (the CARES Act) and with the Federal Reserve continuing to use all of its tools, a long recession should hopefully be avoided. However, with the nationwide lockdown scheduled to last at least through April, a recession still appears likely. Goldman Sachs just released a forecast in which unemployment will peak around 15% later this year and GDP falls by 34% in the second quarter. As is described in this CNBC article, that “would be by far the worst period...

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Banks and Credit Unions Offering Help to Coronavirus-Hit Customers
Banks and Credit Unions Offering Help to Coronavirus-Hit Customers

The coronavirus (COVID-19) pandemic is already resulting in mass unemployment, and those with loans, mortgages and credit card debt will be the ones most in need of help from banks. Savers may not be worried about making loan payments, but there are other potential problems they may face as the pandemic continues. In addition to offering help on the loan and credit side, many banks and credit unions are offering help on the deposit side. This post provides a listing of the banks and credit unions that have announced specific...

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Gateway First Bank CDs Now Available In 38 States
Availability: 12-month CD, 2.02% APY ($25k minimum) and 1.92% APY ($500 minimum).

Availability: Online application in 38 states.

Oklahoma-based Gateway First Bank (Gateway First) has begun to offer a series of CDs on a limited nationwide basis (38 states). The 12-, 24-, 36-, 48-, and 60-month CDs all earn the APYs: 2.02% ($25k minimum deposit) and 1.92% ($500 minimum deposit). While there is no stated deposit cap, the FAQs state there is a “$500k maximum limit when funding by ACH online.”

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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.