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

Liberty Bank (CT) Brings Back 18-Month Promo CD, 3.00% APY
Deal Summary: 18-month Promotional CD, 3.00% APY, $500 min/$250k max deposit, new money, 3.50% APY guaranteed renewal rate, checking relationship, limit of one per customer.

Availability: Available in-branch only.

Over the weekend, Liberty Bank brought back its 18-month Promotional CD with a new APY of 3.00%. The minimum opening deposit is $500 of new money, which is defined simply as “funds not currently on deposit at Liberty Bank.” There is a $250k balance cap and a limit of one Promotional CD per customer.

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Popmoney Review: How Does It Work and Which Banks Use It?
By Shen Lu

What is Popmoney?

Popmoney® is a payment service that allows people to transfer money between bank accounts using the Automated Clearing House (ACH) network.

The service is powered by Fiserv, an international financial services company that executes 20 billion digital transactions, moving $1 trillion every year.

To use this service, you can sign up at popmoney.com or download the mobile app, with your bank account information. If your bank works with Popmoney, you can log into your online banking site or mobile banking app to use the feature. Much like Zelle,...

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Luther Burbank Savings Offers 18-Month Step Up CD (2.83% APY)
Deal Summary: 18-month Step Up CD, 2.83% APY (blended), $1k minimum deposit

Availability: Nationwide

At the beginning of the week, Luther Burbank Savings (LBS) added an 18-month Step Up CD, which earns a composite APY of 2.83%. According to the Personal Banking Products page, the interest rate for months 1-9 is 2.63%, rising to 2.88% for months 10-18. The minimum opening deposit is $1k, with no stated balance cap.

According to CSR, the Early Withdrawal Penalty (EWP) for the 18-month Step Up CD is 180...

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Kohler Credit Union (WI) Adds 18-Month CD Special (3.25% APY)
Deal Summary: Share Certificate Specials – 9-month (2.75% APY), 18-month (3.25% APY) $10k minimum deposit, new money.

Availability: Residents of eight southeastern Wisconsin counties.

Earlier this week, Kohler Credit Union (Kohler CU) added new Share Certificate Specials: 9-month (2.75% APY) and 18-month (3.25% APY). The minimum deposit is $10k of new money, with no stated balance cap. Both Share Certificate Specials can be opened without new money (minimum $5k deposit), but the stated APYs are 75 bps lower.

The Share Certificate Specials are also offered...

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Keesler Federal Credit Union Adds 7-Month CD, 5.00% APY
UPDATE 8/18/2018: Thanks to DA member, SYC, for posting this info in the Forum: "per CSR over phone just moments ago, this special deal will end at the close of 8/21/18. You have to have available funds in your Keesler savings account on 8/21/18 at the latest in order to open this 7-month CD special."

UPDATE 8/17/2018: The easy membership requirement through joining the American Cancer Society Cancer Action Network has been expanded to include all U.S. citizens and resident aliens, no matter where they live.

Deal Summary:...
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Service Credit Union Ups 15-Month CD Special (2.75% APY)
Deal Summary: Share Certificate Specials – 9-month (2.50% APY) and 15-month (2.75% APY), $1k minimum deposit.

Availability: Easy membership requirement for family members of individuals who are serving, or have ever served, in any branch of the U.S. Military or Department of Defense; Active and former members of the U.S. Military and Department of Defense; Residents of New Hampshire and portions of Massachusetts (Cape Cod).

New Hampshire-based Service Credit Union (Service CU) raised the rates on its Share Certificate Specials yesterday, adding 30 and 35 bps to...

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Solvay Bank (NY) Ups 36-Month CD Special to 3.50% APY
Deal Summary: 36-month CD Special, 3.50% APY, $500 min/$250k max deposit, new money, checking relationship.

Availability: Market area includes the New York counties of Cayuga, Cortland, Madison, Oneida, Onondaga, and Oswego.

Solvay Bank has raised the rate on its 36-month CD Special to 3.50% APY. The minimum deposit is $500 of new money, and the maximum deposit is $250k. There is a limit of one CD Special per tax ID and the offer is only valid for personal accounts.

According to CSR, the Early...

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Popular Direct Credits Accounts to Correct Effective Date Mistake

Popular Direct hasn’t changed their controversial 60-day account freeze policy, but the Bank took one small step to correct a mistake. A reader emailed me a letter he received from Popular Direct informing him of a credit adjustment that will effectively move the start date of the 2% APY from July 23 to May 17. When the Bank increased the Popular Direct Plus Savings Account APY from 1.85% to 2.00% on July 23, they had apparently failed to update the effective date. Below is the excerpt of the letter...

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Knoxville TVA ECU Raises 60-Month CD Special To 3.50% APY
Deal Summary: 60-month Certificate Special, 3.50% APY, $2.5k minimum deposit, half of total deposit must be new money; without new money 3.40% APY.

Availability: Residents of eight east Tennessee counties.

Knoxville TVA Employees Credit Union (KTVA ECU) has been offering a series of CD Specials for the past few years. KTVA ECU has added new money versions of these CD Specials with APYs 10 bps higher than their counterparts. The new money requirement is different than the usual “funds must not be on deposit with us” restriction.

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Five Star Bank (NY) Adds 13-Month CD Special, 2.80% APY
Deal Summary: 13-Month Premier CD Special, 2.80% APY, $500 min/$250k max, Premier Checking Account required. $150 bonus available for new Premier Checking Accounts opened online.

Availability: Market area is 18 western New York counties.

Five Star Bank is currently offering a 13-month Premier CD Special earning 2.80% APY. The minimum deposit is $500 and is capped at $250k. A new or existing Premier Checking Account is required to open the 13-month Premier CD Special.

The Premier CD Special is also available as an IRA, earning...

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Arbor Financial Credit Union Adds 18-Month No Penalty CD
Deal Summary: 18-month No Penalty Certificate Special, 2.25% APY ($125k min), 2.02% APY ($70k min), 1.51% APY ($30k min), and 1.26% APY ($500 min).

Availability: Residents of 21 southwest Michigan counties.

Over the last 18 months, Arbor Financial Credit Union’s (Arbor Financial) has been offering a 13 month No-Penalty CD on a fairly regular basis. A new Certificate was recently added to the product line, and while Arbor Financial simply calls its “18-month Certificate Special,” it has the same no penalty features offered in the past.

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CD Rates Summary August 14, 2018
CD Rates Summary August 14, 2018

The July Consumer Price Index (CPI) report that was released on Friday supports the continuation of the Fed’s policy of gradually raising interest rates. Core CPI which excludes food and energy “rose 2.4 percent for the 12 months ending July; this was the largest 12-month increase since the period ending September 2008.”

This CPI news and recent economic news on unemployment and GDP should keep the Fed hiking rates at a gradual pace, which will likely be once a quarter. That would mean rate hikes at the Fed’s meetings in September,...

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