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.
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...
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:
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...
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...
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...
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.
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...
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:
POSTED ON SUNDAY, JULY 24, 2016 BY SHERYL NANCE-NASH
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...