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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

Barksdale Federal Credit Union CDs Continue To Be Rate Leaders
Deal Summary: Certificates – 60-month (1.71% APY), 48-month (1.61% APY), 36-month (1.51% APY), 24-month (1.41% APY), 12-month (1.21% APY), $1k minimum deposit.

Availability: Nationwide with a military relationship and various other ways

It has been just over two months since I last wrote about the Certificates offered by Barksdale Federal Credit Union (Barksdale Federal). Rates have fallen, but their rates remain well above what other credit unions and banks currently offer. Barksdale Federal and its products may not technically be considered nationally available, but its field of membership is actually...

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Fed Projections Show Zero Rates Through 2023 - Strategies for Savers
Fed Projections Show Zero Rates Through 2023 - Strategies for Savers

At the completion of its two-day FOMC meeting, the Fed announced a policy that’s inline with its new inflation strategy. In summary, the policy suggests that we won’t see a Fed rate hike for a long time, a period that's even longer than what was suggested at previous Fed meetings. The Fed also released updates to its Summary of Economic Projections (SEP) which includes federal funds rate forecasts that now extend out through 2023. Based on the FOMC statement and the SEP, it looks very unlikely that the Fed will...

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Best Bank Account Interest Rates - Summary For September 15, 2020
Best Bank Account Interest Rates - Summary For September 15, 2020

Major online banks continue to cut their savings account rates further below 1.00%. The latest of these include Discover Bank Online Savings (0.80% → 0.70%), Marcus by Goldman Sachs Online Savings (0.80% → 0.60%), and Live Oak Bank Online Savings (0.85% → 0.70%). All of these new rates are all-time lows for these accounts.

The number of online savings and money market accounts with rates of at least 1% has been falling. In the last two weeks 3 accounts had rate cuts that took them below 1%.

On a slightly positive note,...

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Federal Reserve, the Economy and CD Rate Forecast - Sep 15, 2020
Federal Reserve, the Economy and CD Rate Forecast - Sep 15, 2020

The two-day FOMC meeting began today. The meeting statement is scheduled for release at 2:00pm EDT Wednesday. In addition, the update to the Summary of Economic Projections (SEP) should also be released. At 2:30, Fed Chair Powell’s press conference should begin.

We will likely see some minor modifications to the meeting statement to reflect the Fed’s new inflation strategy in which they plan to maintain policy to keep the inflation average at its 2% target. Unlike in the past, this will likely result in the Fed keeping rates near zero for...

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Westside State Bank Kasasa Cash Available In 6 Midwest States
Deal Summary: Kasasa Cash, 2.50% APY on qualifying balances up to $25k. Kasasa Saver, 1.50% APY on qualifying balances up to $25k.

Availability: Iowa, Minnesota, Missouri, Nebraska, South Dakota, and Wisconsin.

Iowa-based Westside State Bank (Westside) has been offering Kasasa brand products for more than three years. The Kasasa Cash account currently earns 2.50% APY on qualifying balances up to $25k. Qualifying balances over $25k earn 0.25% APY, with non-qualifying balances earning 0.05% APY.

The monthly qualification cycle requirements are straightforward and do not...

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Quontic Bank High Interest Checking Remains Competitive
Availability: High Interest Checking, 1.25% APY up to $1 million.

Availability: Nationwide through online application.

While New York-based Quontic Bank lowered the rate on its High Interest Checking to 1.25% APY a few days ago, the $1 million qualifying balance cap is still in effect. Qualifying balances above $1 million do not earn any interest, with non-qualifying balances earning 0.01% APY.

Added to the product line in September 2019, Quontic’s rewards checking account (RCA) was originally called Amplify Interest Checking and earned 2.00% APY on qualifying balances up...

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Severn Bank (MD) Offers Free Kasasa Cash Statewide
Deal Summary: Free Kasasa Cash, 3.00% APY up to $15k; Free Kasasa Saver, 1.00% APY up to $50k.

Availability: Maryland

Maryland-based Severn Bank began offering Kasasa brand products about 14 months ago. The Free Kasasa Cash Checking account has maintained its initial 3.00% APY on qualifying balances up to $15k. Qualifying balances greater than $15k earn 0.20% APY, while non-qualifying balances earning 0.05% APY.

Qualification Requirements

  • At least 12 monthly debit card purchases.
  • One ACH, or Direct Deposit, or Bill Pay transaction per monthly qualification cycle.
  • Enrollment in eStatements.
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Select Bank & Trust Adds Money Market Special With Rate Guarantee
Deal Summary: Money Market Special, 0.95% APY, $15k minimum opening deposit, new money, 12-month rate guarantee.

Availability: Market area includes North Carolina, Upstate South Carolina, and Virginia Beach, Virginia area.

North Carolina-based Select Bank & Trust (Select Bank) is currently offering a Money Market Special, which earns a 0.95% APY that is guaranteed for the first 12 months following account opening. (After the first 12 months, the APY will convert to the standard Money Market variable rate, which is currently 0.40% APY.) The minimum opening deposit...

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USALLIANCE Financial Offers Four Certificate Specials
Deal Summary: Certificate Specials – 9-month (0.80% APY), 11-month No Penalty (0.75% APY), 18-month (1.02% APY), 36-month (1.15% APY), $500 minimum deposit, checking or savings relationship for required new members.

Availability: Easy membership requirement.

Thanks to DA reader, alan1, who noted the absence of two USALLIANCE Financial (USALLIANCE) Certificate Specials in this week’s CD Rates Summary.* As alan1 pointed out, the 9-month (0.80% APY) and 11-month No Penalty (0.75% APY) are currently offering rates that merit inclusion in the Summary. While not having rates as competitive as...

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Sandia Laboratory FCU (NM) Offers Competitive 24-Month CD Rates
Deal Summary: 24-month CD, 1.45% APY ($500k), 1.35% APY ($200k), 1.25% APY ($100k). 24-month IRA CD, 1.56% APY ($500k), 1.45% APY ($200k), 1.35% APY ($100k).

Availability: Easy membership requirement for all New Mexico residents.

While Sandia Laboratory Federal Credit Union (SLFCU) has been offering a 24-month CD for several years, SLFCU added a $500k deposit tier in May, which currently earns 1.45% APY. The other four APYs are 1.35% ($200k), 1.25% ($100k+), 1.15% ($50k+), and 1.05% ($1k+).

The 24-month CD is also offered as an IRA CD...

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Consumers Credit Union (IL) Ups 20-Month CD Rates
Deal Summary: 20-month CDs – Super-Jumbo CD, 1.20% APY, $250k minimum; Jumbo CD, 1.10% APY, $100k minimum; CD, 1.00% APY, $250 minimum.

Availability: Easy membership requirement

It’s been almost two years since I had occasion to write about CDs offered by Illinois-based Consumers Credit Union (CCU). Last week, CCU raised the rates on all three 20-month CDs by a uniform 25 bps. The new rates may seem low, but in today’s environment, they’re very competitive. Any rate hike these days is a ray of hope for...

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CD Rates Summary September 9, 2020
CD Rates Summary September 9, 2020

A surge of CD rate cuts occurred again with the start of a new month.

The latest major online bank to slash its CD rates to new all-time lows is American Express. Its 5-year CD rate was slashed from 0.85% to 0.55%. The pre-2020 all-time low was 0.60% in 2013 and early 2014. One interesting thing to note regarding American Express’s CD rate history was that its CD rate increased in 2014 and 2015 even as the Fed held the federal funds rate to near zero. In late January 2014, the...

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