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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

Federal Reserve, the Economy and CD Rate Forecast - January 19, 2021
Federal Reserve, the Economy and CD Rate Forecast - January 19, 2021

The first Fed meeting of 2021 is scheduled to take place next week. No policy changes are expected. There has been talk by a couple of Fed officials that the Fed could start tapering its bond purchases late this year if the economy does have a strong recovery.

This Fed taper talk along with the increased odds that the new Congress will pass more fiscal stimulus has contributed to rising long-dated Treasury yields. In 2013 when Fed Chair Ben Bernanke hinted that the Fed was thinking about tapering, the markets were...

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Union Bank (MI) 1-2-3 Rewards Checking Has Competitive Blended APY
Deal Summary: 1-2-3 Rewards Checking, 3.05% APY ($15k-$25k), 1.51% APY ($1k-$15k), 0.05% APY (up to $1k). Blended 2.07% APY on qualifying balances up to $25k.

Availability: Nationwide

Michigan-based Union Bank has been offering its 1-2-3 Rewards Checking for about three years and the original tiered APYs are still in effect. The 1-2-3 Rewards Checking is structured differently than the vast majority of reward checking accounts, as it offers four different APYs on portions of qualifying balances. The 3.05% APY ($15k-$25k), 1.51% APY ($1k-$15k) and 0.05%...

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Bossier Federal Credit Union (LA) Has Top Long-Term CD Rates
Deal Summary: CDs – 24-month (1.26% APY) and 36-month (1.36% APY), $1k min deposit.

Availability: Three northwest Louisiana parishes.

Bossier Federal Credit Union (Bossier FCU) is currently offering competitive rates on its 24-month CD (1.26% APY) and 36-month CD (1.36% APY). Either CD can be opened with a $1k minimum deposit.

Both CDs are available as IRA CDs (Traditional, Roth, CESA), earning the same APYS with the same deposit requirements.

According to CSR, the Early Withdrawal Penalty for the 24-month CD is 90 days, and 180 days for...

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Marcus by Goldman Sachs Offers $100 Savings Account Bonus
Deal Summary: $100 bonus when depositing at least $10k of new funds in a new or existing Online Savings Account.

Availability: Nationwide

Now through February 12, 2021, Marcus by Goldman Sachs (Marcus) is offering a $100 bonus when depositing $10k or more of new money in a new or existing Online Savings Account. The new funds must be deposited within 10 days of enrollment. Those new funds, plus the account balance at the time of enrollment, must be maintained for 90 days. Enrollment must be done by...

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First National Bank Has Rate Leading Kasasa Cash Checking Account
Deal Summary: Kasasa Cash, 3.00% APY on qualifying balances up to $25k. Kasasa Saver, 1.00% APY on qualifying balances up to $50k.

Availability: Nationwide

Alabama-based First National Bank (FNB) recently added the Kasasa brand to its product line. The Kasasa Cash currently earns 3.00% APY on qualifying balances up to $25k. Qualifying balances over $25k earn 0.25% APY, with non-qualifying balances earning 0.05% APY.

The Kasasa Cash monthly qualification requirements include,

  • At least 12 debit card purchases
  • At least one ACH credit or ACH payment transaction
  • ...
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UnitedOne Credit Union Kasasa Cash/Saver Offers Competitive Earnings
Deal Summary: Kasasa Cash, 3.00% APY on qualifying balances up to $20k. Kasasa Saver, 0.75% APY on qualifying balances up to $50k.

Availability: Residents of four Northeast Wisconsin counties.

UnitedOne Credit Union (UnitedOne) has been offering Kasasa brand products for about a year. The Kasasa Cash’s initial 3.00% APY on qualifying balances up to $20k is still in effect. Qualifying balances over $20k earn 0.25% APY, with non-qualify balances earning 0.05% APY.

The monthly qualification requirements include,

  • At least 12 signature-based debit card purchases
  • At least one direct deposit,...
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CenLA Federal Credit Union (LA) Has Rate Leading Short-Term CDs
Deal Summary: CDs – 12-month (1.01% APY) and 24-month (1.26% APY), $1k min deposit. 3-year IRA CD, 1.51% APY, $100 min deposit.

Availability: Five central Louisiana parishes.

CenLA Federal Credit Union (CenLA FCU) is currently offering some of the highest CD rates available in Central Louisiana. The limited product line includes two short-term CDs – 12-month (1.01% APY) and 24-month CD (1.26% APY). Either CD can be opened with a $1k minimum deposit.

CenLA FCU also has a very competitive 3-year IRA CD, which...

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BrioDirect Offers New Tiered-Rate Money Market Account
Availability: High-Yield Money Market, 0.65% APY ($25k+), 0.25% APY (less than $25k), $100 minimum opening deposit.

Availability: Internet bank

About 18 months ago, Sterling National Bank introduced its new online division, BrioDirect. The original product line consisted of the High Yield Savings account and two short-term CDs. Initially offering a competitive rate (2.46% APY), the High-Yield Savings began a long series of rate drops within two months of its debut. As of three weeks ago, the High-Yield Savings was earning 0.40% APY. At some point after Christmas,...

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Kasasa Cash At Democracy Federal Credit Union Still Competitive
Deal Summary: Kasasa Cash, 3.00% APY on qualifying balances up to $10k. Kasasa Saver, 1.00% APY on qualifying balances up to $50k.

Availability: Washington, D.C. metropolitan area.

Democracy Federal Credit Union (Democracy FCU) added Kasasa brand accounts to its product line more than two years ago. The Kasasa Cash’s initial 3.00% APY on qualifying balances up to $10k is still in effect. Qualifying balances over $10k currently earn 0.20% APY, with non-qualifying balances earning 0.01% APY.

The Kasasa Cash monthly qualification requirements are easily...

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Best Bank Account Interest Rates - Summary For January 12, 2021
Best Bank Account Interest Rates - Summary For January 12, 2021

For the last three months, online savings account rates haven’t fallen as fast as they had in August and September. You can see this trend in our online savings account index which is the average rate of ten well-established online savings accounts.

The slowing of online savings account rate declines can also be seen at the major online banks. Fewer of the major online savings accounts have had rate cuts. I only list three with rate cuts in the last three weeks, and these three are not the most prominent online...

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Federal Reserve, the Economy and CD Rate Forecast - January 12, 2021
Federal Reserve, the Economy and CD Rate Forecast - January 12, 2021

Any improvement in deposit rates for 2021 will likely require a strong economic recovery. The December unemployment report that was released Friday didn’t seem to offer much good news on the economy. The Labor Department reported a job loss of 140k which was below the 50k gain that economists were expecting. It was the first month with job losses since last April.

Even though the jobs report appeared gloomy, it didn’t upset the market as described in this CNBC article:

In fact, there are reasons to be optimistic as Economist Tim Duy...

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Select Bank Kasasa Cash And Kasasa Saver Offer Competitive Earnings
Deal Summary: Kasasa Cash, 2.01% APY on qualifying balances up to $50k. Kasasa Saver, 1.05% APY on qualifying balances up to $250k.

Availability: Nationwide

Virginia-based Select Bank is offering very competitive Kasasa brand products. The Kasasa Cash currently earns 2.01% APY on qualifying balances up to $50k. Qualifying balances over $50k earn 0.25% APY, with non-qualifying balances earning 0.05% APY.

The Kasasa Cash monthly qualification requirements are typical and do not include a direct deposit or ACH transaction.

  • At least 12 debit card purchases
  • Be enrolled...
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