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

American Households’ Savings Fell 32.5% Over Past 5 Years
American Households’ Savings Fell 32.5% Over Past 5 Years

Written by Julie Ryan Evans | Published on 11/11/2024

There’s no question that having savings is vital to one’s financial health, serving as a safety net for life’s unexpected expenses. There are many reasons (hello, inflation), however, why Americans find it challenging to save.

The latest DepositAccounts study looks at average household savings account balances across the U.S. to see...

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Overdraft Protection: What Is It and How Does It Work?
Overdraft Protection: What Is It and How Does It Work?
Written by Theresa Stevens | Edited by Becca Stanek | Published on 11/8/2024


If you’re worried about your bank account balance running low, overdraft protection may be worth considering. This optional service allows you to cover a transaction if you don’t have enough money in your checking account, such as...


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Ally vs. Synchrony: How Do They Compare?
Ally vs. Synchrony: How Do They Compare?
Written by Kim Porter | Edited by Becca Stanek | Published on 11/8/2024


Synchrony Bank and Ally Bank are online financial institutions that offer competitive rates and low fees on savings products. They also have highly rated mobile apps, large ATM networks and strong customer service, which are all important...


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What Is the Prime Rate Today?
Written by Theresa Stevens | Edited by Becca Stanek | Published on 11/8/2024


The prime rate today is 8.00%. This means that, as of Sept. 19, 2024, this is the benchmark for the interest rate banks offer to customers perceived as the least risky — typically, those with strong credit...


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Check Kiting: What Is It and How Does It Work?
Check Kiting: What Is It and How Does It Work?
Written by Tara Mastroeni | Edited by Rebecca Stropoli | Published on 10/30/2024


Check kiting is a form of bank fraud that involves depositing a bad check into a bank account and withdrawing those funds before the bank can reject the transaction. This behavior is surprisingly common, especially among those who need to wait a few days for their next deposit to hit their account.

However, check kiting is also illegal, and the penalties can be severe, including a sentence of...


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What Is a Money Market Account?
Written by Dori Zinn | Edited by Ali Cybulski | Published on 10/30/2024

A money market account combines the features of savings and checking accounts....

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What Is a Credit Union?
What Is a Credit Union?
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Understanding the Different Types of Savings Accounts
Understanding the Different Types of Savings Accounts
Written by Jessica Merritt | Edited by Rebecca Stropoli | Published on 10/25/2024


Choosing the right savings account can significantly affect how your money grows and how easily you can access it. The account that’s best for emergency savings may not be ideal for long-term savings for retirement or college expenses.

Common savings account types...


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What Is a Medical Savings Account?
Written by John Csiszar | Edited by Becca Stanek | Published on 10/25/2024


Medical savings accounts (MSAs) provide a way to pay for qualifying medical expenses. There are two types of MSAs: Medicare medical savings accounts, which are part of Medicare Medical Savings Account (MSA) Plans, and Archer medical savings accounts, which are no longer available to new account holders but still...


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Retirement Statistics You Should Know in 2024
Retirement Statistics You Should Know in 2024
Written by Dragana Filipovic and Dan Shepard | Published on 10/21/2024


Americans believe they need to save an average of $1.8 million for retirement, according to Charles Schwab, and they expect it to last 23 years. As early as age 62, you can start to receive some Social Security...


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CDs vs. High-Yield Savings Accounts: Which Should I Choose?
CDs vs. High-Yield Savings Accounts: Which Should I Choose?
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Cheap Checks Online: Where to Buy
Cheap Checks Online: Where to Buy
Written by Devon Delfino | Edited by Ali Cybulski | Published on 10/14/2024

Paper checks may be a relic of the past for some people — but not everyone. Many Americans still write checks and may find inexpensive ones from online retailers and banks.

But you shouldn’t order checks from just anywhere. Before you provide your sensitive bank account details, you'll want to...

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