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.

Popular Posts

Bank Deals Blog

Langley Federal Credit Union Unveils Competitive 22-Month Promo CD
Deal Summary: 22-month Promotional Certificate, 5.35% APY, $500 minimum deposit.

Availability: Easy membership requirement

Virginia-based Langley Federal Credit Union (Langley FCU) has been offering monthly CD promotions for more than a year. April’s featured product is a 22-month Promotional Certificate, which earns a competitive 5.35% APY. This limited-time offer can be opened with a $500 minimum deposit, with no stated balance cap. (FYI – previous promotions required new money, but the 22-month Promotional Certificate does not.)

The fine print on the landing page lists the 22-month Promotional...

Continue Reading
Limelight Bank Nationally Available 12-Month CD Has Near Rate-Leading APY
Deal Summary: 12-month CD, 5.15% APY, $1k min/$500k max deposit.

Availability: Nationwide (internet bank)

In the 5+ years since Limelight Bank (online division of Utah-based Capital Community Bank) opened its virtual doors, its limited product line (four CDs) has had a series of fairly unimpressive rates. While most of the competitive, one-year CDs have seen dramatic rate increases in the past year, Limelight Bank seems to have embraced the “slow and steady” approach: in the past 15 months, the Limelight Bank 12-month CD has gained 460 bps in...

Continue Reading
CD Deals Summary
CD Deals Summary

Last week’s 25-bp Fed rate hike showed that the Fed hasn’t forgotten about inflation. However, in the post-meeting press conference, Fed Chair Powell did admit that the developments in the banking sector may lower the federal funds terminal rate. The Fed’s Summary of Economic Projections (SEP) also indicated this with most of the Fed officials projecting only one more 25-bp rate hike this year. After rates peak, the Fed doesn’t foresee quick rate cuts. As Fed Chair Powell told reporters in the press conference, “In that most likely case,...

Continue Reading
Northern Bank Direct Surprises With Large Money Market Rate Increase
Update 3/28/23: The Money Market Premier rate has increased 40 bps to 4.75% APY on all balances up to $250k. This post was originally published on February 6, 2023 when the Money Market Premier rate increased to 4.35% APY.

Deal Summary: Money Market Premier, 4.35% APY on all balances up to $250k, $5k minimum opening deposit.

Availability: Nationwide (internet bank)

I must admit, I did not have the Money Market Premier (MMP) account offered by Northern Bank Direct (NBD) on my “DA Money Market Account Bingo Card.” Following...

Continue Reading
Brilliant Bank Boosts 9-Month CD APY To Rate-Leading Level
Deal Summary: 9-month CD, 5.25% APY, $1k minimum deposit.

Availability: Nationwide, with the exception of Arkansas, Kansas, Missouri, and Oklahoma.

Brilliant Bank (internet division of Equity Bank) has a limited CD product line, consisting of two CDs – 9-month and 15-month. While the 15-month CD 4.85% APY has remained unchanged for almost four months, the 9-month CD added 75 bps in two rate increases in the past week. Currently earning 5.25% APY, the 9-month CD can be opened with a $1k minimum deposit and is capped at $500k.

Continue Reading
Old Missouri Bank Unveils Competitive 13-Month CD Special
Deal Summary: 13-month CD Special, 5.13% APY, $1k minimum deposit.

Availability: Market area is Southwest Missouri.

Old Missouri Bank (OMB) has unveiled a 13-month CD Special earning 5.13% APY. This limited-time offering can be opened with a $1k minimum deposit with no stated balance cap. CSR stressed the limited-time availability, although no set end-date has been announced; once again, it’s case of it will be available until it is not.

FYI – In addition to the 13-month CD Special, OMB has a limited-time 16-month No Penalty...

Continue Reading
Freedom Credit Union (PA) Boosts Long-Term CD Rates
Deal Summary: CDs – 36-month (4.85% APY), 48-month (4.90% APY), and 60-month (4.95% APY), $500 minimum deposit.

Availability: Five SE Pennsylvania counties.

Most banks and credit unions have been concentrating on raising rates on their short-term CDs, leaving the longer-term CDs treading water. This rate increase inequity has led to inverted yield curves, but as DA reader, Robb, noted in a recent Freedom Credit Union (Freedom CU) Forum post,

Following last week’s rate increases, Freedom CU is offering competitive rates on its longer-term CDs: 36-month...

Continue Reading
Canvas Credit Union (CO) Offers Top-Rate 13-Month CD Special
Deal Summary: 13-month CD Special, 5.25% APY, $1k minimum.

Availability: Easy membership requirement in Colorado.

Colorado-based Canvas Credit Union (Canvas CU) has brought back its 13-month CD Special with a rate-leading 5.25% APY. Available for a limited-time, the 13-month CD Special can be opened with a $1k minimum deposit, with no stated balance cap.

As stated in the Truth-in-Savings disclosure, the Early Withdrawal Penalty reads as follows:

If a CD is closed within six months of opening, an early closure fee of $25 will be assessed.


Continue Reading
Rising Bank 1-Year Term CD Has New Rate-Leading APY
Deal Summary: 1-year Term CD (5.20% APY), $1k minimum deposit

Availability: Internet bank

Less than two weeks ago, the 1-year Term CD offered by Rising Bank (the internet division of Missouri-based Midwest BankCentre) became competitive with a new 5.00% APY. Rising Bank ended this week by adding another 20 bps to the 1-year Term CD, which now has the highest 1-year CD rate for a small minimum deposit offered by both internet banks and brick-and-mortar banks. The minimum opening deposit is $1k, with a maximum balance...

Continue Reading
Merchants Bank of Indiana Flex CD and Money Market Rates Jump Up
Deal Summary: Flex Index CDs – 12-month, 24-month, and 36-month, 5.39% APY, $1k minimum opening deposit. Money Market Account, 4.50% APY on all balances, $50 minimum opening deposit.

Availability: Nationwide through online application.

The Merchants Bank of Indiana (MBoI) Flex Index CDs are variable rate CDs tied to the Prime Rate (Prime Rate minus a margin of 2.75%). N.B. – the Prime Rate is typically equal to the upper limit of the target federal funds rate plus 300 bps. Following Wednesday’s Fed 25-bp rate hike, the...

Continue Reading
CFG Bank High Yield Money Market Account Joins the 5% Club
Deal Summary: High Yield Money Market, 5.02% APY, $1k minimum opening deposit. 12-month CD, 5.15% APY, $500 min/$250k max deposit.

Availability: Nationwide through online application

DA déjà vu, anyone? It’s only been a week since I wrote about a CFG Bank High Yield Money Market (HYMM) rate increase, so you may think you’ve read this blog post before. The best part of DA déjà vu is that the rates will be higher than you remember.

Following the Fed rate hike on Wednesday, CFG...

Continue Reading
Fed Meeting: Another 25-bp Rate Hike - Strategies for Savers
Fed Meeting: Another 25-bp Rate Hike - Strategies for Savers

The Fed followed through with the expected 25-bp rate hike. When the banking crisis began after the failure of Silicon Valley Bank, the odds of a 25-bp rate hike today went down fast. The Fed was under pressure to pause today for the sake of financial stability. The fact that it decided to follow through on a rate hike shows some commitment in bringing down inflation. In addition to continuing the rate hikes, the Fed is also continuing the reduction of its balance sheet with no changes in its pace.

Continue Reading
View Archive

The financial institution, product, and APY (Annual Percentage Yield) data displayed on this website is gathered from various sources and may not reflect all of the offers available in your region. Although we strive to provide the most accurate data possible, we cannot guarantee its accuracy. The content displayed is for general information purposes only; always verify account details and availability with the financial institution before opening an account. Contact [email protected] to report inaccurate info or to request offers be included in this website. We are not affiliated with the financial institutions included in this website.