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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Featured Promotion: Apply now for a Synchrony 14 Month CD Special. 2.35% APY for a $2K min balance. Read Ken's review
ableBanking 1-Year CD Reaches 2.50% APY
Deal Summary: 1-year CD (2.50% APY), 2-year CD (2.80% APY) $1k minimum deposit, $240k maximum deposit

Availability: Nationwide (internet bank)

It’s been about six months since I wrote about any of ableBanking’s CDs. In early December, the 1-year CD offered 1.75% APY, which at the time placed it at the top of the rate pile. Except for a short stay at 2.00% APY in January, the 1.75% APY has been in effect for the past seven months. As DA reader, IvoryMale, noted in a Forum...

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Mechanics Cooperative Bank (MA) Pushes 27-month CD To 2.75% APY
Deal Summary: 27-month CD Special, 2.75% APY, $2.5k minimum deposit.

Availability: Online market area includes Massachusetts and Rhode Island.

Mechanics Cooperative Bank (Mechanics Co-op) is currently offering a 2.75% APY on its 27-month CD Special, which can be opened online or in-branch. The minimum deposit for the CD Special is $2.5k, unlike the $500 minimum for its other CDs.

DA has been tracking the 27-month CD Special for more than seven years, with rates that were not competitive until the past three months. In the past...

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Independent Bank (TX/CO) Offers 13-Month Promo CD (2.73% APY)
Deal Summary: 13-month Promotional CD, 2.73% APY, $1k minimum deposit

Availability: Market area includes the Dallas/Ft. Worth, Austin, and Houston metro areas, and the Colorado Front Range Urban Corridor.

Texas-based Independent Bank ended the week by raising the rate on its 13-month Promotional CD (2.73% APY). The minimum opening deposit is $1k, with no stated balance cap.

The 13-month Promotional CD was introduced only four months ago, with an initial APY of 1.51%. A total of 122 bps have been added in two rate increases...

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Navigant Credit Union (RI/CT/MA) Adds 23-months CD Earning 3.00% APY
Deal Summary: 23-months CD, 3.00% APY, $500 minimum deposit, new money.

Availability: Residents of Rhode Island, and nearby Connecticut and Massachusetts (determined by Zip Code).

Over the weekend, Navigant Credit Union (Navigant) has added a 23-months CD, which earns 3.00% APY. The new CD can be opened with a $500 minimum deposit of new money, and there is no stated balance cap.

The 23-months CD and 13-months CD (2.50% APY) are the only competitive certificates in Navigant’s product line. The other CDs offer APYs that range from...

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Ally Bank Increases Rates on Online Savings Account and Six CDs
Deal Summary: Rate increases: Online Savings (1.65% APY on all balances); Noteworthy CDs: 6-month (2.00% APY), 12-month (2.30% APY), 60-month (2.75% APY) - $25k minimum deposit, lower rates for smaller balances.

Availability: Nationwide (internet bank)

This morning, Ally Bank increased the rates of its Online Savings Account, its 11-month No Penalty CD and five of its High Yield CDs. The Online Savings Account rate went up 5 bps to 1.65% APY. For CDs, the 6-month CD and 11-month No Penalty CD had the largest rate gains. The new APYs are...

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First Financial Northwest Bank Ups 48-Month CD to 3.00% APY ($100k+)
Deal Summary: 48-month CD, 3.00% APY ($100k+), 2.50% APY ($25k+)

Availability: Nationwide

Last week, First Financial Northwest Bank (FFNB) raised the rate on its 48-month CD to 3.00% APY for deposits of $100k+. The three other tiered APYs are really not competitive; there are more than 20 banks and credit unions offering nationally available 4-year CDs at higher rates than the 2.50% APY ($25k+). The minimum deposit to earn the 3.00% APY is $100k and there is no stated balance cap.

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First Resource Bank (SE Pennsylvania) Ups 12-Month CD (2.60% APY)
Availability: 12-month CD, 2.60% APY, $500 minimum deposit

Availability: Southeast Pennsylvania

First Resource Bank has raised the rate on its 12-month CD (2.60% APY). The minimum opening deposit is $500, with no stated balance cap. CSR stated there has been a lot of interest in the 12-month CD, and while no end-date has been announced, he didn’t expect the 2.60% APY to last more than a week or so.

Following the addition of 145 bps, the 12-month CD is offering its highest APY since being added to the product...

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USALLIANCE Financial Ups 25- And 35-Month CD Rates

UPDATE 6/14/2018: USALLIANCE Financial is offering its “VIP” members an additional 25 bps on new opened 25- and 36-month Certificates through June 30, 2018.

Deal Summary: Certificates – 12-month (2.28% APY), 25-month (2.58% APY), and 35-month (2.74% APY), $500 minimum deposit

Availability: Easy membership requirement

UPDATE: According to an email sent by USALLIANCE Financial, “VIP members are now eligible for a ONE QUARTER POINT RATE BOOST on newly opened 25 and 35 Month Certificate Accounts.” This rate increase results in a 3.00% APY for the 35-month...

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Westerly Community Credit Union (RI/CT) eChecking Now Earns 3.00% APY
Deal Summary: eChecking, 3.00% APY up to $19,999.99

Availability: Rhode Island and New London County, Connecticut

Two days before the Fed announced yesterday's rate hike, Westerly Community Credit Union (WCCU) added 175 bps to its eChecking rate, giving the rewards checking account a 3.00% APY on qualifying balances up to $19,999.99. Qualifying balances of $20k and above earn 0.50% APY, with non-qualify balances earning 0.10% APY.

DA has been tracking the eChecking account since early 2010. The new 3.00% APY matches its initial rate,...

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Second Fed Rate Hike of 2018: Deposit Rate Predictions and Strategies
Second Fed Rate Hike of 2018: Deposit Rate Predictions and Strategies

The Fed moved as expected by raising the federal funds rate by 25 basis points. This is the second Fed rate hike of 2018 and the seventh rate hike since the Fed started to raise rates in December 2015. Here’s that all important paragraph in today’s FOMC statement:

Just like in March, today’s decision was unanimous with all FOMC participants voting in favor of the rate hike.

In addition to announcing the rate hike, the FOMC statement described the state of the economy and the changes since the last...

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Goldman Sachs Bank USA Ups Seven High-yield CD Rates
Deal Summary: Rate increases on seven CDs. Most noteworthy include the 1-Year (2.30% APY) and the 6-Year (3.00% APY)

Availability: Nationwide

Seven weeks since its last round of CD rate hikes, Goldman Sachs Bank USA (now operating under the brand Marcus by Goldman Sachs) increased the rates on seven of its High-yield CDs today. The rate hikes were larger this time with rates gains between 10 and 20 bps. The long-term CDs had the largest rate gains, rising 15 or 20 bps. The 12-month and 18-month CD rates increased...

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Horizon Credit Union (WA/ID/MT) Debuts 34-Month Special CD, 3.25% APY
Deal Summary: 34-month Special Certificate, 3.25% APY (w/checking), 2.99% APY (w/o checking), $1k minimum deposit. 26-month New Deposit Special Certificate, 3.04% APY (w/checking), 2.78% APY (w/o checking), $1k minimum deposit, new money.

Availability: Residents of Washington State, eight Idaho Panhandle counties, and 14 western Montana counties.

Horizon Credit Union (Horizon CU) has once again added a new, competitive Certificate Special. The latest addition to the product line is a 34-month Special Certificate that earns 3.25% APY when coupled with a direct deposit to a Horizon CU...

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