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

June Fed Meeting Recap: Rates Hold Steady Again, Only 1 Cut Expected in 2024
Written by Ken Tumin | Edited by Ali Cybulski | Published on 6/14/2024

 

The Federal Open Market Committee (FOMC) held the federal funds rate steady at 5.25% to 5.50% for the seventh straight time at the end of its two-day policy meeting on June 12. The benchmark rate has remained in that target range — the highest in more than two decades — since July 2023. This means that...

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5 Easiest Bank Accounts to Open Online
Written by Ken Tumin | Edited by Ali Cybulski | Published on 6/5/2024

 

Many banks have made opening an account online quick and easy. You can often do everything on your computer or mobile device, skipping a branch visit or mailing forms.

The ease of opening a bank account online has limits, however, because all financial institutions are required to verify the identity...

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NCUA vs. FDIC: What’s the Difference?
Written by C. Saint-Denys | Edited by Ali Cybulski | Published on 6/4/2024

 

The National Credit Union Administration (NCUA) and the Federal Deposit Insurance Corp. (FDIC) are both federal agencies charged with the task of insuring deposits. Each provides government-backed insurance, and coverage is automatic with a federally insured bank or credit union. The FDIC insures banks and the NCUA insures credit...

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10 Banks That Don’t Use — or May Overlook — ChexSystems
Written by Kim Porter | Edited by Ali Cybulski | Published on 6/4/2024

 

If you’ve ever had trouble opening a bank account, ChexSystems may be the reason. ChexSystems is a consumer reporting agency that collects information about bank accounts and issues consumer reports to banks and credit unions.

A financial institution may pull your credit report to determine whether to approve your application...

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What Are Treasury Bill Rates and How to Buy T-Bills
Written by C. Saint-Denys | Edited by Ali Cybulski | Published on 6/4/2024

 

Treasury bills may be an attractive choice if you’re seeking safe and secure investment options. T-bills are backed by the U.S. government, and they are highly liquid — meaning they can easily be sold for cash because they mature in one year or less.

The Department of the Treasury issues...

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Payable-on-Death (POD) Bank Account: Do You Need One?
Written by C. Saint-Denys | Edited by Michael Kitchen | Published on 6/4/2024

 

A “payable on death” bank account, or POD, allows one or more beneficiaries to receive the account balance if the owner dies.

A POD bank account can help with estate planning and let your beneficiaries access their inheritance quickly without a complicated and time-consuming probate process.

On this page:
  • What...
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USAA vs. Navy Federal: Which Is Better for You?
Written by Jessica Merritt | Edited by Ali Cybulski | Published on 5/31/2024

 

USAA and Navy Federal Credit Union serve essentially the same customer base: military members, veterans and their families. If you’re linked to the military and seek a place to keep your money, you may find what you need from either...

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How Much You’ll Spend in Your Retirement Years, by State
How Much You’ll Spend in Your Retirement Years, by State
Written by Julie Ryan Evans | Published on 5/28/2024

 

The older Americans get after their peak earning years, the less they tend to spend. How much less? The latest DepositAccounts study finds consumers 65 and older spend an average of 20.8% less annually than all consumers — $57,818 versus $72,967.

That amount varies significantly by state, too. We analyzed various data...

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May 2024 Fed Meeting: Key Takeaways
May 2024 Fed Meeting: Key Takeaways
Written by Ken Tumin | Edited by Ali Cybulski | Published on 5/2/2024

 

The Federal Open Market Committee (FOMC) held the federal funds rate steady for the sixth straight time at the end of its two-day policy meeting May 1. The benchmark rate has remained in the target range of 5.25% to 5.50% since July 2023.

In a statement after the meeting, the Fed noted the lack of further progress toward its 2% inflation objective.

The Fed repeated that it “does not expect it will be appropriate to reduce the target range until...

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Treasury Reveals New I Bond Rate of 1.30%, But Your Bond May Pay Less
Treasury Reveals New I Bond Rate of 1.30%, But Your Bond May Pay Less
Written by Ken Tumin | Edited by Ali Cybulski | Published on 5/1/2024

 

The Department of the Treasury announced new rates for I bonds and EE bonds issued between May 1 and Oct. 31, 2024.

New I bonds will pay 4.28% interest, a decrease from the 5.27% rate offered since November 2023. EE bonds will pay 2.7% interest, which is unchanged from six months ago.

The interest rate on I bonds changes every six months, rising or dropping based on inflation. The interest on I bonds is a combination of a fixed rate...

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How to Switch Banks
How to Switch Banks
Written by Dillon Thompson | Edited by Ali Cybulski | Published on 4/15/2024

 

People switch banks for countless reasons — maybe you moved, got frustrated by poor customer service or found higher interest rates elsewhere.

Changing banks can be harder than you think, with more options than you might expect. You’ll need a little extra know-how to set yourself up for success....

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Where Is the Account Number on a Check?
Where Is the Account Number on a Check?
Written by C. Saint-Denys and Carissa Chesanek | Edited by Ali Cybulski | Published on 4/8/2024

 

A bank account number is usually located at the bottom of a check, the second set of numbers from the left between the nine-digit routing number and the check number. The account number is used to identify your bank account to carry out any number of...

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