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.
The number of CD rate cuts went down quite a bit since the last CD summary two weeks ago, but that may change when March begins next week. A new month often brings rate changes at credit unions. There was a surge of CD rate cuts at credit unions when February started. It’ll be interesting to see if we see fewer rate cuts in March. Even though the Fed’s pause continues, the fears of the coronavirus outbreak and the fall of Treasury yields may keep putting downward pressure on CD...
The fears of the coronavirus outbreak and its impact on the economy are creating pressure for another Fed rate cut. That talk picked up yesterday after the large decline in the stock market and Treasury yields. It’s still too early to know how much of an impact the virus will have on the U.S. economy. A few economists think the Fed will move slowly to change course if conditions warrant. One in this camp is Tim Duy. In his Tuesday FedWatch blog post, he described how he thinks the Fed...
Deal Summary: Money Market, 2.02% APY ($100k), 1.36% APY ($50k), 1.00% APY ($10k), 0.45% APY (up to $10k), rates guaranteed through April 30, 2020.
Availability: Residents of 12 northwest Alabama counties and Maury County, Tennessee.
At the beginning of the month, Listerhill Credit Union (Listerhill CU) unveiled its new Money Market, which has tiered APYs based on four deposit levels. The top rate is a competitive 2.02% APY on balances of $100k and above, and is guaranteed through April 30, 2020.
Deal Summary: 18-month CD Special, 2.25% APY, $1k minimum deposit, one additional deposit, new money.
Availability: Residents of Middlesex, Norfolk, and Suffolk Counties, Massachusetts; more than 250 SEGs.
Tremont Credit Union (TCU) is currently offering two CD Specials: an 18-month with a very competitive 2.25% APY and 15-month with a slightly less competitive 2.15% APY. Both CD Specials require a $1k minimum opening deposit of new money, which is defined as “not an internal transfer.”
In addition to the competitive rates, both CD Specials feature an...
POSTED ON SATURDAY, FEBRUARY 22, 2020 BY KEN TUMIN
Deal Summary: 26-month CD Special, 2.50% APY, $1k minimum deposit, new money.
Availability: Residents of Tennessee counties of Hamblen, Sumner, or Williamson, or portions of the City of Chattanooga; easy membership for all Tennessee residents.
The Tennessee Credit Union (TTCU) is currently offering two CD Specials, one competitive and the other not so much: 26-month (2.50% APY) and 9-month (1.75% APY). The minimum opening deposit for either is $1k, with no stated balance cap. The 26-month requires new money, while the 9-month does not.
If you have a sizable amount in your Ally Bank Online Savings Account and you want to keep it liquid, opening one or more 11-month No Penalty CDs with some of this money is an easy way to earn more interest. If the Online Savings Account rate goes down this year, the No Penalty CD will provide an even larger interest rate premium. If the Online Savings Account rate goes up and exceeds the No Penalty CD rate, you can just close the No Penalty CD. Ally Bank makes it...
Deal Summary: Kasasa Cash checking, 3.51% APY, up to $25k.
Availability: Easy membership for Texas residents through the Texas Consumer Council.
While Union Square Credit Union (Union Square) has been offering some type of competitive rewards checking account (RCA) for more about ten years, the Kasasa Cash checking account has been a part of the product line for less than four months. The Kasasa Cash checking account currently earns 3.51% on qualifying balances up to $25k; qualifying balances above $25k earn 0.20% APY, with non-qualifying balances earning...
Deal Summary: 36-Month Bump Rate CD, 2.70% APY, $1k minimum deposit, one rate increase with an unlimited add-on.
Availability: Easy membership requirement in New Mexico.
Nusenda Credit Union (Nusenda CU) is currently offering 2.70% APY on its 36-month Bump Rate CD. Unlike the other CDs in the product line, the 36-month Bump Rate CD does not have tiered APYs and earns 2.70% APY on all balances of $1k or more.
Should the rate on a similar length-of-term CD increase, the “bump” option permits a one-time rate increase for the...
POSTED ON THURSDAY, FEBRUARY 20, 2020 BY KEN TUMIN
Deal Summary: 13-month Triple Option Promo CD, 2.50% APY, $1k minimum deposit, one rate bump-up, one additional deposit, and one penalty-free withdrawal.
Availability: Only available in Lowndes and Thomas Counties, Georgia.
Florida-based First Commerce Credit Union (First Commerce) has just added a 13-month Triple Option Promo CD (2.50% APY) that is only available to members in Lowndes and Thomas Counties, Georgia. The minimum opening deposit is $1k, with no stated balance cap.
The 13-month Triple Option Promo CD is also available as an IRA (Traditional,...
POSTED ON THURSDAY, FEBRUARY 20, 2020 BY KEN TUMIN
Deal Summary: Online CFG High Yield Money Market, 2.15% APY ($25k+), 2.05% APY ($1k+), new money.
Availability: Nationwide through online application.
As DA reader, enduser, pointed out in a Forum post yesterday, CFG Bank (CFG) is still offering competitive rates on its Online CFG High Yield Money Market: 2.15% APY ($25k+) and 2.05% APY ($1k+). The minimum opening deposit is $1k and new money is required.
The High Yield Money Market’s initial rate in October 2019 was an extremely competitive 2.50% APY ($25k), which unfortunately lasted...
POSTED ON WEDNESDAY, FEBRUARY 19, 2020 BY KEN TUMIN
UPDATE: CD special is only available in bank's local market area in Nebraska.
Deal Summary: 20-month LEAP UP CD, 2.29% APY, $500 minimum, one rate increase during the term.
Nebraska-based Cornerstone Bank has added a new 20-month LEAP UP CD (2.29% APY) to commemorate 2020 being a Leap Year. The minimum opening deposit is $500, with no stated balance cap. CSR stated the 2.29% APY is guaranteed through March 10, 2020.
”LEAP UP” also refers to a one-time rate bump option. As stated...
Availability: Residents of Jefferson and Montgomery Counties, Alabama.
Last week, 1st Resource Credit Union (1st Resource) raised the rates on its 24- and 36-month Share Certificates and 15-month Share Certificate Special to 2.85% APY. The minimum opening deposit is $500, with no stated balance cap.
In addition to a competitive rate, all three Share Certificates have an add-on feature.
1st Resource will allow deposits into the Share...
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