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.
This week, Iowa-based GreenState Credit Union (GreenState) has added two CD Specials to its product line: 13-month (2.00% APY) and 26-month (2.50% APY). The minimum opening deposit for either CD Special is $1k, with no stated balance cap.
In the past eight years, I’ve written nearly 30 blog posts about GreenState’s limited-time CD Specials....
Community Bank of the Bay (CBB) dramatically increased all its CD ($100k minimum) rates last week. With increases of between 121 and 300 bps, most of the new APYs became overnight rate leaders. The CBB...
Texas-based InTouch Credit Union (ITCU) has added a 17-month Quick Strike CD earning 2.10% APY. The minimum opening deposit is $1k of new money, which is defined as “funds brought to ITCU from an outside source, not already on deposit at ITCU.” Members who have an existing loan (mortgages, credit cards, personal loan) only need...
Synchrony Bank increased rates on several of its deposit products today. Most noteworthy was a 25-bp rate hike on its High Yield Savings account which increased the rate to 0.85% APY. It’s the first major online bank to make such a large rate increase on its savings account in this current rate hiking cycle. Synchrony Bank, like other online banks, had been focusing on CD rate hikes....
Merchants Bank of Indiana (MBoI) recently raised the rate on its nationally available Money Market Account (MMA) to 1.01% APY on balances up to $1 million. The MMA requires a $50 minimum opening deposit.
Added to MBoI’s product line in early 2019, the MMA’s initial rate was 1.75% APY, which remained in effect until March 2020. Following three rate drops, the APY bottomed out...
It’s only been three weeks ago since Wisconsin-based Connexus Credit Union’s (Connexus) Certificate became rate-leaders, following increases of between 74-84 bps. As DA reader, SYC, noted in a Forum post yesterday, the Connexus rates are once again “Ahead of the pack, it appears.” SYC is referring to Connexus’ most recent Certificate rate increases, which range between 61-101 bps....
Quite a few online savings accounts had rate increases in the last two weeks. Most of the rates increased by only 20 bps or less. However, there were a few that had large rate increases that exceeded 30 bps. I expect these rate increases will accelerate as we see additional 50-bp rate hikes by the Fed.
The major online banks have been slow with their rate hikes, and the size of most of their rate hikes have been only 10 bps.
Marcus by Goldman Sachs and Ally Bank are two examples.
The latest economic data and talk from Fed officials have raised the odds that the Fed will continue to increase rates by 50 bps at both the June and July meetings. The size of the rate hike at the September meeting remains questionable, and it will likely remain questionable until we get a couple more months of data.
If inflation data continues to exceed expectations like the April CPI did, the odds of a 50-bp rate hike or larger in September will increase. Both the CPI and the core CPI exceeded...
For the first time in about three years, Massachusetts-based Salem Five Direct has increased the rate on its eOne Savings account. The eOne Savings account now earns 1.01% APY on all balances up to $1 million (balances over $1 million will be transferred to a Statement Savings Account that earns 0.01% APY). The addition of 61 bps has put the eOne Savings account near...
Spring is here and Scient Federal Credit Union (Scient) wants to “help your wealth bloom with our Share Certificate Specials” (SCS). There is a limit of one SCS per Social Security number. Although no end-date is specified...
In the last six weeks, I’ve been reviewing the latest competitive money market and CD deals from the deposit platform, SaveBetter (SaveBetter.com). Last week, one of SaveBetter’s partner banks, Liberty Savings Bank, FSB, increased the rate of its High Yield Savings Account (HYSA) by 50 bps to 1.06% APY. This is now the highest liquid account rate at SaveBetter, and it’s one of the highest online savings account rates in the nation.
As DA reader, midas89, noted in a Forum post last week, CFG Bank’s (CFG) nationally available High Yield Money Market (HYMM) had a rate increase of 20 bps. It currently earns 1.02% APY on balances of $1k and above. The minimum opening deposit is $1k and new money is required.
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