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

GreenState Credit Union Boosts 13- and 26-month CD Special Rates
Deal Summary: CD Specials – 26-month (2.50% APY) and 13-month (2.00% APY), $1k minimum deposit.

Availability: All Iowa counties and counties in Illinois, Nebraska, South Dakota, and Wisconsin that border on Iowa.

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....

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Community Bank of the Bay (CA) Offers Top CD Rates
Deal Summary: CDs ($100k min) – 12-23 month (2.02% APY), 24-35 month (2.84% APY), 36-47 month (3.05% APY), 48-59 month (3.30% APY), and 60+ month (3.56% APY), in-branch opening only.

Availability: San Francisco Bay Area

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...

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InTouch Credit Union Adds Competitive 17-Month CD Special
Deal Summary: 17-month Quick Strike CD, 2.10% APY, $1k min/$250k max deposit, new money, limit of one per member, current members only.

Availability: Residents of portions of Michigan, Nevada, Texas, and Virginia.

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...

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Synchrony Bank Hikes Rates on Savings Account and CDs
Deal Summary: Noteworthy rate increases: High Yield Savings (0.85% APY), 11-month No-Penalty CD (0.90% APY), 16-month CD Special (2.00% APY)

Availability: Nationwide

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....

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Merchants Bank of Indiana Boosts Money Market Account Rate
Deal Summary: Money Market Account, 1.01% APY on all balances up to $1 million, $50 minimum opening deposit.

Availability: Nationwide through online application.

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...

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Connexus Credit Union CD Rates Substantially Increased Again
Deal Summary: Certificates – 12-month (2.26%), 24-month (2.86% APY), 36-month (3.01% APY), 48-month (3.11% APY), and 60-month (3.21% APY), $5k minimum deposit

Availability: Easy membership requirement

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....

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Latest Liquid Bank Account Rates
Latest Liquid Bank Account Rates

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.

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Federal Reserve, the Economy and CD Rate Forecast - May 17, 2022
Federal Reserve, the Economy and CD Rate Forecast - May 17, 2022

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...

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Salem Five Direct Boosts eOne Savings Rate To Two-Year High
Deal Summary: eOne Savings, 1.01% APY, $100 minimum opening deposit, $1 million maximum, new eOne Savings customers with some exceptions.

Availability: Nationwide (online bank)

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...

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Scient Federal Credit Union Adds 3 Competitive CD Specials
Deal Summary: Share Certificate Specials – 9-month, 1.25% APY, $1k min/$25k max deposit; 11-month, 1.75% APY, $1k min/$100k max deposit; and 36-month Bump-Up, 2.00% APY, $1k min/$100k max deposit; new and/or existing money.

Availability: Easy membership requirement for residents of Connecticut, Massachusetts, New York, and Rhode Island; 90+ SEGs, including Pfizer.

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...

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Update on SaveBetter - Liberty Savings Bank Offers Top Savings Account Rate
Deal Summary: High Yield Savings Account (1.06% APY), $1 minimum balance.

Availability: Nationwide

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.

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CFG Bank High Yield Money Market Is New Rate Leader
Deal Summary: Online CFG High Yield Money Market, 1.02% APY ($1k+), new money. 13-month Penalty Free CD, 1.07% APY, $500 min/$250k max deposit, one penalty-free withdrawal.

Availability: Nationwide through online application

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.

A Little History

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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.