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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PenFed Increases Rates On All Certificates

Deal Summary: Most competitive are the 18-month (1.76% APY) and 1-year (1.61%); $1k minimum deposit

Availability: Easy membership requirement

PenFed Credit Union (PenFed) increased the rates on all of its Money Market Certificates (CDs) today. PenFed typically changes rates at the start of each month, so this increase is a good sign that PenFed saw the need to do another rate hike so soon after its October 1st increase. The new rates aren’t exceptional, but they are competitive. The most competitive ones are the 18-month CD (1.76% APY) and the 12-month...

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Idaho Central Credit Union Has Top Rates on 1- and 2-Year Freedom CDs
Deal Summary: Freedom CDs – 1-year (1.75% APY) and 2-year (2.00% APY), $500 minimum deposit, one-time bump option, one-time additional deposit within 60 days of account opening.

Availability: Residents of 27 Idaho counties and one Nevada county; members of other Idaho credit unions; employees and retirees of the State of Idaho.

Idaho Central Credit Union (Idaho Central) is continuing to offer competitive promotional rate CDs, with the latest offerings including two Freedom CDs: 1-year (1.75% APY) and 2-year (2.00% APY). The minimum deposit is $500, with no...

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First Federal Credit Union (IA) Offers 20-Month CD Special (2% APY)
Deal Summary: CD Specials – 10-month, 1.75%; 20-month, 2.00%; 30-month, 2.25% APY; $10k minimum deposit, new money.

Availability: Residents of Linn County, Iowa

For more than two years, First Federal Credit Union (First Federal) has offered a variety of CD Specials with attractive rates. The latest offering includes a 10-month (1.75%), 20-month (2.00%), and 30-month (2.25% APY) CD Special. Of the three, the 10- and 20-month are the most competitive.

The CD Specials require a $10k minimum opening deposit of new money, with no stated balance cap.

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Best Bank Account Interest Rates - Summary for October 17, 2017
Best Bank Account Interest Rates - Summary for October 17, 2017

Last Friday’s consumer inflation report that showed a surge in inflation is unlikely to have any impact on the Fed. Higher energy prices due to Hurricane Harvey was the main reason for the surge in the consumer price index (CPI), but the core CPI which excludes food and energy rose a much smaller amount (0.1%), and on a yearly basis, the core CPI remains unchanged at 1.7% for the fifth month in a row. Even though core CPI isn’t the preferred inflation index for the Fed, it does add to...

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First Community CU (MO/IL) Adds Limited-Time 2% APY 2-Year CD
Deal Summary: 24-month CD, 2.00% APY, $500 minimum deposit, available October 16-23, 2017, in-branch only.

Availability: Residents of five Missouri counties and the City of St. Louis, and three Illinois counties, all in the St. Louis metropolitan area.

Now through October 23, First Community Credit Union (First Community CU) is offering a special rate on its 24-month CD (2.00% APY). The minimum deposit is $500, with no stated balance cap.

The 24-month CD is also available as an IRA (Traditional, Roth, CESA), earning the same APY with the...

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Red Rocks Credit Union (CO) Adds 4-Year Fall CD Special, 2.42% APY
Deal Summary: Limited-time, new money, tiered-rate Fall Share Certificates Specials: 48-month (2.27% APY, $10k; 2.42% APY, $100k), 24-month (1.50% APY, $10k; 1.75% APY, $50k; 2.00% APY, $100k),12-month (1.25% APY, $10k; 1.50% APY, $50k; 1.75% APY, $100k).

Availability: Easy membership requirement for Colorado residents.

For the past couple of years, Red Rocks Credit Union (Red Rocks CU) has been offering “seasonal” Share Certificate Specials. The 2017 Fall Specials have been announced, and surprisingly, the most competitive rate belongs to a long-term Share Certificate: 48-month (2.27% APY, $10k and...

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Northpointe Bank Offers Nationally Available 17-Month CD Special
Deal Summary: 17-month CD Special, 1.75% APY, $1k minimum.

Availability: Nationwide

Michigan-based Northpointe Bank has added a 17-month CD Special that earns 1.75% APY. The minimum deposit is $1k, with no stated balance cap.

The CD Special is also offered as an IRA, earning the same APY with the same funding requirements.

As stated in the Truth in Savings disclosure, the Early Withdrawal Penalty reads as follows:

For CD Terms of 1 year but less than 3 years the
penalty is 90 days interest on principal amount withdrawn.


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Inflation News: October I Bonds Will Return More than Top 1-Year CDs
Inflation News: October I Bonds Will Return More than Top 1-Year CDs

The Labor Department released the September Consumer Price Index (CPI) numbers on Friday, and with these numbers, the next Series I Savings Bond inflation component can be computed. This allows us to calculate the earnings for I Bonds purchased this month and redeemed from October 2018 to January 2019. Sometimes I Bonds compare favorably to 1-year CDs, and that is the case this time. The rise in gas prices after the hurricanes caused the CPI to surge. Friday’s report showed that the CPI-U increased by 1.24% in the last six...

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Small Kansas Bank Fails - Update on 2017 Bank and CU Failures
Small Kansas Bank Fails - Update on 2017 Bank and CU Failures

Kansas regulators closed The Farmers and Merchants State Bank of Argonia on Friday. This is the seventh bank to fail in 2017. The last bank to fail before Friday was on May 26 when a small Illinois bank failed. Bank failures have become much less frequent in recent years. Only five banks failed in 2016, and only eight banks failed in 2015.

The Farmers and Merchants State Bank of Argonia had two branches and $34.2 million in assets and $29.6 million in deposits. The FDIC arranged for another bank to...

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What Same-Day ACH Debit Means for You
What Same-Day ACH Debit Means for You

Phase two of Same-Day ACH recently kicked in. Now, electronic payments or debits you authorize will post to your account the day you authorize them.

With phase one, money got to your account faster, now it goes out faster. What do consumers need to be aware of?

“I don't have a sense that consumers have any control behind the scenes of when this new faster processing method will be used or won't be used. Consumers who are used to paying by check in person may find that their checks clear faster,...

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Bank5 Connect Adds Nationally Available 18-month Special Rate CD
Availability: 18-month Special Rate Connect CD (1.75% APY), $500 min/$100k max

Availability: Nationwide, with the exception of Massachusetts and Rhode Island.

Bank5 Connect has added an 18-month Special Rate ConnectCD that earns 1.75% APY. This limited-time offer requires a $500 minimum deposit and “up to $100,000 per customer may be deposited for promotional rate.”

As stated in the CD FAQs, the Early Withdrawal Penalty reads as follows.

There is an early withdrawal penalty on a Connect CD of 3 months of interest for
terms less than one year and...

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Capital One’s 5-Year 360 CD Rate Back to 2.30% APY

Deal Summary: CD rate hikes: 5yr CD, 2.30% APY; 2yr CD, 1.75% APY; 18mo CD, 1.50% APY; no minimum deposit

Availability: Nationally available

Capital One increased the rates on six of its 360 CDs this morning. Most notably, the 5-year CD rate is back at 2.30% APY. This repeats the 5-year CD rate increase Capital One did in March of this year. The 2.30% lasted about six weeks. Since March, rates overall have risen, but most of the gains have been on liquid accounts and short-term CDs. Long-term CDs have lagged...

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