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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Companies Behind Online Banking - Kasasa
Companies Behind Online Banking - Kasasa

This is the first in a series of articles on the companies behind online banking. This article features Kasasa, formerly called Kasasa by BancVue. CMO Keith Brannan, shared information about the company and its role in the Financial technology (FinTech) world.

Kasasa Makes Its Mark With Rewards-Based Checking and Savings Accounts

Q: Can you provide a little background on Kasasa’s beginnings?

A: Kasasa was founded in 2004 as a single product company, providing community banks and credit unions with rewards checking accounts.

Today, Kasasa is the sixth largest branch banking network in the...

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Merchants Bank (MN/WI) Offers "Growth Spurt" CD Specials
Availability: Market area includes southeastern Minnesota and west-central Wisconsin.

Minnesota-based Merchants Bank, National Association (Merchants Bank) recently added four “Growth Spurt CD Specials,” (25- and 45-month terms) with tiered APYs.

These limited-time CD Specials require new money, with the lower APYs requiring a $10k minimum deposit, and a $25k minimum deposit for the higher APYs.

The fine print on the promotion page states,

According to CSR, the Early Withdrawal Penalty for any of these Specials is 180 days interest.

Thanks to DA reader, susanc, for her Forum post about the Growth...

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Astoria Bank Offers $250 New Checking Account Bonus Again

UPDATE 7/22/2016: $250 bonus is available through September 30, 2016.

Availability: New York Boroughs of Manhattan, Brooklyn, and Queens; New York Counties of Nassau, Suffolk, and Westchester

Astoria Bank (New York) is once again offering $250 bonus promotion for new Astoria Bank customers who open a Simple+ or Select checking account.

General Requirements for the $250 Bonus

  • Required balance must be maintained for three consecutive months within the first four months of account opening.
  • Receive direct deposits of $250 or more during three consecutive months, OR
  • Make three monthly online bill payments...
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Popular Community Bank Has 6-Month Rate Optimum MMA Guarantee
Availability: Optimum Money Market Special only available to New York residents.

Popular Community Bank (PCB) is offering a promotional rate on its Optimum Money Market (1.26% APY), with a rate guarantee for six months from the account opening date. The minimum opening deposit is $10k, and a minimum average daily balance of $10k must be maintained to qualify for the promotional rate.

Popular Community Bank is also offering a 19-month CD (1.26% APY) as part of their “2 Choices – 1 Great Rate!” promotion, but the 19-month CD...

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Savings Bank of Danbury (CT) Hikes Rate On 15-month Bump Up CD
Availability: Market area includes portions of western Connecticut.

Last week, Savings Bank of Danbury (SBD) hiked the rate on its 15-month Bump Up CD (1.50% APY) by an impressive 100 basis points; the previous APY of 0.50% had been in effect for more than three years. The minimum opening deposit $1k, with no stated balance cap.

This CD could be called “Bump Up x 2,” since it allows for one rate increase during the term of the CD and additional deposits in increments of $500 within the first six...

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Latino CU (Easy Membership) Has Competitive 60-Month CD
Availability: Easy Membership Requirement through the Latino Community Development Center.

Latino Credit Union (Latino CU) is offering a competitive 2.10% APY on its 60-month Share Term Certificate (STC). The minimum opening deposit is $500, with no stated balance cap.

$50 Bonus

As part of Latino CU’s anniversary celebration, a $50 gift card will be awarded immediately upon opening an STC (12 months or greater) with a minimum $5k opening deposit.

As stated on the Share Term Certificate page, the Early Withdrawal Penalty for STCs opened with the $50 bonus reads...

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Signal Financial FCU Has Limited-Time 60-Month CD Promo Rate
Availability: Easy Membership Requirement through the Washington Area Bicyclist Association; residents of Washington, D.C. and portions of Prince George’s County, Maryland; 200+ SEGs.

Signal Financial Federal Credit Union (Signal Financial) has recently increased the rate on its 60-month Share Certificate (2.16% APY). The minimum opening deposit is $500, with no stated balance cap.

According to Signal Financial’s Rates and Disclosures page, this is a limited-time promotional rate that expires on September 30, 2016.

The information concerning the Early Withdrawal Penalty for the promotional rate 60-month Share Certificate seems to be...

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First United Bank (TX) Offers Short-Term Jumbo CDs
Availability: Market area covers the Texas Panhandle.

Texas-based First United Bank (FUB) began the week by raising the rates on its 1-year Jumbo CD (1.35% APY) and 18-month Jumbo CD (1.50% APY). The minimum opening deposit for either Jumbo CD is $100k, with no stated balance cap.

The 1-year Jumbo CD was introduced to the product line in January 2011 at a rather unimpressive 1.00% APY. In the next 17 months, the APY dropped five times, settling at 0.55% APY in May 2012, where it remained until this...

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CD Rates Summary July 19, 2016
CD Rates Summary July 19, 2016

Next week, on July 26 and 27, the fifth FOMC meeting of this year is scheduled to happen. It is widely expected that the Fed will once again hold rates steady. Soon after last month’s Brexit vote, it seemed like the chance of a Fed rate hike this year had fallen to near zero. Things have changed, and it now looks like the Brexit fears were overblown. According to this Wall Street Journal article:

One factor that could convince the Fed to hold steady for the rest of the year is...

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Dealing With Payable-On-Death Accounts - Part 2
Dealing With Payable-On-Death Accounts - Part 2

The following is the second of a two-part guest post contributed by Charles Rechlin, a long-time reader and friend of the site. This two-part series covers Payable-On-Death (POD) accounts. The first post focused on using PODs to bolster deposit account insurance. This second one focuses on the complications of establishing POD accounts. Not only does Charles have many years of experience in CD investing, he also worked as an attorney representing clients in the financial services industry. I would like to thank Charles for sharing more of his notes...

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Focus First FCU (NY) Raises Rate On 12-Month Certificate
Availability: Residents of Monroe County, New York (Rochester area); employees and retirees of several General Motors subsidiaries.

Focus First Federal Credit Union (Focus First) recently raised the rate on its 12-month Certificate (1.27% APY), making it a “Special” of sorts.

The minimum opening deposit is $500 and there is no stated maximum balance cap. Although not mentioned on Focus First’s website, this Certificate Special does require new money, which is defined as "funds that have not been on deposit at Focus First FCU within the past 90 days...

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Green Bank (TX) Offers Limited Time 29-Month CD Special
Availability: Market area includes the metropolitan areas of Austin, Dallas, and Houston, Texas, and Louisville, Kentucky.

Green Bank. N.A. (Green Bank) recently added a 29-month CD Special (1.50% APY). This limited-time offer requires a minimum opening deposit is $1k of new money, with no stated balance cap. The fine print on the promotion page reads,

Deposits are generally insured to $250,000 per depositor under the FDIC’s deposit insurance rules.

As stated on the CD Rates page, the Early Withdrawal Penalty reads as follows:

>1 year to 3...

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