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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BankDirect Hikes Money Market Rate By 101 Basis Points
Deal Summary: Money Market, 1.16% APY, $10k minimum

Availability: Nationwide (internet bank)

Since the beginning of June, I have written twelve blog posts about rate increases on nationally available liquid accounts (savings, MMA, checking). With this week’s rate increase on BankDirect’s Money Market Account (1.16% APY), this becomes the thirteenth.

BankDirect’s Money Market Account can be opened with a $500 minimum deposit, but the minimum balance to earn the stated APY is $10k. As stated in the Disclosure Booklet,

The new 1.16% APY is not “wow-worthy” in itself, but this...

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INSBANK (TN) Adds Nationally Available 23-month CD (1.85% APY)
Deal Summary: 23-month CD (1.85% APY), 16-month CD (1.50% APY), $25k minimum deposit.

Availability: Nationwide

Earlier this week, a long-time DA reader told me about two nationally available CDs at Tennessee-based INSBANK, which he saw advertised in the Tennessean. INSBANK is currently offering a 23-month CD (1.85% APY) and a 16-month CD (1.50% APY) nationwide. Of the two, the 23-month CD is the more competitive.

The minimum opening deposit for either CD is $25k, with a balance cap of $249k per CD. This is a limited-time offer,...

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Ion Bank (CT) Adds 19-Month CD Special
Deal Summary: 19-month CD Special, 1.75% APY, $500 minimum deposit, checking relationship required.

Availability: Market area is Connecticut.

Ion Bank recently added a 19-month CD Special (1.75% APY) that requires a new or existing checking account relationship. The minimum opening deposit is $500, with a maximum deposit of $250k per customer.

Ion Bank has four checking accounts (Free Checking, Preferred Checking, Classic 50 Checking, Preferred 50 Checking), all of which qualify for the checking relationship.

In a Live Chat, CSR stated that the Early Withdrawal...

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Wright-Patt CU (OH) Raises 6-11 Month Share Certificate Rate
Deal Summary: 6-11-month Share Certificate, 1.33% APY ($100k), 1.23% APY ($500).

Availability: Residents of the Ohio counties of Butler, Champaign, Clark, Clermont, Clinton, Darke, Delaware, Fairfield, Franklin, Greene, Hamilton, Licking, Madison, Miami, Montgomery, Pickaway, Preble, Union, and Warren; 1,200+ SEGs; military relationship.

Last week, Wright-Patt Credit Union (WPCU) raised the rates on its 6-11 month Share Certificate, which now earns 1.33% APY ($100k) and 1.23% APY ($500).

The 6-11 month Share Certificate is also offered as an IRA (Traditional), earning the same APYs with the same funding requirements.

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All America Bank's Mega Money Market Now Earns 1.50% APY ($35k Max)
Deal Summary: Mega Money Market, 1.50% APY (up to $35k), minimum $50 opening deposit.

Availability: Nationwide

All America Bank (and its online “country cousin” division, Redneck Bank) raised the rate on its Mega Money Market (1.50% APY) by 25 bps yesterday. While the Mega Money Market has no minimum balance requirement, the 1.50% APY is capped at $35k; balances of $35k+ earn 0.50% APY.

All America Bank has been offering the Mega Money Market since 2009, with an initial rate of 2.00% APY that lasted for more than...

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BTH Bank (TX) Offers Worry-Free CDs
Deal Summary: Worry-Free CDs, 30-month (2.04% APY) and 60-month (2.24% APY); $10k minimum deposit; additional deposits ($10k minimum) allowed; rates indexed to one-year Treasury rate.

Availability: Market area extends eastward from the greater Dallas metropolitan area to near the Louisiana border.

A week ago, I wrote about BTH Bank’s Worry-Free Money Market account (1.78% APY, $500k+), which is indexed to the 1-Year Treasury rate. BTH Bank also offers two Worry-Free CDs that are also indexed to the Treasury rate: 30-month (2.04% APY) and 60-month (2.24% APY); of the...

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Camden National Bank (ME/NH) Has Up To $300 In Checking Bonuses
Deal Summary: $100, $200, or $300 bonus when opening a new Simple Promise, Promise Rewards, and Promise Premier Checking account, respectively.

Availability: Residents of Maine and New Hampshire.

Now through December 31, 2017, Camden National Bank (CNB) is offering up to $300 in checking bonuses when opening any of three checking accounts with Direct Deposits of at least $500 during the second statement cycle. The amount of the bonus is dependent on which checking account is opened.

  • $100 bonus when opening a new Simple Promise checking account.
  • $200 bonus when...
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CD Rates Summary June 20, 2017
CD Rates Summary June 20, 2017

The Fed moved as expected last week by raising the federal funds rate by 25 basis points. This is the second Fed rate hike of 2017 and the third Fed rate hike in the last six months.

Now the important question is whether we’ll see more Fed rate hikes in 2017. The main issue that could prevent the Fed from hiking again in 2017 is low inflation. The Fed’s new economic projections issued after last week’s meeting lowered the expected inflation for 2017 from a range of 1.8%-2.0% to a...

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Ally Bank Again Increases the Rate on Its 11-Month No Penalty CD

Deal Summary: 11-month No Penalty CD: 1.50% APY, $25k minimum (increase of 15 bps).

Availability: Nationwide

For the second time in the last week, Ally Bank raised the rates of its 11-month No Penalty CD. This is an especially pleasant surprise since last week’s rate hike was such a good deal. You’ll need a minimum deposit of at least $5k to benefit from this rate increase. The top-tiered rate increased 15 basis points to 1.50% APY while the mid-tiered rate increased 20 basis points to 1.25% APY....

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Rate Hike and Review of the American Express Bank’s Savings Account
Deal Summary: High Yield Savings Account (1.05% APY); no minimum balance.

Availability: Nationwide (internet bank)

After several internet banks have raised their rates to 1.15% and above, the recent rate hike of the High Yield Savings Account (HYSA) at American Express Bank, FSB (1.05% APY) may not sound like an exceptional deal. Nevertheless, I thought it was worth a blog post since the internet bank has several features that give them an advantage over others. In fact, I seem to receive more positive opinions from readers about this bank...

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Denmark State Bank (WI) Adds New 39-month CD
Deal Summary: 39-month CD, 2.05% APY, $5k minimum deposit.

Availability: Market area includes Brown, Kewaunee, and Manitowoc Counties, Wisconsin.

Last month, Denmark State Bank (DSB) unveiled a new 39-month CD (2.05% APY). The minimum opening deposit is $5k, with a “limit of $250,000 per ownership type.”

According to CSR, the Early Withdrawal Penalty is a very substantial “all interest earned.”

Active Performance Checking

DSB’s Active Performance Checking has been earning 2.00% APY on qualifying balances up to $10k since October 2014. Qualifying balances of $10k+ earn 0.25% APY,...

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SFGI Direct Ups Rate On Savings Account
Deal Summary: Savings account, 1.16% APY, $500 minimum opening deposit

Availability: Nationwide (internet bank)

I last wrote about SFGI Direct more than three years ago when the rate on its Savings Account was raised to 1.01% APY. At that time, 1.00% was considered to be competitive, and I even began using the phrase, “the 1% club.” As of today, SGFI Direct’s Savings Account now earns 1.16% APY.

My January 2014 blog post about the SFGI Direct Savings Account details the account’s rate history from its introduction in 2009...

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