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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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Recap of Recent Bank Deals and News


I'm happy to report that I finished my TX-to-FL move, and I arrived safely at my new Florida home on Sunday. Now begins the long process of unpacking and settling in.

Thanks for everyone's well wishes, and for the DepositAccounts members for keeping the discussion forum active. In this post, I'll highlight some of these forum threads. On Tuesday I plan to return to my normal blog postings.

DA member pearlbrown reported on the Washington leaders reaching a debt deal on Sunday. Now it must pass both houses of Congress.

DA member WhataBummer reported on Friday's 3 bank closures. The FDIC was busy in July with 13 closures. That ties April for the month this year with the most bank failures. The total number of bank failures for the year is now 61.

With the new month, many banks and credit unions may be changing their rates. Unfortunately, this usually means rate cuts. DA member cumulus reported on the SFGI Direct rate cut. The APY fell from 1.16% to 1.11%. Also, it has again stopped taking new applications.

It looks like M&T Bank has effectively killed WTDirect's online savings account by slashing the rate from 0.76% to 0.25%. Cumulus reported on this rate cut last Thursday. There had been concerns that M&T Bank's acquisition of Wilmington Trust was going to lead to this.

There have also been several reward checking rate cuts and changes. DA member 51hh reported Liberty National Bank in Oklahoma is ending its reward checking account on 8/31. 51hh also reported on rate cuts at UICCU and La Capitol FCU.

Not all banks are cutting rates. There continues to be a few CD specials with competitive rates. Pearlbrown reported on special CDs at Beacon Federal Bank (looks to be limited to their market area) and competitive CD rates at FirstBank Florida.

With today being the first day of the month, I'll be monitoring the websites of several banks and credit unions to see how they will be changing rates and if they're offering any new deposit account specials. If you learn of any new specials or rate changes, please post news of these in the discussion forum.

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3 banks belly up
3 banks belly up   |     |   Comment #1
so did i saturday 10 47 am
51hh   |     |   Comment #2
Hi Ken,

Thanks so much for a great update of bank deals/news, despite your busy and hectic schedule.  I hope that you will enjoy your new Florida home and all the surroundings.  It is always refreshing to move to a new place and meet new people.

Enjoy the Summer while it lasts:D



Nothing   |     |   Comment #10
51hh, saw your recent Forum post on credit fraud/freezes. I don't have access to the Forum but I thought I'd share something...the freezes are (in some cases) ignored by the credit agencies. Know a person now who says his credit report was wrongfully accessed! Ken, may want to have someone write an article about remedies for Fraud Alert and Freezes result in releases of info.
pearlbrown   |     |   Comment #3
I am sure your family is delighted to have you nearby again.  May this move be everything you wish it to be, and may it bring you and yours much happiness and success.  

AtlantaWolf   |     |   Comment #4
So when's the house warming / pool party? :-D
with plenty of patron
with plenty of patron   |     |   Comment #5
anejo por supuesto and muy guapa chicas
Wil   |     |   Comment #6
Glad to hear that you made it FL safely. Best wishes in your new home.
Alfredo   |     |   Comment #7
Lots of Fla. residents are unhappy with the deposit rates.  Very big topic there. Who could blame them? Low deposit rates, tanking r.e. market, lackluster stock market, no soc. sec. COLA's.   What's a good investment now - gold?
Anonymous   |     |   Comment #8
Ken your perspectives and (welcome home!) work have been appreciated for years; what with recent complications in your life and our world it is all the more so. Many thanks.
moneysaver   |     |   Comment #9
Ditto from me on the well-wishes for move, and thanks for all the terrific information Ken brings to his site...and through it to the rest of us....

I will offer one small correction in the above post, however... I believe that Liberty National Bank is ending its rewards checking account just for existing out-of-state residents....not for their account holders in their home state of Oklahoma....


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