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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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Happy Thanksgiving!


I wanted to wish everyone a Happy Thanksgiving. Thanks for all of your support this year.

DA member 51hh said it well last Thanksgiving, "Even though the economy and the overall savings domain were not that satisfactory for the recent months/years, we should all give some thanks for our health, family, and blessings."

I thought it would be useful and interesting to look back at some of the bank deals this year that we can be thankful for. The bank deals may not compare to the good old days when it was easy to get 5% on savings accounts, but we should remember that things this year could have been worse. Here are a few of this year's bank deals that we can be thankful for:

  • A few all-access credit unions offered CD and IRA CD rates in January and February that were much higher than what was available at internet banks. Two examples included a 2.68% APY 5-year CD at Melrose Credit Union and a 2.76% APY 7-year CD at Pentagon Federal Credit Union
  • The Treasury Direct doubled the annual purchase limit for online savings bonds in January. This was intended to make up for the loss of the ability to buy new paper bonds so it doesn't come close in matching the old pre-2008 limits. Nevertheless, it makes it easier to buy I Bonds which are still pretty good deals for $10K deposits compared to bank CDs.
  • In February TIAA Direct was launched with an internet savings and money market accounts that paid 1.25% APY. Even though the bank stopped accepting new customers in July, existing customers are still earning 1.25% APY.
  • In addition to TIAA Direct, other internet banks were launched this year. That competition has provided a little boost to internet savings and money market account rates. Some of the new internet banks that are still taking applications and are still offering competitive rates include Barclays, CIT Bank and ableBanking.
  • The new competition probably encouraged FNBO Direct to offer a savings account promotion to its existing customers guaranteeing 1.35% APY on new money until the end of this year.

I know some of these deals had issues, but let's focus on the positives today.

What deposit account deals were you thankful for this year?

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RIFSLAW   |     |   Comment #1
Thanks to you Ken for a terrific unbiased objective and informative website.
Paoli2   |     |   Comment #2
Only Ken would spend Thanksgiving talking about CDs! :)  Then again, what am I doing on here?  I have to do the cooking!

I am thankful for finding DepositsOnline and all of Ken's hard work.  My special finds for this year were Springfield Bank and South Central.  Not rates everyone would be thrilled about but in these times, they fit "my" criteria.  They are no longer available now.  Have a great Thanksgiving to Ken and to all!
51hh   |     |   Comment #3
Thanks so much to Ken and you all for an interesting and eventful 2012 year (so far). Let's see, I may lose my DoD job, my RCAs are going strong (not for long:D); I still have my health, some wealth, my dear familiy (my son at 32, finally got a close GF); and countless blessings. I am a happy and content camper.

Next year is another year:-)
Wil   |     |   Comment #4
Happy Thanksgiving Day! Thanks to Ken all the time and hard work he puts into this website. And thanks to all who have contributed to its content, especially those whose information has been helpful to the rest of us in finding those rare bank deals. Let us also remember the reason for this day, and for what, and why, and to whom, we are giving thanks.
SaverGuy   |     |   Comment #5
My work is spotty right now, things are uncertain, but I do have savings, and most importantly, I have my health. I've travelled to many countries (many in the 3rd world), and have seen a lot people who live in abject poverty, most of the time through no fault of their own. And everytime I hear others say "sigh, the mirror on my BMW just got scratched" or I myself think "sigh, I'm going to have to buy another laser printer because mine broke just out of warranty" I remember very well the mothers who will walk for miles in order to be able to carry drinkable water back to their kids in the village, and people who have to struggle just to have enough to eat. We can always find things to be frustrated or disappointed in. Instead, let's think about just how lucky all of us are, with even the basic things that we so often take for granted.

And Ken, thank you for all the work you do here, day after day. It's helped many of us out, myself included. Thank you!

Kaight   |     |   Comment #6
Ken, your readers are thankful for all your fine efforts.

Kudos and . . . . . . . . . . . . . gobble gobble!
Maecl   |     |   Comment #7
Just arrived home from dinner with my parents who are in their early 90's.  We have been bringing dinner for several years now.  I'm thankful for each additional year.

Thank you Ken for all your hard work.  I'm lucky to have found your blog when online bank rates were 5% and above.
51hh   |     |   Comment #9
Carl (#8): Have no idea why you are so negative on TG Day.  The rest of us can all testify how we benefit from his wealth of up-to-date information on RCAs, CDs, and other financial information.  What bonuses are you referring to that Ken rarely posts?  We can see on a daily basis some of the best bank bonuses and the details here.  Ken is the only one I know (and the only site I know) that spends so much time on providing us the most complete and up-to-date financial information.  Just take a look at his weekly CD updates and thorough updates.  He also warns us on the pitfalls frequently. 

So I have no idea what you are talking about in general and are looking forward to your own meaningful contribution to this forum.

Anonymous   |     |   Comment #10


Dear Mr Tumin,

Happy Thanksgiving to you.
>> What deposit account deals were you thankful for this year?

1) Navy FCU's "Appreciation CD" of 1 year term, with $4000 max deposit, at 4% APY

2) Air Force FCU's facility to store max 10 computer files per month securely  (I posted about this)

3) DCU's similar facility to store computer files securely

4) DCU's reporting of FICO score per month for free (I posted about this)

As always, I am very thankful to my seniors, and the previous generations of Americans that helped create (a) the biggest economy in the world (b) the only reserve currency in the world (c) two robust government bodies viz. the US Treasury, and the US Federal Reserve.
Yours Truly,

- Anonymous
Anonymous   |     |   Comment #11
i actually turned my 86 year old parents on to RCA's they have 2 already and want a third now . They go to mcdonalds a lot for coffee so its easy to meet the requirements. Ken has put thousands in our pockets.
Anonymous   |     |   Comment #12
Thanks a million Ken for all the information, from which I have gained quite a bit over the last few years.  Happy Thanksgiving to you and your family and please keep this blog going as it is a very valuable tool to me.
Anonymous   |     |   Comment #13
pearlbrown   |     |   Comment #14

I hope everyone had a happy Thanksgiving yesterday.   I too have much to give thanks for – health (mine and that of my favorite senior), family, friends (both virtual and real-time) who have become like family, and an abundance of blessings too numerous and varied to mention.  As is my tradition, I began the week with a private thanks-giving celebration by making donations to organizations which bring food, clean water, and good health/comfort to others as an outward expression of my inner gratitude.  In this economy, the amounts were more modest than in years past, but every little bit helps. 

As far as DA I am thankful for the hard work, commitment, dedication and persistence of Ken in bringing us an amazing website, as well as that of his technical partner Jeremy and their other associates.   I found several wonderful deals (unfortunately short-lived and no longer available) thanks to the incredible information here.

I am also grateful for all who contribute to this site, as their comments and perspectives (even when I disagree) offer food for thought and challenge my own way of thinking. 
Rosedala   |     |   Comment #16
Well...I haven't celebrated Thanksgiving with turkey yesterday or any other animals or their products because I'm a very long time vegan and a very happy and healthy one!    :o)   but I want to say THANK YOU Ken for making not only our financial lives much better and easier to handle, but also giving us blogs from time to time to make our general lives much better!  Now, may we also live a political improvement in our lives too....

As to Carl #8...why bother answering this ignoramus entity???  He's not worth Ken's spit!!!

;-)   Adela

Kaight   |     |   Comment #17
I'll go along on the spit.

But I prefer to paraphrase the words of the immortal Larry Holmes, a former World Heavyweight Champion and a towering figure if I say so myself.  I never met Holmes, but I once was in the same room with the guy as he addressed a group of which I was a member.  He is a mountain of a man.

To paraphrase Larry Holmes:  #8 could not carry Ken's jock strap.

So you will know I'm not making this up, here is a reference to Larry Holmes' original quote.  It's the first quote on the list.  You will need to copy and paste the link into your browser:

#8 would be funny, if only he were not so desperate, so pathetic, so slothful, and so hopelessly wrong.
Paoli2   |     |   Comment #18
Folks:  Please note the Deleters did their job and #8 has been poofed.  I don't think he will be carrying much of anything in this Blog for a while.  I just hope he has learned his lesson and realizes Ken is surrounded by many, many posters who truly appreciates what he does for us.  It was great to read all those positive posts about Ken.  It is so good to see that most posters on here really care about this Blog/Forum as much as I do.  Have a good evening everyone!
lou   |     |   Comment #19
Although the bank deals haven't been overwhelming this year, I am always assured of knowing that I am receiving the best deposit rates in the country because of Ken and his fantastic website. Also, want to thank 51hh, Shorebreak and others for providing us with great links to interesting and relevant news stories in the forum section. I have been visiting everyday since 2006 and look forward to continuing for many more years.
lou   |     |   Comment #20
One last thing: I would be remiss if i didn't thank the posters who are willing to share great bank deals with the rest of us. Last year, an anonymous poster was willing to inform us of a very good CD deal at United States Senate Credit Union. I am still grateful for his unselfishness. What makes this site so exemplary are the readers and posters who are looking out for each other. By standing together and helping each other, we can still eke out some interest income before saner monetary policies prevail.
Anonymous   |     |   Comment #21
In my case, the dwindling rates afforded no gains for my situation.  Most of the "extra" money that I got was from opening credit card accounts and not bank products.  I'm just glad that I jumped into a muni bond at 5% that is non-callable until 2020.
Rosedala   |     |   Comment #22
Hello Anonymous #21: 

It looks like you did a good investment at 5%!  And if you don't need that money then it's great.  When buying a muni bond, what's more important to look for - the interest rate or the price of the bond?  Thank you.   :)
lou   |     |   Comment #23
Rosedala, they're both important, but it is the yield to maturity that is the most important number. The coupon rate, the price of the bond and the years to maturity determines the yield to maturity. For example, if a bond has a coupon rate of 4%, a price of 95 (which is considered a discount) then the yield to maturity will be higher than 4%. If the bond is selling at a premium, then the yield to maturity will be less than the coupon rate. The yield to maturity is similar to the APY for CDs. It is the number you should use to compare bonds with other investments.

In addition to the yield to maturity, you need to look at the credit rating for the bond. Typically, the lower the rating, the higher the yield to maturity.

I would imagine the 5% quoted by anonymous is the yield to maturity. If he bought the bond when it was newly issued, the coupon rate and the yield to maturity was probably the same because he would have bought the bond at face value. If you buy it in the secondary market, you generally are either buying it at either a discount or premium and the yield to maturity will vary from the coupon rate.
Anonymous   |     |   Comment #24

Good points about YTM and premium/discount price.  I got mine in the secondary market as investors were dumping bonds soon after the 2008 meltdown.  The issued rate on my bond is 5%.  I bought it at a discount, so my YTM is over 7%.  And that is tax-free for both Federal and State.

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