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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Best Bank Account Interest Rates - Summary for Week Ending June 15, 2013


Best Bank Account Interest Rates - Summary for Week Ending June 15, 2013

The fourth FOMC meeting of the year is scheduled for next Tuesday and Wednesday. At the end of the meeting, the Fed will be releasing its summary of economic projections and Chairman Bernanke will hold a press conference. Many will be looking for hints of when the Fed will pull back on its bond buying program (i.e. QE). The Chairman worried the markets in the May congressional testimony when he said the Fed could reduce its monthly bond purchases at one of the next few meetings if the economy is shown to be making steady improvements. That’s one reason for the rising Treasury yields over the last month. That worry subsided after a Thursday Wall Street Journal report that suggested that we shouldn’t expect a quick pull back on the bond buying program, and when the pull back starts, “it won’t mean that the Fed is anywhere near raising short-term interest rates.” For savers, the light at the end of the tunnel is still very dim.

After several weeks of rising yields, Treasury yields actually fell this week due to market the expectation that the Fed will keep short-term interest rates near zero for a long time. The Treasury yield changes over the last week and the expectation of future Fed funds rates are shown below. Numbers are based on Daily Treasury Yield Curve Rates and the CME Group FedWatch.

Treasury Yields:

  • 6-month: 0.08% up from 0.07% last week
  • 2--year: 0.29% down from 0.32% last week
  • 5--year: 1.04% down from 1.10% last week
  • 10-year: 2.14% down from 2.17% last week
  • 30-year: 3.28% down from 3.33% last week

Fed funds futures' probability of rate hike by:

  • Jan 2015: 53% down from 63% last week
  • Apr 2015: 70% down from 75% last week

No banks failed this week. The total for the year remains at 16. At this time last year there had been 31 bank failures.

Savings & Checking Account Rates

This was a quiet week for rate changes. No nationally available savings or money market accounts on my list below had rate cuts this week.

Connexus Y.E.S. Money Market Account continues to hold the top spot with a top-tier APY of 1.15% for a $100K minimum balance. An important downside of this account is that it requires an active checking account and direct deposit.

MyBankingDirect’s money market account is still the best deal for those who don’t want checking requirements or balance caps. It still has a 1.05% APY. This rate has held since June 2012.

Reward Checking Accounts

This was also a quiet week for nationally available reward checking accounts with no rate changes. We did see some rate cuts on local reward checking accounts. Thanks to DA member Pearlbrown who has been posting on these cuts in the DA reward checking subforum.

If you’re lucky, you’ll have some local reward checking accounts that are better deals than the ones that are nationally available. I reviewed two of these this week. One is the Kasasa Cash account at First State Bank of Forrest which has a 2.50% APY for up to $25K. This can be opened online by residents of Illinois and Iowa. The other one is the Optimum Checking account at Old Florida National Bank in the Orlando metro area. This has a 3.04% APY for up to $25K. People from any state can apply for this account, but the bank requires new customers to open the account at a branch.

To find the highest reward checking rates and balance caps in your state or nationwide, please refer to our reward checking rate table. If you're new to these tables, my rate table guide should be useful. If you're new to reward checking, please refer to my blog post, 10 Common Traits of High-Yield Reward Checking.

Rate Hikes:

  1. None

Rate/Balance Cap Cuts:

  1. None

Certificate of Deposit Rates

My recap of CD rate changes and the list of CD deals will now be in my survey of the best CD rates. This recap will now focus on banking news of the week and liquid accounts.

Recap for the Week - Links to This Week's Posts

Banking News/Resources Savings/MMA - National
  • No new posts this week
CD Deals/Resources - National Checking/Savings/CC Bonuses
  • No new posts this week
Reward Checking Accounts CD and Money Market Deals - Local Posts from Previous Weeks

The rates listed below are based on Annual Percentage Yield (APY). No minimum balances are required unless noted. MMA next to the rates indicate a money market account. Most MMAs have check writing and ATM cards. Online savings accounts usually lack both of these. Previous weekly summaries are available at this page.

Rates as of June 15, 2013

Checking/Savings/Money Market Accounts:

  • Noteworthy Accounts Available Nationwide:

Reward Checking Accounts:

  • Noteworthy Accounts Available Nationwide:

Certificates of Deposit:

Various Deposit Account Deals

Bank Account Alternatives - NOT FDIC Insured

Historical Rates from the Federal Reserve (Federal funds, Treasury bills, CD's)
Anonymous   |     |   Comment #1
You keep showing the 18-month rate for Northern Bank and Trust Co. in MA as 1.25.  It is 1.15.
KenBDG   |     |   Comment #2
We had a 1.25% 17-month CD special listed at Northern Bank and Trust Co. Even though they still have a promo page listed, this special does appear to be over. So I've removed this 17-month special from our tables. The 1.15% APY 18-month CD remains.
lannes   |     |   Comment #3
Is GE Capital still .90? https://gecapitalbank.com/savings-products/online-savings.html

Thank you,

Stephen L

Anonymous   |     |   Comment #4
The GE Capital Bank Online savings rate is still 0.9% with no tiers.  www.gecapitalbank.com  This bank is an industrial bank.

This should not be confused with GE Capital Retail Bank which offers tiered rates (up to 0.85%) for both the Money Market account and High Yield Savings account.  www.gecrb.com
Anonymous   |     |   Comment #5
Thank you.


Stephen L