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Partnering Up with LendingTree!

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Partnering Up with LendingTree!

I'm excited to announce that DepositAccounts has been acquired by LendingTree, Inc. First, I want to assure you that DepositAccounts will still be the same DepositAccounts that you have (hopefully!) grown to love. The blog, the forum, the tables and all the other parts of the site aren’t going anywhere.

In addition, I’m not going anywhere. I’ve been passionate about deposit accounts since the early 1980s as I grew up watching the magic of compound interest on a 10-year 16% CD that my parents purchased before interest rates started to fall. That passion led me to start the BankDeals blog in 2005 and to join the partnership in 2009 that created DepositAccounts.

My passion for deposit accounts continues as this new partnership with LendingTree begins. I will continue in the same capacity overseeing the overall content on DepositAccounts and will of course continue to do my regular blog postings. In addition, the small team behind DepositAccounts is staying on, and we all remain committed to keeping the site as the best deposit account resource on the Web.

This new partnership with LendingTree will allow us to add more resources to improve DepositAccounts with more content and tools and with broader exposure on the Web. The improvements will only add to the usefulness of DepositAccounts to help savers find the best deals. The rock-bottom interest rates of the last eight years have made it difficult for savers to earn a decent amount on their savings. In this hopefully rising rate environment, many new opportunities should open up for savers, and we’re committed to helping our users find those opportunities to earn more on their hard-earned savings.

Comments
???
???   |     |   Comment #1
Money Talks
deplorable 1
deplorable 1   |     |   Comment #2
I hope this doesn't change the site. This is the best site on the web for finding the highest yields IMO. Bankrate kind of went down hill after they went public.
Ally6770
Ally6770   |     |   Comment #3
The best thing is about this post is that YOU ARE NOT LEAVING US. You have taught us, explained things to us, given us tools to help ourselves, and answered any questions we might have. The service and devotion you have given to your readers is not easy to put into words. Thanks Ken. You are always looking out for us.
KM1
KM1   |     |   Comment #4
Congrats, Ken! As a long-time reader of the blog, I'm truly happy for you.
Robb
Robb   |     |   Comment #7
I echo the sentiment...many congrats to Ken for all his hard work. He certainly deserved to benefit for all the hard work and knowledge he has shared!
aaa
aaa   |     |   Comment #5
We are used to "Truth in Savings" disclosure given by banks.

Wonder if there is any "Truth of Acquisition" for the Lending Tree's acquisition of Deposit Accounts?

I'm sure Lending Tree ought to have made plans to "monetize" this acquisition. We will need to wait and see what negative impact (if any) such a plan will have on the readers/contributors?
Carpline
Carpline   |     |   Comment #6
Wow! Congratulations, Ken. I'm very thankful for DepositAccounts - it's definitely the best!
B-Man
B-Man   |     |   Comment #9
Depositaccounts has been so very transparent regarding advertising (easy to navigate), I only hope this remains the case. I have doubts.
Kaight
Kaight   |     |   Comment #10
"When banks compete, you win." That's Lending Tree's slogan on the lending side. Will it work as well on the borrowing side, when financial institutions borrow money from us savers? I dunno.

I have not needed to borrow money for nearly fifty years. I had to Google Lending Tree to learn what it is. It seems OK, but I'm really not in a position to judge. I hope this works out.
Anonymous
Anonymous   |     |   Comment #11
I have been a fan of Ken's blog for quite a few years. I wish him all the best. I particularly enjoy reading all the comments from people like Bozo, Ally6770, Paoli2, and many other Anonymous people like myself. I hope all those who participate in this way will continue with their comments in the future. I think that's what separates this blog from sites like Bank Rate and GoBankingRates , etc. I recognize that it is in the best interests of big business to pay as little for deposits as possible. I'm not sure how Lending Tree, in the business of lending money out, plans to utilize this site. Time will tell. In the meantime I hope that this site continues to inform us as well as let others know of the good deals we may find or the nitty gritty details of individual offers from banks and credit unions.
wow
wow   |     |   Comment #12
"The acquisition purchase has a possible total consideration of $33 million, which consists of $24 million in cash at closing, and contingent consideration payments of up to $9 million."

Wow, I would have sold for that too.

http://www.prnewswire.com/news-releases/lendingtree-acquires-depositaccountscom-300474447.html
Dunmovin
Dunmovin   |     |   Comment #81
With P/E ratio of 20 to 1, not too bad
Sylvia
Sylvia   |     |   Comment #13
Ken, that's some milestone! Congratulations!
deplorable 1
deplorable 1   |     |   Comment #15
Um yeah that would be like hitting the lottery and I don't blame Ken at all. I need to create one of these sites I had no idea how much you can make!
111
111   |     |   Comment #19
"I just adore $33 million" - well anyway, I would if I had it.
Bill
Bill   |     |   Comment #14
Congrats to Ken. Regards any changes though, the standard line when a business changes hands is that there will be no changes and things will remain as is. Unfortunately, this is usually a hollow promise and things DO change, either for the better or for the worse, and I think everyone here knows it and expects it. In the meantime, I will to continue to use this wonderful site so long as I materially benefit from it, as I have done for so many years.
gregk
gregk   |     |   Comment #17
Everyone sells out when the price is right. Ken's a very rich figurehead and DA mascot now. But for how long before the "good life" beckons? Despite the big payday, I can assure Ken the struggling and challenging years of building the website will always be the best of his life and great wealth a relative disappointment despite the baubles and security it brings.
Forrest_Gump
Forrest_Gump   |     |   Comment #23
"Great wealth...a relative disappointment"

My mediocre wealth has been great fun.

I hope the first thing Lending Tree does is get rid of Anonymous posers.
Martin
Martin   |     |   Comment #29
#23, isn't "Forrest_Gump" an Anonymous post? Come on, 99-100% are all Anonymous posters with stage names.
deplorable 1
deplorable 1   |     |   Comment #37
That is a awful thing to say. This is his big payoff for the untold hours of work Ken obviously invested into making this site great. The reason people like myself post anonymously is to avoid getting slammed with emails and unsolicited advertisements. It also allows people to post their true opinions without having to worry about repercussions. I for one wish Ken all the best in his new found wealth.
Mona
Mona   |     |   Comment #16
Congratulations Ken - well deserved success. Will drop by this site every day as usual and hope things don't change too much. Thanks for all your input over the years,
Sam
Sam   |     |   Comment #18
Congrats to Ken - glad you really cleaned up on this deal. That being said, acquisitions are NEVER a good thing and an awesome, innovative, impartial site like depositaccounts.com will eventually go the way of bankrate and others - manipulated by advertisers and down the tubes. It was great while it lasted.
Dunmovin
Dunmovin   |     |   Comment #20
Remember the end of the Founder movie about handshakes and earn-out provisions! Congrats!
GRATEFUL READER
GRATEFUL READER   |     |   Comment #21
CORRECTION TO MHY ORIGINAL COMMENT (JUST VENTING)

KEN--CONGRATUALTIONS--AND THANKS FOR CONTINUING IN AN ATTEMPT TO RETAIN THE HIGH QUALITY AND INTEGRITY OF YOUR SITE--YOU SHOULD BE VERY PROUD
Ann
Ann   |     |   Comment #51
You might want to turn off caps-lock before writing future comments, as comments in all-caps are considered 'shouting' and not as nice to read for most Internet users.
ChrisCD
ChrisCD   |     |   Comment #22
Congrats Ken. I've followed you since the early days. You have worked incredibly hard to build an incredible asset. You (and your team) deserve it.
Maecl
Maecl   |     |   Comment #24
Congratulations Ken. I began following you when you had your BlogSpot. I hope the Big Guys don't change your vision. Your hard work benefited many. I'm happy for your success.
Evan
Evan   |     |   Comment #25
Congratulations, Ken! You definitely deserve it after all these years having helped so many of us to earn the best possible returns!
Inflation_Hawk
Inflation_Hawk   |     |   Comment #26
Well, Lending Tree describes itself as "a Marketing Lead Generator and a Duly Licensed Mortgage Broker."

The Yelp reviews are not encouraging. 29 one star reviews.

The general complaint is that once people provide contact information they get slammed with calls and emails from third-party vendors with absolutely no way of stopping the lenders from continued contact.

And, they REQUIRE your phone number to get loan quotes.

Hopefully, this site doesn't go down the same rabbit hole.

Ken, I'd like my profile to be deleted.

I really don't want my email address slammed with junk mail from the new owners.

Thanks for all the rate information.
dgdevil
dgdevil   |     |   Comment #32
Who cares? Irrelevant. No one goes on Yelp to give positive reviews of a financial institution.
Ken Tumin
Ken Tumin   |     |   Comment #44
@Inflation_Hawk, per your request, we have deleted your email address from our database. Just to be clear, email addresses that we have collected at DA as part of the registration and subscription process will only be used for those purposes. LendingTree is not planning on changing the consumer experience at DA. The DA brand that we have built was an important factor that made this deal attractive to LendingTree.
Anon
Anon   |     |   Comment #61
Of course, that's true for now; but once the general LendingTree (LT)Privacy Policy and how they use email addresses, it could be bad in terms of receiving more junk mail from LT. IMHO, @Inflation_Hawk did the right move..to request email address to be removed.
If I remember correctly, original pfbloggers ConsumerismCommentary (Luke Landes) and Bargaineering (Jim ****) sold their sites for millions within the past 8 years, and over time, the new owners' content deteriorated.
Martin
Martin   |     |   Comment #27
LandingTree, they are looking for deadbeats borrowers not savers. Well done Ken, you got the upper end of the deal.
Looking for borrowers at deposit accounts will be a poor choice, unless they take over deposit accounts and make it into borrowing accounts web site.
Bogie
Bogie   |     |   Comment #31
I question, how does Lending Tree plan to profit from acquiring DepositACCounts? It's not a true partnership, it's an acquisition by Lending Tree. How do they plan to recoup their initial cost and a profit from this this business venture?
Bozo
Bozo   |     |   Comment #38
Bogie, were I to hazard a guess, it's through advertising. Take a look to your right. See the ads? I'm not suggesting that is a bad thing. As I have noted in other threads, banks (and credit unions) just love "new money" accounts. Any new account can easily be cross-marketed to other, more profitable, lines of business. For example, the last time you joined a credit union, what were the first two things you received? Answer: an unsolicited credit card and an unsolicited debit card. Your e-mail address was also probably sold (read the privacy policy on "affiliates"). New money accounts are golden. This blog has the ability to generate them.

It's not just the ads. Forum posters give "sneak peeks" at hot deals across the country. Forum posters find specials that ordinary mortals might never find. These tips lead to more new money accounts. For example, would I ever had known about Navy Federal's expanded FOM without the forum? Probably not.
LuvCD
LuvCD   |     |   Comment #42
Bogie, subscriptions may be coming to (y)our great CD website. The free lunch may be over. Also, see posting by Inflation Hawk
Bogie
Bogie   |     |   Comment #47
LuvCD, that would still be OK with me. I thought Ken would have been wise to do that long ago. At the least, people should have to register to post comments on this site.
ChrisCD
ChrisCD   |     |   Comment #28
Another thought crossed my mind. With great risk, can come great rewards. CDs provide safety so no great risk and thus no great reward either. When Ken started, he wasn't making hardly anything, but invested a lot of time. Eventually, he probably had to invest quite a bit of $, but it paid off.

Sounds like time for a "Guest Post" on his own blog about how he did it. What could others replicate in other industries and even if not ever get to $1MM, they could probably get to $100/mo which could be quite helpful for many.

It would seem to be be a valuable investment of time to "chase" something like that while you are chasing CD rates.

cd :O)
Captain Bee-fart
Captain Bee-fart   |     |   Comment #34
Ken helped me get to 1mill.
Kaight
Kaight   |     |   Comment #33
No website has any value without eyeballs. Ken's genius was in creating a site a great many people wanted to visit. Ken did accept advertising, shown as "Featured Accounts", but we all knew we could rely on Ken not to allow his advertisers to control his website. IOW, if there were a better deal from a financial institution not an advertiser, Ken would still let us know.

The concern with the new owners is possible breach of that arrangement. Any such breach, once discovered and made generally known, will manifestly reduce the number of eyeballs here daily. I hope the new owners of this site comprehend that. I hope the people at Lending Tree realize it is the trust relationship between Ken and his readers which has propelled this website to greatness. Should that trust be breached in future, Lending Tree will have spent millions for a giant nothing burger.
Bozo
Bozo   |     |   Comment #36
Kaight, well-stated. The next "Ken Tumin" is no doubt waiting in the wings, hoping for a stumble. I, for one, hope it never occurs.
111
111   |     |   Comment #39
Cannot agree more. In terms of "website integrity", if you will, the most important red line in the business is the line separating paid ads and impartial research, or impartial search results. We tend to forget that Google was successful in the early years not only because it provided superior search algorithms, but also because it established a standard to separate paid ads from impartial search results. Things look a bit different on Google today, but the important thing is that this distinction is still maintained.

Furthermore Ken's website (or blog, however you want to consider it), at the present time, must have about the lowest "negatives" and the highest "positives" ratings of any site I have ever seen. We all hope that will continue. (And, wouldn't it be wonderful if our politicians were like that!)
Bozo
Bozo   |     |   Comment #41
To: Poster "111"

Again, well-stated. The concept of a website's integrity is crucial. Before Ken came on the scene, we had Bankrate, and a few other minor players, but one always had this nagging suspicion of "pay-to-play". Were you seeing the best deals, or just the deals that folks wanted you to see? Ken turned the business model around. He scoured the internet for the best deals, and posted them. Dang the torpedoes, full speed ahead. He opened a Forum for folks to post deals he might have missed. That Forum is alive and kicking today.

I am just glad he was able to monetize his hard work. Lending Tree is not a bad outfit. My wife actually owns four shares (it's a long story, and has to do with IACI spin-offs). Barry Diller has excellent people working for him, and I am confident this site (and Ken) will continue to be industry-leaders.
Bozo
Bozo   |     |   Comment #35
Ken, a very, very, well-deserved payday. You and your staff have dedicated much time and effort to this site. It has grown from a "niche" blog into the industry standard. No article on CDs in the Wall Street Journal or the Business Section of the New York Times is even remotely credible without a quote from Ken Tumin.

That said, it might be wise to diversify the proceeds. Hard to make a buck these days in CDs.
Mike
Mike   |     |   Comment #40
Congrats. I white-listed you on my ad-block long, long ago. Love getting the daily email.
Sperry8
Sperry8   |     |   Comment #43
Amazing deal for Ken! Ridiculous deal for LendingTree. Kudos Ken on a great negotiation.
Ken Tumin
Ken Tumin   |     |   Comment #45
Thanks everyone for the congrats and the well wishes. And thanks for your support throughout all of these years. As I mentioned above, we all remain committed to keeping the site as the best deposit account resource on the Web.
John Sears
John Sears   |     |   Comment #46
I hope you got at least eight figures because you deserve it, always a true gentleman when you wrote me back.
gregk
gregk   |     |   Comment #48
Deserving of eight figures for being a "true gentleman". Wow. I'm a pretty nice guy myself and will settle for far, far, less in recognition.
Ann
Ann   |     |   Comment #52
He did, see comment #12 from 'wow'.
FresnoMan
FresnoMan   |     |   Comment #49
I'm not a fan of Lending Tree as they put ads on the CNN Money page in the form of being a news article. While they are clearly marked as "from Lending Tree," it is a practice I don't believe should take place. I am quite happy for you, Ken, regardless. This site has been your investment and you are certainly free to take it to any "bank" of your choosing. I will certainly monitor the site before making and pre-determinations. Appreciate your disclosure, but not surprised by it as you always are first class. Congrats!
Bozo
Bozo   |     |   Comment #53
FresnoMan, I would not jump to any conclusions just because a company posts ads masquerading as news. After all, many websites post news masquerading as news, if you get my drift.

Remember "white flower day at Macy's"? Was that news?

Of course not. Everybody finally figured out every day was "white flower day" at Macy's, and the promotion fizzled. So did Macy's.
Jane
Jane   |     |   Comment #50
Wow...10 years...16 percent !!!
spraytanprez
spraytanprez   |     |   Comment #57
Yes Jane, and in 1987-88 you could get a 30 US government bond paying 12%.
I was told by a friend to get it but stupid me I passed.
The bad part, it would be coming due this year...
RJM
RJM   |     |   Comment #64
I wonder how that 12% would compare to the stock market in the same period ?

I was just getting started in stocks back then and couldn't have invested much in a 30 year bond.

I did VERY well my first 15 years in the stock market. Not so well the last 10-15. I think I took bigger risks when I was younger and when I stopped, my returns went down dramatically.

But, money is not a concern for me nowadays beyond the poor returns I get for a too big chunk of it.

It is rather difficult to turn off being a tightwad though.
spraytanprez
spraytanprez   |     |   Comment #67
RJM, I know what you mean.
People who saved all their lives thought they would live retirement using the interest from their savings. Now they try to calculate how much principle they can spend every year to last the next 20 years. No one saw that coming..
JimDavis
JimDavis   |     |   Comment #73
Savers have financed the worldwide recovery. Who else could do it? We had all the money.
lafbsatx
lafbsatx   |     |   Comment #78
by rare chance did you spend some time in san antonio in the late 60's,,,,i knew a jim davis that wanted to be a money mover shaker and made a mean hurricane.
gbtexas
gbtexas   |     |   Comment #54
Very mixed feelings when I read this announcement. On the one hand I'm happy for Ken. I've followed him through this site for unaccounted for years. He well deserves whatever he got from the sale. On the other hand, business or organizational sales generally tend to bring about change, some of course being in the wrong change. Let's hope that this site isn't one of them. I would be astonished if the changes that will in all probability occur at some point in the not too distant future are beneficial to those who place primary reliance on D.A. for information. As it now stands, D.A. Is superb. Maybe I'm being too pessimistic and maybe, even maybe, it too will follow the same path as the Wall Street Journal after its sale several years ago. I for one would very much hope so.
Martin
Martin   |     |   Comment #55
You are correct in your observation, I remember when H&R block used to give the borrowers 5% saving accounts if you borrow money at 7% and telling you how you save 2% and or the borrowing cost you only 2%, without telling you that they are using the same or your own money to lend it back to you at a loss to you of 2%.
Ratesaver
Ratesaver   |     |   Comment #56
Your site has been very useful to us small investors . I been a regular for years .. Ken, You have been great with your looking out for the small guy and I hope it keeps up...I am also happy for you and best wishes
rtg
rtg   |     |   Comment #58
I know about BankRate site.

Are there any sites that give details about the deals from various financial institutes?

Asking this, just to make a provision if the Lending Tree's depositeaccount site stops being useful.
Kaight
Kaight   |     |   Comment #59
There are a few. But Ken's site, this site, is far and away the best of all. Ken is a consummate professional and his success is a result of very hard work and is well deserved.

That said, I will state the obvious:

The Lending Tree announcement is now public information. Other people with an interest in Ken's field have certainly taken notice of, what was for Ken, a wonderful money-making opportunity. There will be, among such persons, a few just waiting for this website to stumble, to stop serving its readers as in past years. They then will jump at the opportunity to serve the need Ken has always served. But so long as standards here remain high I do not believe any competitor has a chance to break through and steal clicks. Ken has this niche sewed up for as long as he wants provided quality of service remains where it is today.
Bozo
Bozo   |     |   Comment #60
Kaight, any competitor can mimic the software. Data aggregation is not exactly "new news". What Ken brought to the arena was trust. Unlike other sites, DA seemed to avoid the "pay-to-play". While I hate to pick on Bankrate, it did seem to be the poster-child.

If you knew, for example, there were two or three "hot deals" in your locale, what were the odds they'd pop up on Bankrate? Credit unions seemed routinely excluded.

Plug in just about any search for "certificate of deposit" a decade or more ago, weren't all that many options. Those which popped up were, invariably, pay-to-play aggregators. We mere mortals were left to scrounge in the Sunday paper.
RJM
RJM   |     |   Comment #62
Congrats on your well earned profit from the sale.

But I'm a bit curious what synergies that Lending Tree sees here ? Do they plan on getting into the deposit hawking business ? Are they already ? What % of your readers have debt ?

Glad that you are hanging around. Need a sober person to keep me from being banned for life if I bring up the fact that marketable securities are acceptable to mention from time to time. Like SO and its 4.5% yield.

I guess my brother still has mortgage debt but I think he has some kind of deal where he pays all the extra whenever he wants and can also write a check if he needs extra cash. So I doubt he hangs out here. (Maybe in 5-10 years when he gets the house paid off) But that's exactly too late for Lending Tree. Unless they plan a push into Deposit Tree.
Bozo
Bozo   |     |   Comment #63
RJM, from what little I know (emphasis on little) Lending Tree is basically the contra-positive to DA. So, at DA, you get folks with excess cash. At Lending Tree, you get folks who need cash. Seems logical to pair them up.

Lending Tree might be able to eliminate the middle-man, so to speak. My wife always calls it the "Amazon" business model.

Squeeze margins, drive banks and credit unions out of the business of lending, in a decade or so, it will be called Lending Wheee!

As savers, the single biggest impediment to higher yields we face is overhead. Who pays for all those loan officers and branch managers? We do.
RJM
RJM   |     |   Comment #65
Since posting, I found out TREE has a market cap of over $2 BILLION.
So the $33 million they paid for DA is just tiny by comparison.

Its interesting to think about what might happen. I kind of like the idea of borrowers bidding for my deposit dollars. But we don't have a single institution price matching what we can get elsewhere yet. So there is a ton of room for improvement.

As a test, I went & played at Lending tree as if I was interested in borrowing on a house.

Cant get very far without giving out personal info.

My guess is 5 years from now, most of us wont be happy with the changes here.

Is anyone happy that Capital One took over ING ? I still have a total of 2 cents on deposit. One penny for each account. And I'm losing patience with them.
Bogie
Bogie   |     |   Comment #66
Only time will tell. Everything else is just pure speculation. No sense getting worked up over what may or may not happen 5 years from now, particularly about things we have absolutely no control of. Some of us may not even be around 5 years from now, no matter how young or old we are.
anonymous
anonymous   |     |   Comment #70
Who's getting worked up? And what's wrong with speculation?
THEBANSHEE
THEBANSHEE   |     |   Comment #76
do you hear the rattle of the coach Bodhar?
jennifer
jennifer   |     |   Comment #68
Congratulations! You did such a great job with this site, Ken. I am so happy for you. I simply adore high rates and you keep sending them my way.
gregk
gregk   |     |   Comment #69
Um, just where are those "high rates" you refer to? Is this some sort of private communication between you and Ken?
TRUSTEXPERTS
TRUSTEXPERTS   |     |   Comment #75
SHE WAS BEING SARCASTIC,,,,,,throwing shade.
???
???   |     |   Comment #79
Sarcastic? You dont know jennifer
ChrisCD
ChrisCD   |     |   Comment #80
I don't think she was being sarcastic. This site does provide a window into where the highest CD rates can be found. For those that love CDs, this site has been an immense blessing.
chasinrates
chasinrates   |     |   Comment #71
I would have done the same in your shoes, but I'm bummed.
JimDavis
JimDavis   |     |   Comment #72
Nice payday Ken , this has been one of my FEW goto sites for banking deals.

Must be the same for quite a few others , considering what they coughed up. ;-)
TRUSTEXPERTS
TRUSTEXPERTS   |     |   Comment #74
PERHAPS THE LOAN BUSINESS CAN NOW BE TREATED AS ROMANTICALLY FOR BORROWERS AS THE DEPOSIT BUSINESS HAS BEEN FOR SAVERS..........oyvay.