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.

Popular Posts

Bank Deals Blog: Bank Bonuses and Promotions

Review of Capital One’s Savings Account Promotion
Deal Summary: Bonus amounts of $100, $500, and $1,000 when opening a new 360 Performance Saving account with deposits of at least $10k, $50k, and $100k of new money.

Availability: Nationwide through online application.

A few online banks have coupled rate hikes with new-money bonuses to attract more deposits. Capital One has long been one of these banks, but last week it upped the ante with an unusually large rate hike. That rate hike makes Capital One’s current bonus offer especially attractive for those who don’t have a Capital...

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CD Rates Summary
CD Rates Summary

In the last two weeks more 4%+ direct CDs have become available. Every term category now has multiple 4%+ CDs with the exception of terms under one year. However, we’re not seeing many new top rates. For example, two weeks ago, the highest 5-year direct CD yield from a bank was 4.25%. That remains the same today.

We are seeing more credit unions offering CD specials with rates in the mid 4% range. These have generally been mid-term CDs. I’ll have details on these in the “Direct CD Rates and Deals”...

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Discover Increases New Online Savings Account Bonus
Deal Summary: $150 or $450 bonus when opening a new Online Savings account now through November 8, 2022.

Availability: Nationwide (internet bank), new customers only

Good news – the long-running Online Savings bonus offered by Discover continues to be available.

Better news – the previous $150/$200 bonus has been significantly improved: $150 or $450. (This is the first time the upper-end bonus has been greater than $200.) The current promotion runs through November 8, 2022 and is available to new customers only: existing or prior Discover savings...

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Ally Bank Offers a New 1% Cash Bonus Promotion
Update 10/22/2022: The promotion has been extended. Enrollment and funding deadlines have been extended by five days.

Deal Summary: Move new money into your eligible Ally Bank account and you'll get a 1% cash bonus, up to $500. Must enroll by 10/21/2022 10/26/2022.

Availability: Nationwide (internet bank) for new and existing customers.

Ally Bank introduced another 1% cash bonus promotion that’s similar to its 2020 and 2018 promotions. One improvement over 2020 is that the maximum bonus is now $500 instead of $250. Just like 2020, both new and existing...

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Latest Liquid Bank Account Rates
Latest Liquid Bank Account Rates

The next Fed meeting is just two weeks away, and the odds of another 75-bp rate hike are high (94.5% per the CME FedWatch Tool). That would move the target federal funds rate (TFFR) to 3.75% to 4.00%. Additional Fed rate hikes for December and February also look likely. By the Fed’s Jan 31/Feb 1 meeting, the odds are high that the TFFR will be at least 4.75%-5.00% (85.4% per the CME FedWatch Tool). That would be close to the peak TFFR in 2006/2007 (5.25%) when there were many online...

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Utah Community Credit Union Adds Competitive 15-Month Jump Up CD
Deal Summary: 15-Month Jump Up CD Special, 4.00% APY, $500 minimum deposit, one-time rate increase

Availability: Residents of 11 Utah counties

Utah Community Credit Union (UCCU) recently added a 15-Month Jump Up CD Special earning 4.00% APY. This limited-time offer can be opened with a $500 minimum deposit, with no stated balance cap. The “Jump Up” feature allows the account owner to “increase the rate one time to the rate currently in effect for accounts of this type with the same term.”

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Lafayette Federal Credit Union Significantly Hikes Long-Term CD Rates
Deal Summary: Fixed CDs – 7-month (3.29% APY), 1-year (3.80% APY), 2-year (4.11% APY), 3-year (4.22% APY), 4-year (4.32% APY), 5-year (4.42% APY), $500 minimum deposit.

Availability: Easy membership requirement.

With CD rate hikes over the weekend, Maryland-based Lafayette Federal Credit Union (Lafayette FCU) is continuing this year's practice of good-sized rate increases on a monthly basis. Including this month’s rate increases, there have been four substantial across-the-board rates in the past six months. Fixed CDs required a $500 minimum opening deposit, with no stated balance...

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Mountain America Credit Union Ups 60-Month CD/Growth CD Rates
Deal Summary: 60-month Certificate, 3.25% APY $500 minimum deposit, one-time bump-up option. 60-month Growth Certificate, 3.25% APY $5 min/$100k max, additional deposits up to $100k max allowed throughout the term, minimum $10 automatic monthly deposit required.

Availability: Easy membership requirement.

For a limited time, Utah-based Mountain America Credit Union (MACU) is offering a 60-month Certificate earning 3.25% APY with a one-time bump-option at no charge. Normally, a MACU rate bump option is offered on a Certificate with a rate that is discounted 25 bps below the...

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Latest Liquid Bank Account Rates
Latest Liquid Bank Account Rates

With today’s Fed meeting and the highly anticipated 75-bp rate hike, online savings account rates will surely be on the rise in the next week. A 75-bp rate hike would increase the target federal funds rate to 2.25%-2.50%, the same fed funds rate that was reached at the peak of the last rate hiking cycle that ended in December 2018.

Many online banks don’t seem to be in a rush to hike their rates to where they were in early 2019. That’s especially the case for most of the major online...

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Discover Extends Bonuses On New Online Savings Accounts
Deal Summary: $150 or $200 bonus when opening a new Online Savings account now through September 15, 2022.

Availability: Nationwide (internet bank)

Discover’s long-running $150/$200 Online Savings bonus continues to be available. The current promotion runs through September 15, 2022 and is available to new customers only: existing or prior Discover savings customers are not eligible.

Bonus Requirements

As stated on Discover's promotion page, the bonus requirements are as follows:

  • Open a new Online Savings account by September 15, 2022.
  • Use offer code BDG622 when applying.
  • $150 bonus – fund with at...
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