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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Brick & Mortar Banking – Are Branches Actually in Decline?
Brick & Mortar Banking – Are Branches Actually in Decline?

By now, many of us handle a good portion of our routine bank business by computer or smartphone. We can log in to check balances, transfer funds, and send payments. And we can deposit checks using our bank’s app in tandem with our phone’s camera. The ability to manage our deposit accounts from wherever we are, and without stepping foot inside a physical branch, has not only never been greater, it’s likely to continue expanding.

So with the necessity of brick...

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New Charts For Showing Rate Trends at DepositAccounts
New Charts For Showing Rate Trends at DepositAccounts

We have made an enhancement to the rate table pages. It’s an enhancement that is easy to miss. At the bottom of each of the major rate tables, a chart is included that displays the trend of the average APY of all the banks and credit unions that we track. This is intended to help you see where rates are headed. It also can be useful to see how the Fed rate hikes are affecting deposit rates.

These average yield charts are located at the bottom of the major rate...

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Odd-Term CDs Are All the Rage in This Rising Rate Environment
Odd-Term CDs Are All the Rage in This Rising Rate Environment

If you regularly shop for the best CD rates, you know this truth: that the best deals don’t always come in tidy conventional packages.

Follow the DepositAccounts blog with any frequency and you’ll see featured CDs with maturity terms of 150 days, 19 months, two and a half years – you name it. The same is true if you hunt for top rates in any of our CD rate tables. You’ll find abundant evidence that the FDIC and NCUA have imposed no requirements that CDs be issued in even, yearly terms.

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How Have the Recent Fed Hikes Affected Different Deposit Rates
How Have the Recent Fed Hikes Affected Different Deposit Rates

The following contribution is from Sabrina Karl. Sabrina is a data journalist with years of experience covering the consumer deposits sector, and we’re excited to have her delving into our proprietary database of deposits data to uncover stories like the one below.

With it looking likely that the Federal Reserve will hike interest rates again this week, it's tempting to matter-of-factly declare that this will mean good news for savers. And the odds of that correlation are certainly better than even.

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Major Credit Union Project (and New CU Resources) at DepositAccounts
Major Credit Union Project (and New CU Resources) at DepositAccounts

Over the past year, we embarked on a major behind-the-scenes categorization project covering the almost six thousand federally-insured credit unions in the United States.

As many readers know, each credit union maintains its own unique set of field of membership requirements as part of its charter. These membership requirements dictate who can...

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On-Site Notifications with MyDepositAccounts
On-Site Notifications with MyDepositAccounts

Earlier this month, I introduced our new blog header with links to our category pages. You may have also noticed other website changes in the last couple of months. One new feature is the MyDepositAccounts box on the top right of every page. The above image highlights what this box looks like if you’re not logged in.

The MyDepositAccounts box is intended to make it easier for you to be notified of rate changes for the banks and credit unions that you follow. In addition to rate changes, you can...

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Ranking the Largest Banks and Credit Unions
Ranking the Largest Banks and Credit Unions

We’ve added a new table that allows you to view and sort based on asset size and a few other size metrics of the largest banks and credit unions, on either a national level or a state level. Here’s the direct link to the table of the largest banks and credit unions in the U.S. A link to this table can also be found at the bottom of our Banking Calculators & Tools page.

If you have ever wondered about the relative sizes of the largest banks and credit unions,...

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Overview of Reward Checking & Our Reward Checking Table
Overview of Reward Checking & Our Reward Checking Table

The basic idea behind high-yield reward checking accounts is that the customers are rewarded with a high interest rate when they perform certain activities on their checking accounts.

The high interest rate is high relative to other deposit accounts that are typically known to have higher interest rates than checking accounts. For example, many reward checking accounts have rates that are 100 basis points above the top internet savings account rates. Reward checking accounts do require some work and they do have catches, but they do function in a way...

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Examining a Product’s Rate History – Why You Need to Look Back Before You Look Forward
Examining a Product’s Rate History – Why You Need to Look Back Before You Look Forward

The most consistent and pressing concern in the minds of savers in regards to deposit products likely pertains to rates. Depositors are looking for the highest rates available for obvious reasons. Depending on the product chosen, a number of factors may affect the viability of that product to actually produce the returns the depositor is looking for over time; but, one of the most important factors–and one that may be easily overlooked–is the historical track record of consistency of its rates.

When it comes to liquid accounts, rates can change at...

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How Do Consumer Deposit Rates Track with Fed Rate Changes?
How Do Consumer Deposit Rates Track with Fed Rate Changes?

Just about everyone these days has some sort of gut reaction to hearing the words “Fed Rate hike.” The financial crisis of 2007-2008 virtually ensured that fact. Whether excitement, nerves, or hardened skepticism, responses are based on innumerable variables unique to individual circumstances. As depositors, it is important to understand what it means when the Fed changes interest rates and what to expect when it does. Heading into 2016, the FOMC (amazingly) predicted four rate hikes, a forecast that has since been adjusted downward (quite predictably in the minds of...

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