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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Bank Deals Blog: CD Deals

INOVA Federal Credit Union Boosts Limited-Time 20-Month CD Rate
Deal Summary: 20-month Certificate, 4.75% APY, $200 minimum deposit.

Availability: Easy membership requirement in northern Indiana and San Francisco Bay area.

In early October, INOVA Federal Credit Union (INOVA) offered a limited-time 14-month Certificate Special, earning 4.05% APY. The 14-month Certificate Special was quite short-lived, lasting little more than a week. Its replacement was a limited-time 20-month Certificate with the same 4.05% APY. The 20-month Certificate is still available and now offers a competitive 4.75% APY. The minimum opening deposit is $200, with no stated...

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Michigan Schools and Govt Credit Union 5-Year CD Offers Leading Rate
Deal Summary: 5-year CD, 4.75% APY, $500 minimum deposit, one-time rate bump option.

Availability: All Michigan counties

If you live in Michigan and are looking for long-term CD with a high rate, the 5-year CD offered by Michigan Schools and Government Credit Union (MSGCU) might be a good fit. In addition to having a competitive 4.75% APY, the 5-year also has a mild 180 day Early Withdrawal Penalty (EWP), a one-time rate bump option, and a low $500 minimum opening deposit. A long-time DA reader described the MSGCU...

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Synchrony Bank Offers Top Rate On Limited-Time 19-Month CD Special
Deal Summary: 19-month CD Special (4.75% APY), no minimum deposit

Availability: Nationwide

Top CD rates are nearing 5%. Most have been either brokered CDs or direct CDs from small banks and credit unions. Synchrony Bank is the first major bank to offer such a high rate on a direct CD (without going through a middleman). Its new 19-month CD Special has a 4.75% APY. In an unusual move, Synchrony is promoting this Special as only being available through December 4, 2022.

The minimum deposit for Synchrony CDs and IRA CDs...

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INSBANK Online Adds Competitive Short-Term CDs
Deal Summary: CDs – 12-month (4.65% APY), 18-month CD (4.72% APY), $2.5k min/$240k max deposit per CD.

Availability: Nationwide (internet bank)

Tennessee-based INSBANK Online recently increased the rates on its 12-month CD (4.65% APY) and 18-month CD (4.72% APY). Following impressive increases of 275 bps and 272 bps respectively, the 12-month CD and 18-month CD are currently offering near-rate leading APYs. The minimum opening deposit is $2.5k, with a balance cap of $240k per CD.

According to CSR, partial withdrawals are not allowed: an INSBANK Online CD...

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State Bank of Texas 12-Month CD Special Is Near-Rate Leader
Deal Summary: 12-month CD Special, 4.65% APY, $25k minimum deposit.

Availability: Nationwide

Last week, Dallas-based State Bank of Texas (SBT) upped the rate on its nationally available 1-year CD Special to 4.65% APY. The 12-month CD Special can be opened with a $25k minimum deposit, with no stated balance cap.

The 12-month CD Special was added back to the product line in December 2021 earning 0.85% APY, which was a competitive rate at the time. Since its debut, there have been 13 rates increases,...

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Spectra Credit Union Adds Rate-Leading 14-Month CD Special
Availability: Share Certificate Specials – 14-month (4.85% APY) and 7-month (4.44% APY), $5k minimum opening deposit, new money.

Availability: Easy membership requirement

Virginia-based Spectra Credit Union (Spectra CU) added two Share Certificate Specials (SCS) to its product line last week. This limited-time offering consists of a 14-month SCS (4.85% APY) and a 7-month SCS (4.44% APY). The minimum opening deposit is $5k of new money, with no stated balance cap. New money is defined as “funds from sources other than Spectra Credit Union.”

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Connexus Credit Union 15-Month CD Special Is New Rate Leader
Deal Summary: 15-month Share Certificate Special, 4.85% APY, $5k minimum deposit

Availability: Easy membership requirement

Earlier this week, Connexus Credit Union (Connexus) unveiled a very competitive 15-month Share Certificate Special. Earning 4.85% APY, the 15-month Share Certificate Special currently has the highest APY offered on nationally available 15-month and 18-month CDs. The minimum opening deposit is $5k, with no stated balance cap.

The Share Certificate Special is offered as an IRA Certificate Special (Traditional and Roth), earning the same APY with the same deposit requirements.

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USALLIANCE Financial No Penalty CD Has Pre-Black Friday Rate Boost
Deal Summary: 11-Month No-Penalty Certificate, 4.00% APY, $500 minimum deposit.

Availability: Easy membership requirement.

That was the lede in an email I received from USALLIANCE Financial (USALLIANCE) yesterday. By the time you read this blog post, USALLIANCE will have raised the 11-month No Penalty CD rate to 4.00% APY. The minimum opening deposit is $500, with no stated balance cap.

The new 4.00% APY is the 11-month No Penalty CD’s highest rate this year and is also the highest rate offered on any non-brokered nationally available short-term...

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Bread Financial Has Across-The-Board CD And Savings Rate Increases
Deal Summary: Bread Savings CDs – 4-year (4.65% APY) and 5-year (4.75% APY), $1.5k min/$1m max deposit per account. High-Yield Savings Account, 3.50% APY on all balances.

Availability: Nationwide (internet bank)

As DA reader, bisenber, noted in a Forum post earlier this month, Bread Financial has again raised the rates on all its CDs and the High-Yield Savings account. Unlike previous rate increases that benefited the shorter-term CDs, the most recent rate increases boosted the 4-year CD (4.65% APY) and 5-year CD (4.75% APY) to...

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Dept of Commerce Fed Credit Union Has Across-The-Board CD Rate Increases
Deal Summary: CDs – 36-47 month, 4.67% APY ($25k min), 4.57% APY ($500 min); 60-84 month CD – 4.80% APY, ($25k min), 4.70% APY ($500 min).

Availability: Easy membership requirement

Seven months ago, District of Columbia-based Department of Commerce Federal Credit Union (DOCFCU) became an ‘Easy Membership Requirement” credit union and subsequently upped its CD APYs to rate-leading levels. Although those outstanding APYs were short-lived, DOCFCU CDs became competitive again this fall.

Following across-the-board CD rate increases (16-32 bps) last week, the 36-47...

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