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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Another Fed Rate Hike - What Savers Should Expect in 2017
Another Fed Rate Hike - What Savers Should Expect in 2017

At the second FOMC meeting of the year, the Fed raised the federal funds rate by 25 basis points. The move had been widely expected since March 3rd when Fed Chair Janet Yellen gave a speech with strong signals pointing to a rate hike at this meeting. Here’s that all important paragraph in today’s FOMC statement:

The Fed kept its note regarding its expectations for gradual increases in the federal funds rate. However, there was one slight change. They removed the word “only” in the sentence. It now says:

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CD Investing: Revisiting Brokered CDs
CD Investing: Revisiting Brokered CDs

The following is a guest post contributed by Charles Rechlin, a long-time reader and friend of the site. His last guest post covered Relationship Rate CDs. I would like to thank Charles for sharing more of his valuable experience on personal CD investing.

Notes on Personal CD Investing: Revisiting Brokered CDs

by Charles Rechlin

Ever since US Treasury yields began improving in November, I’ve been accumulating a modest portfolio of 3-, 4-, and 5-year Wells Fargo Bank CDs.

Because Wells Fargo’s highest posted rate for direct CDs in California is a whopping 55...

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CD Investing: Relationship Rate CDs
CD Investing: Relationship Rate CDs

The following is a guest post contributed by Charles Rechlin, a long-time reader and friend of the site. His last guest post covered Loyalty Rewards and Customer Promotions for CD Investors. I would like to thank Charles for sharing more of his valuable experience on personal CD investing.

Notes on Personal CD Investing: Relationship Rate CDs

by Charles Rechlin

Occasionally, while searching for good CD deals, I stumble across a decent yield being offered for a relationship rate CD.

By “relationship rate CD,” I mean a CD carrying a bumped-up or promotional rate...

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Fed Holds Rates Steady - Strategies for Savers
Fed Holds Rates Steady - Strategies for Savers

The Fed decided to hold off on a rate hike at its first FOMC meeting of the year. This was widely expected since the Fed increased rates at the last meeting. As can be seen in the following excerpt from today’s FOMC statement, the Fed included its typical wording about keeping rates unchanged:

What’s not clear from today’s policy statement is if the Fed is preparing for a March rate hike. There were a few small signs that the Fed may do another rate hike in March. First, the Fed...

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Evolution of Deposit Insurance in America – ASI Overview and History
Evolution of Deposit Insurance in America – ASI Overview and History

This is the fourth in a series of articles that look at the evolution of deposit insurance in America. Last month looked at private deposit insurance, this article presents an overview of deposit insurance in America, with an emphasis on American Share Insurance (ASI).

American Share Insurance is in a class by itself. The company, which insures deposits for credit unions, has been in business more than 40 years. That alone makes them unique. While at one time they faced competition, they outlasted them all. They are the only...

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Deposit Account Strategies for 2017
Deposit Account Strategies for 2017

As of today, 88% of the readers who took my Fed Rate Hike Poll anticipate three or fewer Fed rate hikes in 2017. This prediction is inline with what the Fed suggested last month with its dot plot and inline with the current Fed fund futures, which indicate only a 14% chance of more than three rate hikes in 2017 (Please take the poll if you haven’t already).

This is a good reminder that rate hikes this year (and in the next couple of years) will likely to be gradual....

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Evolution of Deposit Insurance in America – Private Deposit Insurance
Evolution of Deposit Insurance in America – Private Deposit Insurance

This is the third in a series of articles that look at the evolution of deposit insurance in America. Last week looked at the NCUA; this article presents an overview of deposit insurance in America, with an emphasis on private deposit insurance.

The FDIC and NCUA are the primary insurers of deposit accounts, but the Depositors Insurance Fund, DIF, in Massachusetts is a private, industry-sponsored insurance fund that insures all deposits above Federal Deposit Insurance Corporation limits, at Massachusetts-chartered savings banks. It has been insuring deposits since 1934. DIF covers...

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Evolution of Deposit Insurance in America - The NCUA
Evolution of Deposit Insurance in America - The NCUA

This is the second in a series of articles that look at the evolution of deposit insurance in America. Last week looked at the FDIC, this article presents an overview of deposit insurance in America, with an emphasis on the NCUA.

Everybody needs an advocate, somebody looking out for their best interests. Credit unions were created to do just that.

In 1900, the credit union concept crossed the Atlantic to Levis, Quebec, where Alphonse Desjardins organized La Caisse Populaire de Levis. He learned that loan sharks were charging outrageous interest rates....

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Evolution of Deposit Insurance in America – The FDIC
Evolution of Deposit Insurance in America – The FDIC

This is the first of a series of articles that look at the evolution of deposit insurance in America. This article presents an overview of deposit insurance in America, with an emphasis on the Federal Deposit Insurance Corporation (FDIC).

There’s nothing like failure to inspire change. The run on banks during the Great Depression led to the creation of federal deposit insurance. It protects depositors, completely or partially when banks find themselves so financially strapped they cannot pay their debts. The Glass Steagall Banking Act of 1932 and the National...

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Finally a 2016 Fed Rate Hike - What Savers Should Expect in 2017
Finally a 2016 Fed Rate Hike - What Savers Should Expect in 2017

For the first time in 2016 and for only the second time in ten years, the Fed raised the federal funds rate. After last December’s Fed rate hike, the Fed had forecasted four rate hikes in 2016. Unfortunately for savers, it turned out to be just one rate hike. There are signs that 2017 might be different with multiple Fed rate hikes.

First, here’s the long awaited paragraph in today’s FOMC statement:

On a cautionary note, the Fed continues to say that it expects only a gradual increase in the federal...

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