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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December Rate Hike Odds Rise after Fed Meeting - Strategy for Savers
December Rate Hike Odds Rise after Fed Meeting - Strategy for Savers

There were no surprises that came from today’s FOMC meeting. The Fed decided to hold off again on a rate hike. It also announced that they “will initiate the balance sheet normalization program” in October. Both the FOMC statement and the Fed’s projections suggest a December rate hike is still likely.

Increased Odds for a December Fed Rate Hike

One reason the Fed may decide against a December rate hike is if inflation numbers are too low. Today’s statement doesn’t indicate that the Fed has any additional concerns about inflation. It...

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Comparing Rates: Brokered CDs vs. Direct CDs
Comparing Rates: Brokered CDs vs. Direct CDs

In the last few months, short-term brokered CD rates have become very competitive with direct CD rates. Before this year, direct CDs, especially those from internet banks, were the clear rate leaders for terms under 3 years. That has changed, and now brokered CDs are either ahead or close to the internet bank rate leaders.

Brokered CDs are purchased through brokerage firms like Fidelity, Vanguard or Charles Schwab. I’ve written many times about the pros and cons of brokered CDs. Last year, Charles Rechlin wrote a useful overview of brokered CDs...

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Fed Holds Rates Steady - Will Deposit Rate Increases Continue?
Fed Holds Rates Steady - Will Deposit Rate Increases Continue?

The Fed decided to hold off on a rate hike at its fifth FOMC meeting of the year. This was widely expected. Before the meeting, most believed the Fed would keep to its rate forecast with one more rate hike this year. A rate hike at the Fed’s December meeting is thought to be the most likely time. Today’s policy statement didn’t include anything to change these expectations. There had been concerns that the Fed may change its language to acknowledge weaker inflation which could reduce the chance of...

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Third Fed Rate Hike in Six Months - What To Expect from Deposit Rates
Third Fed Rate Hike in Six Months - What To Expect from Deposit Rates

The Fed moved as expected by raising the federal funds rate by 25 basis points. This is the third Fed rate hike in the last six months. It is also the first time since 2006 that the Fed has hiked rates more than once in a calendar year. Here’s that all important paragraph in today’s FOMC statement:

The other thing to note in the statement is the Fed’s view of inflation. The statement did acknowledge the recent declines in inflation, but the Fed doesn’t think this has...

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Mining for Gold Among the 100+ Credit Unions Anyone Can Join
Mining for Gold Among the 100+ Credit Unions Anyone Can Join

I have a favorite podcast. It’s called Planet Money, produced by NPR, and it bills itself as “The economy explained, with stories and surprises”. I’ve listened to hundreds of the show’s short episodes over the years, but one has been my favorite ever since it aired in 2010. It’s succinctly titled "Why Gold?" and it immediately came to mind when I conceived of the analysis we’re about to dig into.

That’s because “Why Gold?” started with the periodic table of Earth’s 118 elements and, criteria by practical criteria, whittled it down...

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Fed Holds Rates Steady - Deposit Strategies as Rates Gradually Rise
Fed Holds Rates Steady - Deposit Strategies as Rates Gradually Rise

The Fed decided to hold off on a rate hike at its third FOMC meeting of the year. This was widely expected since the Fed increased rates at the last meeting, and there have been no upside economic surprises to speed up the Fed’s gradual rate-hike plans. There had been new concerns that recent weak economic news may move the Fed back to its position last year when it kept putting off rate hikes. The Fed dampened those concerns in today’s policy statement when it described the slowing of...

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CD Investing: Do I Really Need Another Credit Union?
CD Investing: Do I Really Need Another Credit Union?

There have been some pretty attractive credit union deals of late, including some offered by “easy membership requirement” (aka/“all-access”) credit unions on a nationwide basis. I have a problem with many of these deals, however: it’s that I don’t already belong to the credit unions involved, and have placed a moratorium on joining any more.

Where I Am Today—and How I Got There

Currently, I’m a member of 17 NCUA-insured credit unions. Approximately 47% of the value of my non-IRA portfolio is represented by CD accounts at those institutions....

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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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