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

Popmoney Review: How Does It Work and Which Banks Use It?
By Shen Lu

What is Popmoney?

Popmoney® is a payment service that allows people to transfer money between bank accounts using the Automated Clearing House (ACH) network.

The service is powered by Fiserv, an international financial services company that executes 20 billion digital transactions, moving $1 trillion every year.

To use this service, you can sign up at popmoney.com or download the mobile app, with your bank account information. If your bank works with Popmoney, you can log into your online banking site or mobile banking app to use the feature. Much like Zelle,...

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Fed Holds Rates Steady - Deposit Rate Predictions for 2018
Fed Holds Rates Steady - Deposit Rate Predictions for 2018

As expected, no policy changes were announced today at the end of the two-day FOMC meeting. The Fed decided to hold off on a rate hike, but slight changes in the FOMC statement point to a higher chance of two more rate hikes this year (which will likely come in September and December). For example, the Fed’s description of the economy went from “solid” to “strong”:

June FOMC statement:

Today’s FOMC statement:

Also, the Fed’s description of household spending went from “picked up” to “grown strongly”:

June FOMC statement:

Today’s FOMC statement:

September Fed...

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Understanding How an Early Withdrawal Penalty Works
Understanding How an Early Withdrawal Penalty Works
By Shen Lu

When you need cash for an emergency but don’t have enough in your “liquid” savings accounts, a bank certificate of deposit, known as a CD, or your retirement account may look like attractive targets. But funds in these accounts are typically locked up for a certain period of time and tapping them early generally comes with penalties.

These early withdrawal penalties can be significant, based on the specified account’s terms and conditions. But there are cases where it’s worth taking the penalty in exchange for better returns. We will...

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Is a Joint Bank Account a Good Idea for You?
Is a Joint Bank Account a Good Idea for You?
By Kara Perez

Combining bank accounts is a big step for any relationship, whether you’re spouses, a parent and child, or business partners who need to share the same account. A joint bank account can simplify cash flow in many ways, but it’s not something to undertake on a whim. It may complicate your tax obligation, and it can raise questions of ownership in light of a dispute or incapacitation.

If you’re considering opening a joint bank account with someone, make sure you know what it means for your money and for...

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Venmo Review: What Is It, How Does It Work and Is It Safe?
Venmo Review: What Is It, How Does It Work and Is It Safe?
By Jackson Wise

Venmo is a free mobile wallet and digital payment network owned by PayPal that has revolutionized splitting the dinner bill since its founding in 2009. The platform, which comes in the form of an app, as well as a website, lets users transfer money instantly to friends, family and businesses. Users link their debit card, bank account or credit card to the iOS- and Android-friendly app, and can then pay and receive cash via the platform. Money is stored in a user’s Venmo account until they send it...

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Second Fed Rate Hike of 2018: Deposit Rate Predictions and Strategies
Second Fed Rate Hike of 2018: Deposit Rate Predictions and Strategies

The Fed moved as expected by raising the federal funds rate by 25 basis points. This is the second Fed rate hike of 2018 and the seventh rate hike since the Fed started to raise rates in December 2015. Here’s that all important paragraph in today’s FOMC statement:

Just like in March, today’s decision was unanimous with all FOMC participants voting in favor of the rate hike.

In addition to announcing the rate hike, the FOMC statement described the state of the economy and the changes since the last...

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Fed Holds Rates Steady - Deposit Rate Predictions and Strategies
Fed Holds Rates Steady - Deposit Rate Predictions and Strategies

As expected, no policy changes were announced today at the end of the two-day FOMC meeting. The Fed decided to hold off on a rate hike, but a rate hike in June still looks very likely. The language in the FOMC statement describing the economy supports the continuation of the Fed’s gradual rate hikes. A few small changes in the statement language may be seen as increasing the odds of four rate hikes in 2018 (instead of just three). One is the change in the description of inflation:

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Set Aside Funds for College Expenses With College Savings Plans
Set Aside Funds for College Expenses With College Savings Plans
Written by Kevin L. Matthews II

We can all pretty much agree that a college education is an investment in any young adult’s future — and a significant one at that. The average net cost of a four-year degree today is over $58,000. And, according to Fidelity’s Annual College Savings Indicator study, parents are on track to cover only 29% of college tuition by the time their child reaches college age.

One common way parents can save for their child’s future college expenses is by using a 529 college savings plan. 529...

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What You Need to Know Before You Store Items into a Safe Deposit Box
What You Need to Know Before You Store Items into a Safe Deposit Box
Written by Sarah Li Cain

What is a safe deposit box?

A safe deposit box, also referred to as a safety deposit box, is a small secured box that sits in a vault, usually at a bank or credit union. Think of these as a smaller version of a safe, one you can rent to store valuables and important documents. The idea is that storing such items in a safe deposit box will protect them from fire, theft, tampering and other types of natural disasters. This is because a safe deposit...

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Everything You Need to Know About ChexSystems
Everything You Need to Know About ChexSystems
Written by Dave Grant

Many people are aware that their credit report is tracked by consumer reporting agencies (CRAs) such as Equifax, Experian and TransUnion. There’s also a similar system that tracks your banking history, a CRA named ChexSystems. If you’ve ever opened a checking or savings account, you may have a ChexSystems report, also called a consumer disclosure.

Banks and credit unions report information on closed checking and savings accounts to ChexSystems, which puts the data in a report that can be used by financial institutions to deny your application for...

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