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

The Best Cash Management Accounts in August 2021
The Best Cash Management Accounts in August 2021
Written by Sarah Berger and James Ellis | Updated on 8/16/2021

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Best No Penalty CD Rates in August 2021
Best No Penalty CD Rates in August 2021
Written by James Ellis | Updated on 8/16/2021

Certificates of deposit (CDs)...

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52% of Americans Would Be Happy Never Visiting a Physical Bank Ever Again
Written by Sloan Hammer | Published on 8/16/2021

 

During the coronavirus pandemic, most bank branches had to modify how they did business. The result was a seemingly necessary shift toward online banking among consumers of all ages. And this shift seems like a new normal for many as the pandemic continues. 

As a result, according to a new DepositAccounts survey of more than 1,000 U.S. consumers, 52% of Americans would be happy never to return to a physical branch again. 

In...
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High Inflation and Low Rates - When Bank CDs Make Sense for Savers
High Inflation and Low Rates - When Bank CDs Make Sense for Savers

An important concern with long-term CDs is having your money locked into a low-rate CD when interest rates are increasing rapidly. With the possibility that we are moving into a period of rising inflation, that is a growing concern. DA reader kcfield made several good points in this DA Forum thread for savers to consider in today’s low-rate environment. As kcfield asked: “Should we give up our 0.50% interest savings account to invest in a 1% long term CD?” I think many savers and investors would agree with this opinion...

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Fed Meeting: Small Step Toward Tapering - Strategies for Savers
Fed Meeting: Small Step Toward Tapering - Strategies for Savers

At the completion of its two-day FOMC meeting, the Fed issued a statement very similar to its June statement. The only significant change was a subtle reference to tapering. It suggests that the Fed is starting to think about tapering. It should probably be viewed as the first step that will culminate in a formal announcement in the FOMC statement that a reduction in asset purchases will take place. Below is an excerpt of today’s FOMC statement. I bolded the new sentence that was added.

That formal announcement is probably several...

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Survey: Consumers Trust Banks More Than the Federal Government
Written by Kamaron McNair | Published on 7/06/2021

 

With a prime opportunity to prove their dedication to customers and constituents, banks and the federal government took various actions to help Americans through the COVID-19 pandemic, but was one working harder than the other? Perhaps, as 73% of consumers say they trust their financial institutions, versus just 51% who feel the same about the government regarding banking and personal...

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Fed Meeting: Forecasts Point to 2023 Rate Hike - Strategies for Savers
Fed Meeting: Forecasts Point to 2023 Rate Hike - Strategies for Savers

At the completion of its two-day FOMC meeting, the Fed issued a statement very similar to its April statement. As expected, there were no policy changes. The big news was in the Fed’s Summary of Economic Projections (SEP). The SEP dot plot shows that the majority of the Fed now think that there’ll be rate hikes by the end of 2023.

Today’s FOMC statement only had minor changes from the April statement. First, the Fed removed the opening statement about the pandemic “causing tremendous human and economic hardship.” That sentence has...

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Fed Meeting: Zero Rate Policy Continues - Strategies for Savers
Fed Meeting: Zero Rate Policy Continues - Strategies for Savers

At the completion of its two-day FOMC meeting, the Fed issued a statement very similar to its March statement. The only change was in the economic overview. The April statement is a little more positive about the progress on the recovery. Also, the new statement is acknowledging a rise in inflation, but as expected, the Fed considers this a temporary situation. The following are excerpts of the two statements that show the changes:

Excerpt of the March FOMC statement:

Excerpt of the April FOMC statement:

The Fed also removed the word “considerable” in...

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One-Year Anniversary of Reg D Change - Impact to Savings Accounts
One-Year Anniversary of Reg D Change - Impact to Savings Accounts

Last Saturday was the one-year anniversary of a little-known change in a Federal Reserve regulation that impacts savers. On April 24, 2020, the Fed announced a change to Regulation D that permits banks and credit unions to allow their customers to make more than six payments or withdrawals per month from their savings and money market accounts.

One thing that wasn’t apparent when the Fed first announced this change was if this change would be permanent or just temporary. A couple months after the announcement, the Fed updated its FAQs by...

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Fed Meeting: Still No Signs of Rate Hikes - Strategies for Savers
Fed Meeting: Still No Signs of Rate Hikes - Strategies for Savers

At the completion of its two-day FOMC meeting, the Fed issued a statement very similar to its January statement. There was just a small change to the economic overview which acknowledged some progress:

As expected, there were no policy changes. The target federal funds rate remains near zero and the pace of asset purchases remains unchanged. No one dissented at today’s meeting.

The Fed also released updates to its Summary of Economic Projections (SEP) which includes federal funds rate forecasts that extend out through 2023. On the plus side, the economic forecasts...

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