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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 February 2021
The Best Cash Management Accounts in February 2021
Written by Sarah Berger and James Ellis | Updated on 2/9/2021

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Best No Penalty CD Rates in Febrary 2021
Best No Penalty CD Rates in Febrary 2021
Written by James Ellis | Updated on 2/9/2021

Certificates of deposit (CDs)...

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1 in 3 Savings Accounts, 1 in 4 Checking Accounts Saw APY Changes at Start of Coronavirus Crisis
Written by Devon Delfino | Published on 2/3/2021

 

Interest rates have taken a significant dive amid the coronavirus pandemic. On one hand, that’s a good thing for borrowers. On the other hand, though, 1 in 3 savings accounts and 1 in 4 checking accounts saw APY changes in March 2020 — the first full month of the coronavirus recession — after a series of federal funds rate cuts.

To find out the extent to which APYs have been impacted by the...

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Thoughts on the Stock Market - Investment Strategies for Savers
Thoughts on the Stock Market - Investment Strategies for Savers

There has been a massive amount of media coverage this week of stocks like GameStock that have surged to unbelievable price levels as small traders organized via Reddit attempt to profit from short selling done by hedge funds. Early in the week, it appeared the small traders were winning, but then on Wednesday, brokerage firms like Robinhood restricted access to these stocks. Almost everyone seems to be alleging that these brokerage firms have colluded with the hedge funds so that the hedge funds continue to win at the expense of...

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Fed Meeting: Long Way From a Full Recovery - Strategies for Savers
Fed Meeting: Long Way From a Full Recovery - Strategies for Savers

At the completion of its two-day FOMC meeting, the Fed issued a statement very similar to its December statement. The only change was an acknowledgment of the hit the economy has taken in the last two months from the resurgence of the pandemic and acknowledgment that vaccination progress will be an important factor in how the economy progresses. There was no change in the Fed’s forward guidance on rates or asset purchases. The statement language remains the same as December's language which means that it’s very likely that it will...

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Fed Meeting: Improved Economic Projections - Strategies for Savers
Fed Meeting: Improved Economic Projections - Strategies for Savers

At the completion of its two-day FOMC meeting, the Fed issued a statement very similar to its November statement. The only change was more details in the forward guidance of asset purchases. The composition of the asset purchases didn’t change. Some economists had expected the Fed to shift its purchases to longer-term maturities.

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 were upgraded which indicates more optimism for the...

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Expect to Use Your Debit Card 13 Times a Month — on Average — to Earn the Highest APYs, Best Rewards
Written by Dawn Papandrea | Published on 11/10/2020

 

Many traditional banks aren’t offering much of an opportunity to earn high APYs right now. Some consumers are turning to high-yield and rewards checking accounts to try to squeeze a little more value from their banking relationships.

However, the requirements to earn the highest APYs and best cashback rewards can often be onerous — or even risky for some consumers. DepositAccounts researchers reviewed 73 high-yield and rewards checking accounts from banks and credit...

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

As expected, the Fed didn’t announce any policy changes at the end of its two-day meeting. No changes were made to interest rates or asset purchase plans. All policy sections of today’s FOMC statement were exactly the same as those in the September statement. Only the section that includes an overview of the economy had any changes, and those changes were minimal. Here’s the part of the policy sections describing interest rates:

No one dissented at today’s meeting. One of the dissenters in the September meeting, Minneapolis Fed President, Neel Kashkari,...

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Bank Branch Closures Slow Despite Coronavirus
Written by Devon Delfino | Published on 10/14/2020

 

Banks have been steadily reducing brick-and-mortar locations over the past several years. And with the economic and social impacts of the coronavirus pandemic, banks and businesses alike are taking a hit. The question is: What will those ramifications look like as things continue to evolve?

According to the latest research from DepositAccounts, banks have slowed branch closures relative to openings, even though in 2020’s second quarter these financial institutions opened the fewest branches...

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Best Student Checking Accounts 2021
Written by Lauren Perez | Published on 10/13/2020

 

A student checking account can be a great tool to help students learn money management skills. With so many choices out there, DepositAccount experts sifted through dozens of student checking accounts and regular accounts to make it easier to find the best one for you. 

When choosing these accounts, we took into account monthly fees, any...

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