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

Fed's Pause Has Begun - Rate Predictions & CD Strategies for 2019
Fed's Pause Has Begun - Rate Predictions & CD Strategies for 2019

There were no surprises yesterday when the Fed made its post-meeting statement. The federal funds rate remained the same, and the same patience language was used to describe the Fed’s future plans:

One thing that did change in the statement from January was the description of the current economic condition. There were clear downgrades in its view of the economy:

In January, the Fed’s statement included these positive views:

Yesterday’s statement changed the above lines to the following:

This policy action was an unanimous decision with no policymaker dissenting.

In addition to the statement,...

Continue Reading
2019 Study of CD Early Withdrawal Penalties and How They Have Changed
2019 Study of CD Early Withdrawal Penalties and How They Have Changed

In 2016 we did a study on CD early withdrawal penalties (EWP). By examining EWP data from more than 1,000 institutions, we extracted average EWPs for CD terms from 6 months to 5 years. This year we looked at the data again to see how EWPs have changed. The review included EWP data from 7,562 CDs that were offered by 1,019 banks and credit unions.

As described in our 2016 overview of CD EWPs, the early withdrawal penalty is simply a penalty that is applied when a CD holder elects to...

Continue Reading
Banking 101: SIPC vs FDIC - Understanding the Difference
Banking 101: SIPC vs FDIC - Understanding the Difference
Written by Katherine Gustafson | Published on 3/8/2019

Note: This article is part of our Basic Banking series, designed to provide new savers with the key skills to save smarter.

The Federal Deposit Insurance Corporation (FDIC) and the Securities Investor Protection Corporation (SIPC) are two entities that insure banks and other financial institutions to protect their customers in case of a company’s failure. In planning your deposits and investments, you’ll want to know a bit about these options to ensure you’re getting the coverage you need.

...
Continue Reading
Banking 101: How Do Savings Bonds Work?
Banking 101: How Do Savings Bonds Work?
Written by Dave Grant | Published on 3/8/2019

Note: This article is part of our Basic Banking series, designed to provide new savers with the key skills to save smarter.

Savings bonds are low-risk savings products that pay interest for the time period in which you own them. The products, available for purchase from Treasury Direct, are part of a government program started by President Franklin D. Roosevelt in 1935. It allowed the Treasury Department to sell U.S. Savings Bonds as a type of security to the American public.

Continue Reading
The Best Money Market Account Rates in March 2019
The Best Money Market Account Rates in March 2019
Written by Lauren Perez and Ken Tumin

Editorial note: Any opinions, analyses, statements, reviews or recommendations expressed in this article are those of the authors' alone,...
Continue Reading
The Best CD Rates in March 2019
The Best CD Rates in March 2019
Written by Lauren Perez and Ken Tumin

Editorial note: Any opinions, analyses, statements, reviews or recommendations expressed in this article are those of the authors' alone,...
Continue Reading
Banking 101: How to Cash in Series EE Savings Bonds
Banking 101: How to Cash in Series EE Savings Bonds
Written by Emily Starbuck Gerson | Published on 3/4/2019

Note: This article is part of our Basic Banking series, designed to provide new savers with the key skills to save smarter.

Let us guess: A relative gave you a United States savings bond when you were a kid — now...

Continue Reading
Banking 101: What to Do When You’ve Lost a Money Order
Banking 101: What to Do When You’ve Lost a Money Order
Written by Emily Starbuck Gerson | Published on 3/2/2019

Note: This article is part of our Basic Banking series, designed to provide new savers with the key skills to save smarter.

Money orders are a handy way to pay for a product or service without either party needing to have a bank account. It’s practically the same as handing over dollar bills, but you have the comfort of knowing you have a receipt with tracking information and proof of payment should the money order ever go missing...

Continue Reading
Western Union Money Transfer Review
Western Union Money Transfer Review
Written by Anna Baluch | Published on 2/25/2018

What is Western Union?

Western Union was founded in 1851 as a telegraph company. Today, it is known as one of the largest money transfer provider in the world. It has more than 550,000 agent-staffed locations and cash pickup is available in over 200 countries and territories. Its mission is to connect both people and businesses by enabling them to securely and seamlessly transfer money in ways that are convenient for them.

If you use Western Union, you can reap the benefits of incredible flexibility....


Continue Reading
Banking 101: Reasons to Use Bill Pay
Banking 101: Reasons to Use Bill Pay
Written by Katherine Gustafson | Published on 2/23/2019

Note: This article is part of our Basic Banking series, designed to provide new savers with the key skills to save smarter.

In this article we will cover:
  • What is online bill pay?...
Continue Reading
Load More...