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.

Featured Savings Rates

Popular Posts

Featured Accounts
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...

Continue Reading
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...

Continue Reading
First Fed Rate Hike of 2018 - What Savers Should Expect for This Year
First Fed Rate Hike of 2018 - What Savers Should Expect for This Year

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

Unlike in December when two Fed officials voted against the rate hike, today’s decision was unanimous.

An added sentence in today’s FOMC statement bodes well for 2018:

However, the economic outlook hasn’t strengthened enough for the Fed to speed up the pace...

Continue Reading
Treasury Bonds Versus CDs in a Rising Rate Environment
Treasury Bonds Versus CDs in a Rising Rate Environment

Since the financial crisis in 2008, CD rates have been consistently higher than equivalent term Treasury notes (notes have a maturity between one and 10 years). As a result, in most cases, an investor could get a better rate if they looked to CDs. As the chart below shows, this calculus has changed a bit over the last six months as the rates on Treasuries have shot up with the accelerating economy.

So, if you have a chunk of money to invest in a risk-free asset, which will be it...

Continue Reading
Retirement Planning: Tips to Save for Retirement
Retirement Planning: Tips to Save for Retirement
Written by Kevin L. Matthews II

Planning for retirement and having a successful retirement remains one of the biggest financial concerns among Americans today. According to Prudential's 2016 Retirement Preparedness Survey, 49% of respondents cite saving for retirement as their number one financial concern, followed by not having enough money to maintain their lifestyle through retirement at 47%.

Figuring out your retirement options isn’t always easy though. You have to choose a retirement plan that works best for you, know how much you should be investing, select an investment strategy and periodically...

Continue Reading
Understanding IRA Rollover Rules
Understanding IRA Rollover Rules
Written by Marty Minchin

If you change employers or you’re ready to retire and are wondering what to do with your old retirement plan, you may be interested in learning more about rollovers.

A rollover is simply what happens when you move savings in one retirement fund into a new retirement fund.

Rolling over an IRA can be tricky, however, and investors should make sure they are up-to-date on the latest tax rules before moving money from one retirement account to another.

How do I rollover my IRA distributions?

There are three ways to roll...

Continue Reading
Fed Holds Rates Steady - Odds Are Up for March Rate Hike
Fed Holds Rates Steady - Odds Are Up for March Rate Hike

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 March still looks very likely. The language in the FOMC statement describing the economy is very similar to the language that was in the December statement. The only significant difference is that the Fed acknowledged recent increases in inflation. For example, in the December FOMC statement, the Fed had the following description of inflation and future inflation expectations:

Continue Reading
How to Transfer Money From One Bank to Another
How to Transfer Money From One Bank to Another

If you need to transfer money from one bank to another, options abound. Though it seems like a straightforward process, it can get a little confusing with all the different methods, timelines and fees you could incur moving money back and forth between accounts. There are so many choices on how to get this done, that you may wonder what is the easiest, quickest and least expensive route to take.

The best way to transfer money from one bank to another is really relative to your needs at the moment. You...

Continue Reading
401(k) Loan: Should You Take a Loan Against Your 401(k)?
401(k) Loan: Should You Take a Loan Against Your 401(k)?
Written by Cat Alford

Some 401(k) accounts offer the option of a 401(k) loan, meaning you borrow a portion of your own money that you’ve saved for retirement.

It seems simple at first. Afterall, you’re technically borrowing from yourself. However, 401(k) loans have some serious tax implications if they’re not paid back in the appropriate amount of time. They also have other disadvantages you should consider before getting one.

Why would you take out a 401(k) loan?

A 401(k) loan is not something you take out lightly, because there are huge costs associated with...

Continue Reading
Using a Flexible Spending Account (FSA) for Medical Expenses
Using a Flexible Spending Account (FSA) for Medical Expenses

There’s often nothing more damaging to your finances than an expense you aren’t prepared to cover. It can send you spiraling, forcing you to take out more debt than you can afford.

There’s one area in particular where those costs can easily skyrocket, saddling you with tens of thousands in unpaid bills: health care. Talk to just about anyone in dire financial straits, and chances are they’ve been hit with an unexpected medical bill at some point in their lives. These days, it’s not even a sudden doctor’s visit that can...

Continue Reading
Load More...