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

What Is Private Banking?
What Is Private Banking?
Written by Devon Delfino | Edited by Ali Cybulski | Published on 4/18/2024

 

Private banking is a personalized service that some financial institutions provide primarily to high-net-worth clients. It’s typically for individuals with at least $1 million in investable assets.

The aim is to bring a concierge-type feel to banking. Here’s more about private banking and whether it could be right for you.

Continue Reading
What Is a Debit Card and How Does It Work?
What Is a Debit Card and How Does It Work?
Written by Julie Ryan Evans | Edited by Ali Cybulski | Published on 4/18/2024

 

A debit card looks and acts like a credit card, with one big difference: You’re not borrowing money when you use a debit card. Instead, every transaction made with a debit card, also known as a bank card or check card, deducts funds directly from your checking account.

Continue Reading
Money Market Account vs. Savings Account: Which Is Best for You?
Money Market Account vs. Savings Account: Which Is Best for You?
Written by Devon Delfino and Dillon Thompson | Edited by Ali Cybulski | Published on 4/17/2024

 

At first glance, money market accounts and savings accounts may look quite similar: Both earn interest and allow you to access your money as needed. But these accounts are not exactly the same.

A money market account can offer higher interest rates but may require a much...

Continue Reading
How to Switch Banks
How to Switch Banks
Written by Dillon Thompson | Edited by Ali Cybulski | Published on 4/15/2024

 

People switch banks for countless reasons — maybe you moved, got frustrated by poor customer service or found higher interest rates elsewhere.

Changing banks can be harder than you think, with more options than you might expect. You’ll need a little extra know-how to set yourself up for success....

Continue Reading
Deposit Account Holders Netted 5.25 Times More Interest in 2023 Than in 2022
Deposit Account Holders Netted 5.25 Times More Interest in 2023 Than in 2022
Written by Maggie Davis | Published on 4/1/2024

 

The past couple of years have been good to depositors, with interest rates rising and fees falling. And 2023, in particular, was good to bank account holders. In fact, those with deposit accounts netted 5.25 times more in interest than in 2022.

Here’s what else we found.

On this page
  • Key findings
  • Banks paid out 301.0%...
Continue Reading
Fed Holds Rates Steady For Fourth Straight Meeting - Strategies for Savers
Fed Holds Rates Steady For Fourth Straight Meeting - Strategies for Savers

As expected, the Fed decided to hold its policy rate steady at its January 30-31 meeting. This is the fourth straight meeting with no rate changes. Below is the excerpt from today’s statement with the rate decision.

A significant addition to the FOMC statement was a sentence that suggests that the Fed is in no rush to cut rates:

This should lower the odds of a rate cut at the Fed’s March 19-20 meeting.

Even though CPI and PCE data has shown cooling inflation, the strength of the economy has surprised the Fed....

Continue Reading
Fed Holds Rates Steady For Third Straight Meeting - Strategies for Savers

As expected, the Fed decided to hold rates steady at its December 12-13 meeting. This is the third straight meeting that held rates steady. Although it’s not official, I think it’s safe to say that we are in a pause phase of this rate cycle. Today’s FOMC statement is very similar to the November statement. Below is the excerpt from today’s statement with the rate decision.

One slight change in today’s FOMC statement was the addition of the word “any” in the following phrase (emphasis is mine):

Fed Chair Powell was asked...

Continue Reading
Fed Holds Rates Steady For Second Straight Meeting - Strategies for Savers

The Fed decided to hold rates steady at the end of its October 31st/November 1st meeting. This is the first time in this rate hiking cycle with two back-to-back meetings with no rate hikes. The last Fed rate hike was on July 26th. It effectively ends what was thought to be an “every other meeting” rate hike plan that the Fed appeared to put in place in June. Below is the excerpt from today’s statement with the rate decision.

The new FOMC statement had only a couple of small changes from...

Continue Reading
Fed Holds Rates Steady But Signals One More Rate Hike - Strategies for Savers

The Fed decided to hold rates steady at the end of its September 19-20 meeting. This was a widely expected decision. Before today, the odds that the Fed was going to hold rates steady had risen to the high 90s. This decision was also inline with the “every other meeting” rate hike strategy that the Fed appeared to put in place in June. Below is the excerpt from today’s statement with the rate decision.

Some insights into the Fed’s future rate decisions can be seen in the Summary of Economic Projections...

Continue Reading
There Are 6,458 (or 7.9%) Fewer US Bank Branches Now Than in 2020 — Here Are the States, Metros That Lost the Most
Written by Devon Delfino

 

A brick-and-mortar bank is an essential part of financial management for some, offering in-person customer service and support. While a 2020 DepositAccounts study showed bank branch closures slowing despite the COVID-19 pandemic, these physical locations are becoming less and less available.

In fact, the newest DepositAccounts study shows there were 7.9% fewer bank branches in June 2023 than in...

Continue Reading
Load More...