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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 May 2021
The Best Cash Management Accounts in May 2021
Written by Sarah Berger and James Ellis | Updated on 5/13/2021

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Best No Penalty CD Rates in May 2021
Best No Penalty CD Rates in May 2021
Written by James Ellis | Updated on 5/12/2021

Certificates of deposit (CDs)...

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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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CD Ownership Has Declined at Almost Same Rate That Stock Ownership Has Increased
Written by Devon Delfino | Published on 3/16/2021

 

Certificate of deposit (CDs) ownership has steadily declined since 1989, while stock ownership has substantially increased in the same period.

But what’s driving these trends? Lower CD rates and stock trading apps played a role, according to DepositAccounts founder Ken Tumin.

In the latest DepositAccounts study, researchers further explored CD and stock ownership, looking at historical data and trends. Here’s what we found.

In this article we will cover:
  • Key findings
  • CD ownership vs. stock...
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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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