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

Bank Deals Blog: Bank Health

Bank Health in the COVID-19 Pandemic - Updates from 2021 Q2 Data
Bank Health in the COVID-19 Pandemic - Updates from 2021 Q2 Data

Last week, the FDIC and NCUA released their reports of the second quarter health of the institutions they insure. They also released the 2021 Second Quarter Call Reports of all insured institutions. We use these reports to derive our financial health grades for each institution. We have finished importing this data, and all of the health grades for banks and credit unions have been updated to reflect the June 30, 2021 reports.

You can view the latest health ratings of your bank or credit union in our Bank Health...

Continue Reading
DepositAccounts Releases Annual Top200 Bank & Credit Union Lists
DepositAccounts Releases Annual Top200 Bank & Credit Union Lists

DepositAccounts.com has released its list of the 2021 Top 200 Healthiest Banks and Credit Unions in America.

DepositAccounts.com evaluates the financial health of federally-insured banks and credit unions in the United States once per quarter and has been tracking healthy institutions since 2010. To determine bank ranking and recognition, DepositAccounts.com grades each institution on a number of factors, including capitalization, deposit growth, and loan-to-reserve ratios.

For a complete listing of the 2021 Top 200 Healthiest Banks and Credit Unions in America, visit https://www.depositaccounts.com/banks/health.aspx.

Continue Reading
Bank Health in the COVID-19 Pandemic - Updates from 2021 Q1 Data
Bank Health in the COVID-19 Pandemic - Updates from 2021 Q1 Data

In the last month, the FDIC and NCUA released their reports of the first quarter health of the institutions they insure. They also released the 2021 First Quarter Call Reports of all insured institutions. We use these reports to derive our financial health grades for each institution. We have finished importing this data, and all of the health grades for banks and credit unions have been updated to reflect the Mach 31, 2021 reports.

You can view the latest health ratings of your bank or credit union in our...

Continue Reading
Bank Health in the COVID-19 Pandemic - Updates from 2020 Q4 Data
Bank Health in the COVID-19 Pandemic - Updates from 2020 Q4 Data

In the last month, the FDIC and NCUA released their reports of the fourth quarter health of the institutions they insure. They also released the 2020 Fourth Quarter Call Reports of all insured institutions. We use these reports to derive our financial health grades for each institution. We have finished importing this data, and all of the health grades for banks and credit unions have been updated to reflect the December 31, 2020 reports.

You can view the latest health ratings of your bank or credit union in our...

Continue Reading
FTC Bans Beam Financial from Mobile Banking
FTC Bans Beam Financial from Mobile Banking

The financial technology company (fintech) known as Beam that offered a high-yield bank account via its mobile app is banned from offering banking services. The Federal Trade Commission (FTC) just announced the settlement it reached with Beam Financial. According to the FTC press release:

Concerns started to build at Beam last September when DA readers posted problems that they had in withdrawing their money from Beam. In October, news of these issues were published by CNBC. In my October blog post, I reviewed these issues and my concerns about how Beam...

Continue Reading
Bank & Credit Union Health Grades Updated from Latest Data (2020 Q3)
Bank & Credit Union Health Grades Updated from Latest Data (2020 Q3)

The FDIC and NCUA recently released their reports of the third quarter health of the institutions they insure. They also released the 2020 Third Quarter Call Reports of all insured institutions. We use these reports to derive our financial health grades for each institution. We have finished importing this data, and all of the health grades for banks and credit unions have been updated to reflect the September 30, 2020 reports.

You can view the latest health ratings of your bank or credit union in our Bank Health Ratings...

Continue Reading
Beam Money Withdrawal Problems Highlight Risk of Banking at Fintechs

The financial technology company (fintech) known as Beam has made news due to many of its banking customers reporting that they have been unable to withdraw their money for months. Beam attracted attention in the last year due to its high yield bank account that’s accessed through the Beam mobile app. Like many fintechs, Beam claimed to be working with banks that actually hold the customer deposits. Through these banks, it was claimed that the accounts offered FDIC coverage. The problem that Beam customers have been experiencing is shedding light...

Continue Reading
Fourth Bank Failure of 2020 - Another Bank With Pre-Pandemic Issues
Fourth Bank Failure of 2020 - Another Bank With Pre-Pandemic Issues

Kansas state regulators closed Almena State Bank late Friday, October 23. This is the fourth bank to fail in 2020, and it’s the third bank to fail since the COVID-19 pandemic began in March. Like the first and second bank that failed during the pandemic, Almena State Bank had major problems long before this year. According to the FDIC press release:

Even though the pandemic may not be to blame for this bank’s failure, it should be noted that this failure occurred only one week after the previous bank failure (the...

Continue Reading
Q3 Earnings Report Offers Insights for Ally Bank’s Deposit Customers

Last Friday Ally Financial released its third quarter earnings report, and Q3 profits were strong and far exceeded analysts’ estimates. A few details from Ally’s earnings report may interest Ally Bank deposit customers. First, if you have a lot of your savings at Ally Bank, the Q3 earnings report indicates a financially healthy bank. According to this American Banker article on Ally:

Auto loans contributed to large gains in both revenue and profit. Compared to Q3 2019, adjusted total net revenue was up 4%, and adjusted earnings per share was up...

Continue Reading
Third Bank Failure of 2020 - Bank Had Problems Long Before 2020
Third Bank Failure of 2020 - Bank Had Problems Long Before 2020

Florida state regulators closed First City Bank of Florida late Friday, October 16. This is the third bank to fail in 2020, and it’s the second bank to fail since the COVID-19 pandemic began in March. Like the first bank that failed during the pandemic, First City Bank of Florida had major problems long before this year. According to the FDIC press release:

The pandemic will likely result in a large increase in loan defaults and other conditions that will stress banks. Help from the Federal Reserve, the Treasury, the FDIC...

Continue Reading
Load More...