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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.


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Bank Deals Blog: Internet Banks

GiftsforBanking 5-Year CD Earns 2.75% APY And You Get A Gift
Deal Summary: 3-year CD Gifts (2.50% APY) and 5-year CD Gifts (2.75% APY), gifts for $25k+, $50k+, and $100k+ deposits.

Availability: Nationwide (internet bank)

GiftsforBanking.com’s (GfB) 3- and 5-year CD Gifts are another two NTS (New To Summary) CDs that were added to this week’s CD Rates Summary. The 3-year’s 2.50% APY has been in effect since late March, while the 5-year has been offering a 2.75% APY for nearly a year. The minimum opening deposit is $25k, with no stated balance cap.

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Capital One 18-Month CD Earns 1.90% APY
UPDATE 9/13/2019: Rate lowered to 1.90% APY.

Deal Summary: 18-month 360 CD, 2.55% 1.90% APY, no minimum deposit, but capped at $1 million.

Availability: Nationwide

Capital One’s 18-month 360 CD is another NTS (New to Summary) addition to this week’s CD Rates Summary. Currently earning 2.55% 1.90 APY, the 18-month 360 CD is listed in the Summary’s top four nationally available 18-month CDs.

Capital One 360 CDs have no minimum opening deposit requirement, “however, your Certificate of Deposit account may not exceed $1,000,000.”...

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Merrick Bank Offers Nationally Available 18-Month CD, 2.56% APY
Availability: 18-month CD, 2.56% APY, $25k minimum/$250k maximum deposit

Availability: Nationwide (internet bank)

You may have noticed a new abbreviation in yesterday’s CD Rates Summary: NTS (New to Summary). A CD marked with NTS has become competitive not through a rate increase, but by maintaining an APY during the recent reshuffling of rates. Merrick Bank’s 18-month CD (2.56% APY) is one such CD. Added to the product line about a month ago, the 18-month CD’s rate has held steady and is currently the highest APY...

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CD Rates Summary September 10, 2019
CD Rates Summary September 10, 2019

CD rate cuts have continued. The big online banks have been steadily cutting their CD rates. A couple of credit unions have come out with noteworthy CD specials, but the best ones don’t last long. An example was the 3% 18-month CD special at AgFed Credit Union. That special lasted less than a week. AgFed’s 18-month CD rate is now down to 2.20% APY.

The interest rate environment slightly improved last week with Treasury yields gaining and the odds of future Fed rate cuts falling a bit. If the Fed follows...

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Best Bank Account Interest Rates - Summary For September 3, 2019
Best Bank Account Interest Rates - Summary For September 3, 2019

Several online savings accounts had rate cuts in the last two weeks, but the number of cuts was less than previous weeks. Banks may be waiting for the next Fed rate cut before they begin another round of cuts.

Below are the noteworthy savings and money market account rate changes that have occurred in the last two weeks:

  • FitnessBank Savings (-25 bps to 2.75% APY, w/step requirements)
  • Popular Direct Ultimate Savings (-5 bps to 2.50% APY, $5k min)
  • Investors eAccess Money Market (-10 bps to 2.20% APY)
  • Marcus by Goldman Sachs Savings (-15 bps...
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CD Rates Summary August 27, 2019
CD Rates Summary August 27, 2019

CD rate cuts have continued with another popular CD special coming to an end. Many of the big online banks have been steadily cutting their CD rates. With long-dated Treasury yields continuing to fall, with the yield curve becoming more inverted and with the odds of a September Fed rate cut still high, I’m afraid more CD rate cuts are likely as September begins next week.

In the last two weeks, noteworthy cuts have occurred at the following banks. A couple of the CDs had multiple cuts in the last two...

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Best Bank Account Interest Rates - Summary For August 20, 2019
Best Bank Account Interest Rates - Summary For August 20, 2019

With the odds of additional Fed rate cuts rising, some banks are not waiting to make additional cuts on their savings account rates.

PurePoint Financial first cut its rate on July 12th. On August 16th, it cut the rate again. The Online Savings account rate is now 2.00% APY, down 35 bps since July. This is especially disappointing since PurePoint had a history of leading the savings accounts of the well-established online banks like Synchrony. With its $10k minimum to qualify for the top rate, it seemed to be designed to...

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BrioDirect Unveils High-Yield Savings, 2.46% APY
Availability: High-Yield Savings, 2.46% APY, $25 min deposit. 9-month CD, 2.30% APY, $500 min deposit. 12-month CD, 2.60% APY, $500 min deposit.

Availability: Internet bank

To quote DA reader, redwilli1, “Has anyone heard of BrioDirect HYS 2.46% APY?”

BrioDirect, the new online division of Sterling National Bank, has unveiled its product line, which consists of a savings account and two short-term CDs. While not offering outstanding rates, the High-Yield Savings (2.46% APY), 9-month CD (2.30% APY), and 12-month CD (2.60% APY) are nonetheless competitive.

High-Yield Savings

  • 2.46%...
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CD Rates Summary August 13, 2019
CD Rates Summary August 13, 2019

As expected, CD rate cuts have continued after the July Fed rate cut. The continued falling of long-dated Treasury yields is also putting downward pressure on CD rates. Banks can’t profit as easily when long-term rates are low and the yield curve is inverted.

In the last two weeks, noteworthy cuts have occurred at the following banks. A couple of the CDs had multiple cuts in the last two weeks. The totals of the cuts are listed below.

  • State Bank of India (IL) (5yr fell 25 bps to 2.89% APY, 1yr fell...
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Best Bank Account Interest Rates - Summary For August 6, 2019
Best Bank Account Interest Rates - Summary For August 6, 2019

After last week’s Fed meeting, we are now officially in a falling rate environment. The Fed cut the target federal funds rate for the first time since 2008. As I described in my Fed summary, it looks likely that we’ll see more rate cuts this year.

Banks were already cutting their online savings account rates before last week in anticipation of the rate cut. With the Fed cut now behind us, the number of online savings account rate cuts have grown. For example, in the last liquid account summary, there were...

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