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

Popular Direct (Internet Bank) Ups 3-Year CD Rate

Deal Summary: 3-Year Popular Direct CD, 1.90% APY, $10k minimum

Availability: Nationwide, internet bank

It’s been almost nine months since Banco Popular North America introduced its newest internet division, Popular Direct. At the end of last week, Popular Direct raised the rates on its long-term CDs, with the 3-year Popular Direct CD being the most competitive. The minimum opening deposit for any Popular Direct CD is $10k, with no stated balance cap.

Since August 2016, there have been four rate increases for the 3-year CD,...

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First Central Direct Has Nationally Available 36-Month CD (2.00% APY)

Deal Summary: 36-month E-Certificate of Deposit, 2.00% APY; 30-month E-Certificate of Deposit, 1.85% APY; $500 minimum deposit.

Availability: Nationwide (internet division)

Earlier this month, I wrote about First Central Direct, the new online division of First Central Savings Bank, and its competitive online money market account. First Central Direct has just raised the rates on its online 36-month E-Certificate of Deposit (2.00% APY) and 30-month E-Certificate of Deposit (1.85% APY). The minimum deposit is $500, with no stated balance cap.

According to CSR, the Early Withdrawal Penalty for any...

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Ally Bank Increases Rates on 1-Year, 5-Year and Raise Your Rate CDs

Deal Summary: 1-year CD, 1.30% APY (increase of 25 bps); Also, rate increases on 5-year CD, 2-year Raise Your Rate CD and 4-year Raise Your Rate CD.

Availability: Internet Bank

Ally Bank increased the rate of its 1-year CD by 25 basis points. The new rate is now 1.30% APY for all balances. In addition, Ally increased the rates by 10 basis points of its two Raise Your Rate (RYR) CDs. The 2-year RYR CD has a 1.40% APY, and the 4-year RYR CD has a 1.50% APY. The...

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New Internet Bank, PurePoint Financial, Debuts Top National Rate

UPDATE 3/22/2017: Late last week PurePoint Financial raised its 12-month and 18-month CD rates by 5 bps to 1.45% APY. This post was originally published on 2/23/2017.

Deal Summary: 12-Month CD, 1.45% APY; $10k minimum deposit. Online Savings, 1.25% APY, $10k minimum.

Availability: Nationwide

When I have the occasion to write about a new bank, “new” usually means opened in the recent past; in the case of PurePoint Financial, “new” means yesterday, literally. PurePoint Financial is an online division of MUFG Union Bank, N.A. (Union Bank) which itself...

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Best Bank Account Interest Rates - Summary for March 21, 2017
Best Bank Account Interest Rates - Summary for March 21, 2017

We didn’t have to wait a year for another Fed rate hike. Last week, at its second FOMC meeting of the year, the Fed raised the federal funds rate by 25 basis points. This Fed rate hike came after only about three months from the last Fed rate hike in December, which is a good sign that we will see multiple Fed rate hikes this year.

After the meeting last week, the Fed released new economic projections which included its projections on the federal funds rate, the “dot plot.” Since this...

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Synchrony Bank Increases CD Rates to Very Competitive Levels

Deal Summary: Rate Increases on CDs with terms from 1 to 5 years with APYs ranging from 1.35% for 1-year CD to 2.30% for 5-year CD.

Availability: Nationwide (internet bank)

Synchrony Bank has just raised its CD rates on terms from 1 to 5 years. This move comes less than a week after the Fed increased the fed funds rate, and it’s a positive sign that interest rates are finally moving up for savers.

The size of the rate increases ranged from 10 basis points on the 12-month CD, to 30...

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CD Rates Summary March 14, 2017
CD Rates Summary March 14, 2017

This is one of those rare occasions when everyone expects the Fed to raise interest rates at its meeting. We’ll see if that happens when the Fed meeting ends on Wednesday with the FOMC statement scheduled to be released at 2:00pm EDT, followed by a press conference by Fed Chair Janet Yellen at 2:30pm.

The odds of a Fed rate hike at this March meeting began rising in late February. Expectations grew as influential Fed officials gave speeches signaling that the Fed was serious about hiking rates. When those signals were...

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Big CD Rate Hikes at Capital One, 5-Year CD Now 2.30% APY

Deal Summary: 5yr CD, 2.30% APY; 2yr CD, 1.60% APY; 18mo CD, 1.45% APY; no minimum deposit

Availability: Nationally available

Capital One increased the rates on four of its 360 CDs this morning. The 5-year CD rate had the largest increase. The APY is now 2.30%, up by 30 basis points. The 2-year CD rate also had a sizeable increase, up 15 basis points to 1.60% APY. The 18-month CD rate increased 10 basis points to 1.45% APY, and the 9-month CD rate increased 20 basis points to 0.60% APY.

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Best Bank Account Interest Rates - Summary for March 7, 2017
Best Bank Account Interest Rates - Summary for March 7, 2017

It now looks very likely that we’ll see a rate hike at the Fed’s meeting next week (March 14-15). The expectations for a rate hike started to grow substantially two weeks ago as influential Fed officials gave hawkish speeches. Then the most influential of the Fed officials, Fed Chair Janet Yellen, capped off the speeches with her own hawkish speech last Friday. Of course, the speech doesn’t say a rate hike will be guaranteed, but Yellen’s comments were seen by many as a clear sign of a rate hike. The...

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Ally Bank Raises Its 5-Year High Yield CD Rates

Deal Summary: 60-month CD, 2.00% APY, $25k minimum deposit

Availability: Internet Bank

Last Friday, Ally Bank increased the rates of its 5-year High Yield CD by 25 basis points. The top tier now has a 2.00% APY, with a minimum deposit of $25k. Slightly lower rates are available for smaller deposits (1.95% APY for a $5k minimum and 1.90% APY with no minimum). These rates and tiers also apply to Ally Bank’s IRA 5-year CD. Note, Ally Bank began rate tiers in 2015.

These new rates aren’t exceptional, but...

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