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

Ally Bank Increases 11-Month No Penalty CD Rates

Deal Summary: 11-Month No Penalty CD: 1.60% APY, $25k minimum (increase of 10 bps).

Availability: Nationwide

For the second time this week, Ally Bank raised the rates on some of its CDs. Today it increased the rates of its 11-month No Penalty CD and its 18-month CD. The 11-month No Penalty CD rate hike is the most noteworthy. All three rate tiers went up. Below is the summary of the new rates and how these rates have changed:

11-Month No Penalty CD

  • 1.60% APY, $25k min (was 1.50%)
  • 1.35% APY,...
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Discover Bank Increases Savings Account and Money Market Rates

Deal Summary: Rate increases: Online Savings Account, 1.30% APY, No minimum balance: Money Market, 1.20% APY $100k+, 1.15% under $100k

Availability: Internet Bank

Today Discover Bank increased the APY of its Online Savings Account from 1.20% to 1.30%. While this new rate isn’t exceptional for an online savings account, it shows that competition among internet banks continues to push rates upward. Discover now joins other big internet banks such as Synchrony and Barclays with a 1.30% savings account. Next week’s expected Fed rate hike may have contributed...

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Colorado Federal Savings Bank Boosts Premier Savings To 1.65% APY
Deal Summary: Premier Savings, 1.65% APY, $50k minimum deposit, new customers only

Availability: Nationwide (internet bank)

In the past three weeks, Colorado Federal Savings Bank’s (CFSB) new Premier Savings account has experienced two rate increases, which added a total of 75 bps to its APY. The initial (and rather unimpressive) rate of 0.90% APY has rocketed to 1.65% APY on balances of $50k+ in only three months. The Premier Savings account is only available to new CFSB customers, who are defined as, “a customer who has...

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CD Rates Summary December 5, 2017
CD Rates Summary December 5, 2017

A December Fed rate hike continues to look like a sure thing. The December FOMC meeting is scheduled to start next Tuesday (Dec 12th) with the rate announcement on Wednesday. In addition to the policy statement, Janet Yellen is scheduled to give a press conference and the Fed will be releasing its economic and federal funds rate projections. Those rate projections will be the most interesting thing from the meeting. Will they show more FOMC members anticipating four or more rate hikes in 2018? In September, a majority at the...

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Ally Bank Ups Mid-Term and Long-Term CD Rates

Deal Summary: Noteworthy rate increases: 5-year CD, 2.35% APY ($25k+); 18-month CD 1.70% APY ($25k+)

Availability: Nationwide (internet bank)

This morning, Ally Bank increased the rates on its mid-term and long-term CDs. The 5-year CD rate increased 10 bps to 2.35% APY for deposits of at least $25k. The 5-year CD now has three rate tiers (2.25% APY, $0+, 2.30% APY, $5k+; 2.35% APY, $25k+). Also noteworthy, the 18-month CD rate increased 35 bps to 1.70% APY for deposits of at least $25k. The two Raise Your Rate (RYR) CDs and...

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Best Online Savings Accounts - Summary for December 2017
Best Online Savings Accounts - Summary for December 2017

Online savings accounts represent one of the best guaranteed options for growing your money, especially if you need to maintain access to cash on short notice. Still, not all online savings accounts are created equal.

We’ve rounded up a list of the best online savings account rates in 2017.

We'll also discuss the following:

  • Savings account rate history
  • Why online savings accounts produce better yields
  • The difference between savings accounts and CDs

We obtained the following rates by searching through our comprehensive Personal Savings Accounts list. We set a deposit amount of $25,000 and only...

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Nationwide Bank's Money Market Now Earns 1.40% APY

UPDATE 12/4/2017: Money Market Account rate increased by 10 bps.

Deal Summary: Money Market Account, 1.30% 1.40% APY ($10k+), 1.05% 1.15% APY (below $10k).

Availability: Nationwide (internet bank)

Nationwide Bank’s Money Market account has not been part of DA’s bi-weekly Best Rates Summary since late June 2017. At that time, all Savings and Money Market accounts with APYs of 1.00% APY or less were removed, as the climate of rising rates made these accounts non-competitive. Nationwide raised the rate on its Savings Account to 1.30% APY in August,...

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iGObanking Boosts 24-Month CD Rate To 2.10% APY
Deal Summary: 24-month iGOCD (2.10% APY), $1k minimum deposit

Availability: Nationwide (internet bank)

It’s been more than six months since I had a reason to write about an iGObanking product. That changed at the end of last week, when iGObanking added 40 bps to its 24-month iGOCD (2.10% APY). This new rate is the highest rate for the 24-month iGOCD since 2010. The minimum opening deposit is $1k, with no stated balance cap.

As stated on iGObanking’s FAQs page, the Early Withdrawal Penalty reads as follows:

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Advancial's 1-Year Jumbo Certificate Now Earns 1.90% APY
Deal Summary: Jumbo Certificates, $50k minimum - 6-month (1.75% APY); 1-year (1.90% APY); 18-month (2.01% APY); 2-year (2.10% APY).

Availability: Residents of the Louisiana parishes of Acadia, Avoyelles, Evangeline, Iberia, Lafayette, St. Landry, St. Martin, and Vermillion; Employees of many SEGs; Easy membership requirement by joining Connex ($5 fee).

Advancial’s latest round of rate increases confirms that the trend of short-term CDs outperforming long-term CDs continues to be the standard. Since the beginning of the year, Advancial has been steadily increasing its short-term CD rates. The long-term CDs, on...

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Crestmark Bank Leads With 12-month CD (1.80% APY)
Deal Summary: 12-month CD, 1.80% APY, $25k minimum deposit.

Availability: Nationwide

It’s been less than a week since I wrote about Crestmark Bank's (Crestmark) competitive 6-month CD (1.62% APY) and 9-month CD (1.65% APY). Don't worry, they're still available. Crestmark is ending the month on a high note by raising the rate on its 12-month CD to an impressive 1.80% APY. Like the 6- and 9-month CDs, the minimum opening deposit is $25k, with no stated balance cap.

In the past five months,...

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