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: Internet Banks

Earn Up To $1,000 Bonus with Ally Bank’s Payback Promotion
Deal Summary: Bonus amount ranges from $10 ($1k of new money) to $1,000 ($100k of new money).

Availability: Nationwide (internet bank) for new and existing customers.

This morning, Ally Bank introduced its new promotion which offers a 1% cash bonus when you move your money to Ally Bank. The minimum bonus is $10 for $1,000 of new money, and the maximum bonus is $1,000 for $100,000 of new money. Existing customers in addition to new customers are eligible.

Here’s the summary of the steps that are required for the promotion:

  • Both new...
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Live Oak Bank 1-Year CD Now Earns 2.65% APY
Deal Summary: 1-year CD, 2.65% APY, $2.5k minimum deposit, with a maximum $250k per account.

Availability: Nationwide (internet bank)

The rates on Live Oak Bank’s shorter-term CDs were increased today, with 6-month (2.20% APY), 1-year (2.65% APY), and 18-month (2.70% APY) adding between 15 and 20 bps. Of these three CDs, the 1-year is the most competitive.

Any Live Oak CDs can be opened with a minimum $2.5k deposit, with a maximum $250k deposit per account. The maximum aggregate balance, which includes all consumer accounts...

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CD Rates Summary October 9, 2018
CD Rates Summary October 9, 2018

The September jobs report was released Friday. The unemployment rate declined to 3.7% in September, the lowest rate since 1969. However, the number of jobs created in September of 134,000 was below the consensus estimate of 185,000. The report was generally considered strong enough to keep the Fed on track with gradual rate hikes. Economist Tim Duy had this to say about the jobs report in his Fed Watch blog post:

Important inflation data is scheduled for release this week. The Producer Price Index is scheduled for release on Wednesday, and...

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BofI Federal Bank Changes Name to Axos Bank - Updated Product Reviews

When a bank changes its name, there’s typically just one old name and one new name. The name change of BofI Federal Bank to Axos Bank isn’t that simple. BofI Federal Bank had several different brand names and websites which targeted different groups. Most of these brand names have also been changed to Axos Bank, and their websites now forward visitors to Axos Bank’s new website at axosbank.com. Below is a list of all of the BofI Federal Bank brands and websites that have been consolidated to Axos Bank at...

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National Online Bank Day - Do We Still Need Bank Branches?

In addition to Columbus Day, today is National Online Bank Day. Ally Bank established National Online Bank Day in 2015 to “emphasize the value, ease and convenience of banking with online-only institutions on Columbus Day, a day when most traditional banks are closed.” Ally Bank’s press release that it issued today places extra emphasis on the higher interest rates at online-only banks and how a large percentage of Americans are losing out by keeping their savings in traditional banks. At DA we’ve been regularly reporting on these large differences in...

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CIT Bank Debuts New Savings Builder Account
Deal Summary: Savings Builder Account, 2.15% APY on all balances when balance is at least $25k or with monthly deposit of $100 or more.

Availability: Nationwide (internet bank)

On Friday, CIT Bank introduced a new savings account called the Savings Builder Account that earns 2.15% APY. This isn’t a typical savings account. To qualify for the 2.15% APY, customers must either maintain a balance of $25k+ or maintain a monthly deposit of at least $100. If these conditions are not met, the base rate is earned, which is currently 1.14%...

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Sallie Mae Bank Ups Money Market Rate To 2.00% APY
Deal Summary: Money Market (2.00% APY), 12-month CD (2.65% APY), and High-Yield Savings (1.85% APY).

Availability: Nationwide (internet bank)

As I’ve stated in earlier blog posts, SallieMae Bank has continued to increase the rates on its Money Market account, High-Yield Savings account, and several CDs since beginning of the year. While the individual rate increases haven’t been exceptional, the cumulative effect has kept SallieMae Bank within striking distance of the rate leaders.

Money Market Account

The Money Market Account (MMA) continues to be SallieMae Bank’s most competitive deposit account,...

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MutualOne Bank Hikes 19-Month CD To 3.04% APY
Deal Summary: 19-month CD, 3.04% APY, $500 minimum deposit. Online Savings, 2.12% APY on balances up to $1 million.

Availability: Nationwide

MutualOne Bank has upped the rate on its 19-month CD to 3.04% APY. The minimum opening deposit is $500, with no stated balance cap. The 19-month CD has had six rate increases in the last year, adding a total of 158 bps.

The 19-month CD is also offered as an IRA (Traditional and Roth), earning the same APY with the same...

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PNC Offers High Yield Savings Account, 2.20% APY
Deal Summary: PNC High Yield Savings, 2.20% APY on balances of $1 and above.

Availability: Areas of U.S. outside of PNC’s branch footprint (based on zip code)

PNC, the sixth largest bank in the nation, has launched an online savings account called PNC High Yield Savings with a very competitive rate (2.20% APY). Minimum balance to qualify for this rate is only $1. There’s no maximum balance, but according to PNC’s small print, they “may refuse or return any deposit amount causing the combined balance of all of your PNC...

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EBSB Direct Adds Nationally Available Savings Account, 2.50% APY
Deal Summary: High-Yield Statement Savings, 2.50% APY on balances between $5k and $1m, $50 minimum opening deposit, new money

Availability: Nationwide (internet bank)

EBSB Direct has unveiled the latest addition to its product line: a High-Yield Statement Savings (HYSS) account, which earns 2.50% APY on balances between $5k and $1m. Balances greater than $1m earn 0.25% APY, with balances below $5k earning no interest.

According to the promotion page, new money is required to open an HYSS and “existing customers must deposit additional money from another...

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