Advertising Disclosure

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

Best Bank Account Interest Rates - Summary For July 7, 2020
Best Bank Account Interest Rates - Summary For July 7, 2020

Online savings account rates have continued to fall as June ends and July begins. More online savings account rates have fallen to 1%. The latest online banks to reach 1% include Discover Bank (a tad above it at 1.01% APY) and American Express National Bank (1.00% APY).

A few online banks have lowered their rates below 1%. One example is the Sallie Mae Bank Money Market Account. Its APY fell from 1.10% to 0.99%. Since 2017, Sallie Mae Bank has kept this account very competitive. During 2019, the yield had a...

Continue Reading
CD Rates Summary July 2, 2020
CD Rates Summary July 2, 2020

As expected, many credit unions lowered their CD rates at the start of July. Two well-known credit unions cut rates to all-time lows. These are PenFed and Alliant. PenFed’s 5-year CD yield fell to 1.00%. PenFed’s previous all-time 5-year low was in mid-2013 when the 5-year CD yield fell to 1.15%.

Credit unions that had been offering 2% CDs a couple of months ago made additional rate cuts. Even with these rate cuts, their 5-year CDs remain rate leaders that exceed the top 5-year CDs at online banks. These include Georgia’s...

Continue Reading
Best Bank Account Interest Rates - Summary For June 23, 2020
Best Bank Account Interest Rates - Summary For June 23, 2020

Online banks are not slowing down their rate cutting. Most online banks appear to be moving their online savings account rates down to 1%. The latest online banks to reach 1% include Capital One and Barclays.

During the zero bound years from 2008 to 2015, most online savings account rates bottomed out in a range from 0.70% to 1.00%. I’m hoping that we won’t see new bottoms from the major online banks. However, based on how fast rates have been falling, I am a little worried that the bottom may be...

Continue Reading
bankESB Offers New 7-Month Special CD
Deal Summary: 7-month Special CD, 1.15% APY, $1k minimum deposit.

Availability: Nationwide through online application.

One of the “New to Summary” CDs in yesterday’s CD Rates Summary is the 7-month Special CD (1.15% APY) offered by Massachusetts-based bankESB (formerly known as Easthampton Savings Bank). This limited-time Special CD requires a $1k minimum opening deposit, with no stated balance. According to CSR, no end-date has been announced, but the offer could end at any time.

The Special CD is also available as an Special IRA CD (Traditional, Roth) earning...

Continue Reading
CD Rates Summary June 16, 2020
CD Rates Summary June 16, 2020

Widespread CD rate cuts continue. We no longer have any nationally-available 2% CDs. The three easy-membership credit unions that had 2% 5-year CDs have lowered their rates, but two of these credit unions still offer CD rates that are much higher than the online banks. There’s only one online bank with a 5-year CD rate above 1.50% (1.60% APY at TIAA Bank).

Noteworthy CD rate changes from two weeks ago are included below (All percentages are APYs).

I’ve separated them into three groups: 1) the popular banks, 2) the less well-known...

Continue Reading
Main Street Bank's Kasasa Cash/Saver Combined Earnings A Good Deal
Deal Summary: Free Kasasa Cash Checking, 2.00% APY on qualifying balances up to $15k. Kasasa Savings, 1.75% APY on qualifying balances up to $100k.

Availability: Nationwide

In mid-March, Michigan-based Main Street Bank lowered the rate and balance cap on its Free Kasasa Cash Checking (Kasasa Cash) account to 2.00% APY on qualifying balances up to $15k. Qualifying balances over $15k earn 0.25% APY (unchanged), with non-qualifying balances earning 0.05% APY.

While the lowered APY decreases the competitiveness of the Kasasa Cash account, when you consider the combined rates and...

Continue Reading
Best Bank Account Interest Rates - Summary For June 9, 2020
Best Bank Account Interest Rates - Summary For June 9, 2020

Many online banks have slashed their online savings account rates over the last month. After the two emergency Fed rate cuts in early March, it appeared that most online banks were going to transition slowly to lower rates. That changed in May. Several online banks started to make large rate cuts. Two examples are Capital One and Synchrony. In early May, their online savings account yields were 1.50%. Since that time, both have cut rates twice, and now their rates are just a little above 1.00%. Capital One 360 Performance...

Continue Reading
Paramount Bank Competitive 6-Month CD Available Nationwide
Deal Summary: 6-month CD, 1.25% APY, $1k minimum deposit

Availability: Nationwide

When Missouri-based Paramount Bank began offering products on a nationwide basis earlier this year, the CDs were uniquely structured: one rate (2.25% APY) and a single, but very flexible, term length (anywhere between 12 and 60 months). All that has changed. Paramount Bank now offers seven CDs with three different APYs. Of the seven, the 6-month CD (1.25% APY) is the most competitive. The minimum opening deposit is $1k, with no stated balance cap.

Continue Reading
CD Rates Summary June 2, 2020
CD Rates Summary June 2, 2020

The start of a new month has brought another surge of CD rate cuts. CD rates appear to be headed toward 1% and under. Two of the latest credit union examples include Alliant Credit Union’s 5-year CD (fell to 0.90% APY) and Andrews Federal Credit Union’s 5-year CD (fell to 0.30% APY). Two of the latest online bank examples include Barclays’ 5-year CD (fell to 1.00% APY) and Sallie Mae Bank’s 5-year CD (fell to 1.10% APY).

The only mild bright spots this week are a few credit unions that have...

Continue Reading
Best Bank Account Interest Rates - Summary For May 26, 2020
Best Bank Account Interest Rates - Summary For May 26, 2020

Most online banks had been slowly transitioning to lower rates in March and April. The transition speed has picked up since the start of May as major online banks like Capital One and American Express lowered their online savings account rates by 20 to 30 bps.

During the zero bound years from 2008 to 2015, most online savings account rates bottomed out in a range from 0.70% to 1.00%. I’m hoping that we won’t see new bottoms from the major online banks. However, based on how their CD rates are falling,...

Continue Reading
Load More...