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

Popular Direct Credits Accounts to Correct Effective Date Mistake

Popular Direct hasn’t changed their controversial 60-day account freeze policy, but the Bank took one small step to correct a mistake. A reader emailed me a letter he received from Popular Direct informing him of a credit adjustment that will effectively move the start date of the 2% APY from July 23 to May 17. When the Bank increased the Popular Direct Plus Savings Account APY from 1.85% to 2.00% on July 23, they had apparently failed to update the effective date. Below is the excerpt of the letter...

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CD Rates Summary August 14, 2018
CD Rates Summary August 14, 2018

The July Consumer Price Index (CPI) report that was released on Friday supports the continuation of the Fed’s policy of gradually raising interest rates. Core CPI which excludes food and energy “rose 2.4 percent for the 12 months ending July; this was the largest 12-month increase since the period ending September 2008.”

This CPI news and recent economic news on unemployment and GDP should keep the Fed hiking rates at a gradual pace, which will likely be once a quarter. That would mean rate hikes at the Fed’s meetings in September,...

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Synchrony Bank Debuts 13-Month CD with Very Competitive Rate
Deal Summary: 13-month CD Special (2.65% APY); Rate increases on five CDs, including 5-Year CD (3.00% APY)

Availability: Nationwide

This morning Synchrony Bank launched a new 13-month CD special with a very competitive 2.65% APY. Synchrony Bank also increased the rates of five of its standard CDs. Most noteworthy is the 60-month CD which joins the 3% club with a 3.00% APY. For all of the CDs, the minimum opening deposit is $2,000. All six of the new CD APYs are shown below in bold and are effective as...

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Live Oak Bank (Internet Bank) 1-Year CD Raised to 2.55% APY
Deal Summary: CDs – 1-year (2.55% APY), 18-month (2.60% APY), and 6-month (2.10% APY). $2.5k minimum deposit, with a maximum $250k per account.

Availability: Nationwide (internet bank)

Live Oak Bank’s short-term CDs saw modest rate increases this week, adding between 5 and 10 bps. The latest rates are 6-month (2.10% APY), 1-year (2.55% APY), and 18-month (2.60% APY). Any of the CDs offered by Live Oak Bank can be opened with a minimum $2.5k deposit, with a maximum $250k deposit per account. The maximum aggregate...

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PurePoint Financial Ups 12-Month Online CD, 2.60% APY
Deal Summary: Online CDs – 12-month (2.60% APY) and 18-month (2.70% APY), $10k minimum deposit.

Availability: Nationwide

PurePoint Financial (PurePoint) is ending the week by raising the rates on its shorter term Online CDs. The 12-month CD had the largest rate gain, rising 30 bps to 2.60% APY. The 18-month CD rate increased 20 bps to 2.70% APY, while the 24-month CD rate had a slight gain of only 5 bps, rising to 2.80% APY. A $10k minimum deposit opens any PurePoint CD and there are no stated balance...

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Small Rate Hike on Online Savings Account at Goldman Sachs Bank USA
Deal Summary: Rate increase on the Online Savings Account (1.85% APY)

Availability: Nationwide

This morning, Goldman Sachs Bank USA (now operating under the brand Marcus by Goldman Sachs) increased the rate of its Online Savings Account by 5 bps to 1.85% APY.

Like past rate hikes, this new rate doesn’t make the savings account a rate leader, but it does keep the savings account on the high end for the large internet banks, and it should put pressure on the other large internet banks.

CD rates remained the same...

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Best Bank Account Interest Rates - Summary for August 7, 2018
Best Bank Account Interest Rates - Summary for August 7, 2018

Last week’s FOMC meeting ended with no surprises. As expected, no policy changes were announced. The Fed decided to hold off on a rate hike, but slight changes in the FOMC statement pointed to a higher chance of two more rate hikes this year (which will likely come in September and December).

Economic data continues to support the case for the Fed to continue its gradual tightening of a 25-bps rate hike each quarter. The latest data came Friday when the July jobs report was released. The Calculated Risk Blog had...

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Ally Ups Rates of Savings Account, 11-Mo No Penalty CD and 60-Mo CD
Deal Summary: Rate increases: Online Savings (1.80% APY on all balances); CD Rate Hikes: 11-month No Penalty (2.00% APY), 5-Year High Yield CD (3.00% APY) - $25k minimum.

Availability: Nationwide (internet bank)

This morning, Ally Bank increased the rates of its Online Savings Account, its 11-month No Penalty CD and its 5-Year High Yield CD. The rates of both CDs reached new milestones. The top-tier of the 11-month No Penalty APY reached 2%, and the top-tier of the 5-Year High Yield CD reached 3%. The Online Savings Account rate increase...

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Barclays Online Savings Now Earns 1.85% APY
Deal Summary: Online Savings Account, 1.85% APY, no minimum balance.

Availability: Nationwide (internet bank)

Barclays has started the new month by increasing its Online Savings Account rate to 1.85% APY.

Last June, the Online Savings rate was raised to 1.75% APY. Prior to the May rate hike (1.65% APY), the Online Savings was lagging slightly in the rates race. In January, Barclays had raised the rate twice, and after the second rate hike, the Online Savings at the high-end for online savings accounts; that 1.50% APY held...

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CD Rates Summary July 31, 2018
CD Rates Summary July 31, 2018

The Fed’s two-day FOMC meeting began today. The FOMC statement should be released at 2:00pm EDT on Wednesday. No Fed rate hike is expected. The next rate hike is expected to take place at the Fed’s meeting on September 25-26. Wednesday’s FOMC statement shouldn’t have any surprises. The Fed’s economic overview will likely indicate strong growth, and that will point to two more rate hikes for 2018.

Strong economic growth was seen in Friday’s Gross Domestic Product (GDP) report. GDP grew at a rate of 4.1% in the second quarter. That...

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