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.
Deal Summary: Online Savings, 2.25% APY, $1 minimum deposit, $1 million maximum deposit
Availability: Nationwide (internet bank)
Yesterday, FNBO Direct increased the rate of its Online Savings account by 10 bps to 2.25% APY. The last increase was on December 13th. Last year, FNBO Direct increased the Online Savings Account rate five times, adding a total of 75 basis points to the yield. With the current Fed situation, it’s unlikely we’ll see a repeat of those rate increases in 2019.
In December 2015, FNBO Direct was the first internet bank...
Brokered CD rates continue to fall. The largest declines have been on 5-year brokered CDs. On January 2nd, the top 5-year brokered CD rate (new-issue and non-callable) from Fidelity and Vanguard was 3.40%. Today at around 10:00am, the top 5-year rate was 3.05% at both Fidelity and Vanguard.
We are also seeing rate declines on shorter-term brokered CDs. On January 2nd, the top 1-year brokered CD rate (new-issue and non-callable) was 2.65% from Fidelity and 2.60% from Vanguard. Today, the top 1-year rate was 2.45% at both Fidelity and Vanguard.
Deal Summary: PurelyMoneyMarket (2.40% APY) and iGOmoneymarket (2.40% APY), $25k min/$500k max, new money, new accounts only.
Availability: Nationwide (internet banks)
Flushing Bank’s internet divisions, BankPurely and iGObanking added 15 bps to their respective money market accounts this week. The PurelyMoneyMarket and iGOmoneymarket now earn 2.40% APY on balances of $25k and above. The minimum opening deposit is $25k of new money.
The promotion pages state the 2.40% APY is only available for new accounts and the fine print on both pages...
Deal Summary: High Yield Savings, 2.45% APY on balances of $1k to $500k; 1-Year Term CD (2.85% APY); 3-Year Rising CD (3.00% APY)
Availability: National (internet bank)
On Monday, Rising Bank, the new internet division of Midwest BankCentre, opened its virtual doors for business. The product line debuted with a High Yield Savings account and CDs with terms from one to three years. The High Yield Savings Account earns 2.45% APY on balances of $1k and up to a maximum of $500k.
This is another reminder that this is my new version of the weekly summary with the Fed review split off on a separate blog post. My weekly summaries will now be focused entirely on deposit rates and deals. This change was done to separate the economic and political discussion from the deal discussion. Often economic discussion leads to political discussion, and that can create lots of comments which drown out comments on deals and rates. Please keep all discussion about the Fed, the economy and politics to my Fed/Economy review...