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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

Best Bank Account Interest Rates - Summary For January 21, 2020
Best Bank Account Interest Rates - Summary For January 21, 2020

We are still seeing quite a few online savings and money market rate cuts. Most of the cuts were on accounts with yields of 2% and higher. The well-established online banks (like Ally, Synchrony and Discover) have online savings accounts with yields that have settled into the 1.60% to 1.80% range. Only one of these (Synchrony) had a rate cut in the last two weeks. It appears that we are starting to settle into a yield range of 1.60% to 2.00%, with the new challengers offering yields in the range...

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CD Rates Summary January 14, 2020
CD Rates Summary January 14, 2020

We are starting to see more CD rate increases as the new year begins. Rate cuts are still common, but rate increases are a positive sign that widespread CD rate cuts are ending.

Due to the holiday break, I’ll review the rate changes from four weeks ago. Noteworthy CD rate changes are included below. I’ve separated them into three groups. The first includes the popular banks. All percentages are APYs.

  • Goldman Sachs Bank (5yr up 10 bps to 2.25%, 1yr up 10 bps to 2.15%, 11m up 10 bps to 2.00%)
  • Ally Bank...
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Best Bank Account Interest Rates - Summary For January 7, 2020
Best Bank Account Interest Rates - Summary For January 7, 2020

As the new year starts, we are seeing fewer savings and money market rate cuts. However, if you go back to December 10th (the last liquid rate summary), there have been quite a few cuts since then. The number of rate cuts should keep trending down as the Fed continues to hold rates steady.

Below are the noteworthy savings and money market account rate changes that have occurred in the last four weeks (All percentages are APYs):

  • CFG Bank Online Money Market (-5 bps to 2.25%, $25k min)
  • FitnessBank Savings (-10 bps...
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Amboy Direct Jersey First eSavings Offers 2.10% APY For A Year
Deal Summary: Jersey First eSavings, 2.10% APY on balances up to $50k, balances between $50,001 and $250k earn between 2.10% and 1.91% APY, one-year rate guarantee, $1 minimum opening deposit, must be first and only Amboy Direct account, limit of one account per NJ household.

Availability: New Jersey residents through online application only

Amboy Direct is still promoting its Jersey First eSavings account, which currently earns 2.10% APY on balances up to $50k with a one-year rate guarantee. (FYI – the “First” in the account’s name refers to...

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CD Rates Summary December 17, 2019
CD Rates Summary December 17, 2019

We are still seeing quite a few CD rate cuts, but the number of cuts have fallen from two weeks ago. With the Fed now in pause mode and the economy in strong shape, I expect widespread CD rate cuts to come to an end in another month or two.

In the last two weeks, noteworthy rate changes have occurred at the following banks. I’ve separated them into two groups. The first includes the popular banks. Note, Goldman Sachs Bank USA made a few small rate increases. All percentages are APYs.

  • Ally...
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Best Bank Account Interest Rates - Summary For December 10, 2019
Best Bank Account Interest Rates - Summary For December 10, 2019

Rate cuts on the top savings and money market accounts are still widespread. However, the number of rate cuts has gone down from two weeks ago. If the Fed holds rates steady tomorrow, the number of rate cuts should keep trending down, and within a month or two, the widespread cuts should come to an end.

Below are the noteworthy savings and money market account rate changes that have occurred in the last two weeks (All percentages are APYs):

  • FitnessBank Savings (-30 bps to 2.30%)
  • SFGI Direct Savings (-20 bps to 2.07%)
  • TotalDirectBank...
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Merrick Bank 24-Month CD Rate Update
UPDATE 12/10/19: The 24-month CD rate fell back to 2.10% APY.

Deal Summary: 24-month CD, 2.25% APY, $25k minimum/$250k maximum deposit

Availability: Nationwide (internet bank)

At the end of last week, Utah-based Merrick Bank added 15 bps to its 24-month CD, increasing the APY to 2.25% APY. While not an outstanding rate, it is significant because it's the first nationally available CD rate increase in several weeks. The minimum opening deposit for any Merrick Bank CD is $25k, with a $250k balance cap. Any interest accrued...

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CD Rates Summary December 3, 2019
CD Rates Summary December 3, 2019

Credit unions often make CD rate changes at the start of the month, and this time, many of those changes were rate cuts. If you exclude credit unions, the pace of CD rate cuts appears to be slowing. I would expect CD rate cuts to continue to slow down if the Fed starts a long pause period.

In the last two weeks, noteworthy rate changes have occurred at the following banks. I’ve separated them into two groups. The first includes the popular banks. Note, Synchrony Bank made one slight rate increase....

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Best Bank Account Interest Rates - Summary For November 26, 2019
Best Bank Account Interest Rates - Summary For November 26, 2019

Rate cuts on savings and money market accounts are still widespread. Even if the Fed decides to hold rates steady at its next meeting in two weeks, we probably still have a month or two of further rate cuts. Online banks have generally been responding to each Fed rate cut with two to three small rate cuts over a period of one to two months. So we probably will continue to see widespread rate cuts through at least December.

Below are the noteworthy savings and money market account rate changes that...

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CD Rates Summary November 19, 2019
CD Rates Summary November 19, 2019

Three weeks after the last Fed rate cut, banks and credit unions continue to respond by making further cuts to their CD rates. There appears to be some slowdown of CD rate cuts from two weeks ago. I would expect CD rate cuts to continue to slow down if the Fed starts a long pause period.

In the last two weeks, noteworthy cuts have occurred at the following banks. I’ve separated them into two groups. The first includes the popular banks. All percentages are APYs.

  • Barclays (4yr fell 5 bps to 2.10%,...
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