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

Limelight Bank's 6-Month CD Now Earns 1.71% APY
Deal Summary: 6-month CD, 1.71% APY; 12-month CD, 2.02% APY; 18-month CD, 2.08% APY; $1k minimum deposit.

Availability: Nationwide (internet bank)

In mid-October, Utah-based Capital Community Bank (CCBank) launched its new online division - Limelight Bank. The new Bank initially offered three short-term CDs (6-, 12- and 18-month), with fairly unimpressive rates. Within three weeks of unveiling its limited product line, the rates rose to competitive levels, as did CD rates at many other internet banks. I expected to see Limelight Bank participate in the rates race...

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Capital One 360 Money Market Rises To 1.50% APY
Deal Summary: 360 Money Market, 1.50% APY ($10k+), 0.85% APY (less than $10k)

Availability: Nationwide

In the past eight months, Capital One’s 360 Money Market added 40 bps in four rate increases. Today saw another 10 bps added, boosting the 360 Money Market to 1.50% APY on balances of $10k. Balances below $10k still earn 0.85% APY.

When I wrote about the 360 Money Market a month ago, I mentioned a 360 Money Market debit card, which was mentioned in a disclosure. While the debit...

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Large CD Rate Hikes at Goldman Sachs Bank USA
Deal Summary: Rate increases on seven CDs. Three of the most noteworthy ones include 1-Year (2.05% APY), 18-Month (2.10% APY) and 5-Year (2.60% APY)

Availability: Nationwide

Goldman Sachs Bank USA (now operating under the brand Marcus by Goldman Sachs) increased the rates on seven of its CDs today. Most notable is the 1-year rate increase. The 25-bps rate hike pushed the rate past the 2% milestone to 2.05% APY. The 18-month, 2-year and 3-year CDs also had a 25-bps rate hike. All seven of the new APYs are shown...

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CD Rates Summary February 13, 2018
CD Rates Summary February 13, 2018

We are still on track for a Fed rate hike at the next Fed’s meeting on March 20-21. The stock market turmoil doesn’t appear to be a concern for the Fed. The new Fed Chair, Jerome Powell, said in his ceremonial swearing-in speech that we “are in the process of gradually normalizing both interest rate policy and our balance sheet.” Other Fed officials have been more specific on how they think the markets will affect their decisions on monetary policy. According to this Bloomberg article:

However, economist Tim Duy made some...

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Capital One Boosts Rates on Seven 360 CDs

Deal Summary: CD rate hikes. Three noteworthy ones include 5yr CD, 2.65% APY; 2yr CD, 2.20% APY; 1yr CD, 2.00% APY; No minimum deposit

Availability: Nationally available

Capital One increased the rates on seven of its 360 CDs this morning. It joins the club of internet banks offering 2% APY on 12-month CDs. Other noteworthy increases include a 35-bps rate increase on the 2-year CD (2.20% APY) and a 20-bps rate increase on the 5-year CD (2.65% APY). The new APYs are shown below in bold and are effective as...

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Barclays Increases Rates on Five Online CDs

Deal Summary: Rate increases on 1-year to 5-year CDs. Most competitive CDs are the 1-year (2.00% APY) and 5-year (2.55% APY).

Availability: Nationwide

Barclays raised the rates of five of its CDs today. The 12-month and 18-month CDs had the largest rate increases, rising 25 basis points. Barclays is the latest financial institution to reach the milestone for 12-month CDs with a 2.00% APY. It was only a month ago when Barclays last increased the rates on these CDs. These new rate hikes don’t quite move Barclays into rate...

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Ally Bank Increases Online Savings Account Rate
Deal Summary: Online Savings Account, 1.45% APY as of 2/9/18. No minimum balance

Availability: Nationwide (internet bank)

This morning, Ally Bank increased the rate of the Online Savings Account (OSA) by 10 bps to 1.45% APY as of 2/9/18. The OSA has no balance tiers. This APY applies to all balances. Also, the same APY applies to the IRA Online Savings. The OSA has no monthly maintenance fees. Unlike previous rate change days at Ally, no other products had rate changes today. Last Friday, Ally raised rates on several of...

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All America Bank/Redneck Bank Schedule MMA Rate Hike To 1.75% APY
Deal Summary: Mega Money Market, 1.75% APY up to $50k, minimum $50 opening deposit.

Availability: Nationwide

All America Bank and its online “country cousin” division Redneck Bank will be raising the rate on their Mega Money Market Account to 1.75% on February 21, 2018. Also, the current $35k balance cap is being increased to $50k. There’s no official word yet on what the APY for balances of $50k+ will be. I will updating this blog post as more information is made available.

The rates listed below are the...

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VirtualBank's 24-Month CD Now Earns 2.36% APY
Deal Summary: 12-month eCD (2.05% APY), 24-month eCD (2.36% APY), $10k minimum deposit.

Availability: Internet bank

In the months following IBERIABANK’s July 2017 acquisition of VirtualBank, there was little rate activity for the eCDs. That changed in mid-January when the 12- and 24- eCD APYs gained 42 bps and 49 bps, respectively. Following that rate increase, the 12-month eCD was the top 1-year CD, albeit by a margin of only one basis point. The 12-month eCD’s 2.11% APY lasted about two weeks: last weekend, the...

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Best Bank Account Interest Rates - Summary for February 6, 2018
Best Bank Account Interest Rates - Summary for February 6, 2018

These are the days when deposit accounts can be very appealing. When stock markets are tanking, it’s nice to know that nothing is dropping in your savings account or CD. Yes, they may struggle to keep up with inflation, but at least you don’t have to worry about watching your hard-earned savings crash.

However, as we learned in 2008 and 2009, a bear market will eventually impact our deposit accounts when interest rates fall. In addition, a crashing stock market and all the media attention can push many people away from...

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