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: Nationwide Deals

American Express Bank Ups Savings Account and Long-Term CD Rates
Deal Summary: High Yield Savings Account (1.35% APY); no minimum balance. 5-Year CD (2.35% APY), no minimum deposit.

Availability: Nationwide (internet bank)

Another internet bank has increased its rates just a day after the Fed rate hike. American Express Bank, FSB raised the rates of its High Yield Savings Account (HYSA) and its long-term CDs. This brings back fond memories of 2005 and 2006 when it was common for internet banks to raise rates soon after Fed rate hikes.

First, let me review the HYSA. The savings account rate increased...

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Live Oak Bank's Savings Account Is Now Top Rate Leader at 1.50% APY
Deal Summary: Savings Account, 1.50% APY, no minimum deposit, $5 million maximum deposit

Availability: Nationwide (internet bank)

Just a day after the Fed rate hike, Live Oak Bank raised the rate on its Savings Account by 5 bps to 1.50% APY on all balances. The Savings Account has no minimum opening deposit requirement and no minimum balance requirement to earn the stated APY. The Deposit Services Representative (DSR) stated the balance cap is $5m. In addition to the Savings Account, Live Oak Bank raised its CD rates,...

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ableBanking's 1-Year CD Joins 1.75% APY Club
Deal Summary: 1-year CD, 1.75% APY, $1k minimum deposit, $240k maximum deposit

Availability: Nationwide (internet bank)

In October, ableBanking (internet division of Northeast Bank) became a player in the nationally available 1-year CD rate race, by adding 30 bps to its 1-year CD (1.70% APY). Two months later, ableBanking has added an additional 5 bps to the 1-year CD, placing it at the top of the rate pile. The 1-year CD can be opened with a $1k minimum deposit; there is a balance cap of $240k.

...
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Northern Bank Direct's 48-Month CD Raised To 2.25% APY
Deal Summary: 48-month CD, 2.25% APY, $500 minimum deposit

Availability: Nationwide (internet bank)

It’s been eight months since Massachusetts-based Northern Bank introduced its internet division, Northern Bank Direct (NBD). Its initial offerings included five competitive CDs, but earlier this week NBD significantly lowered rates on three of the CDs. At the same time, the remaining two CDs had rate increases, with the 48-month CD (2.25% APY) becoming very competitive. All of NBD’s CDs require a $500 minimum deposit, with no stated balance cap.

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Popular Direct's 18-Month CD Breaks The 2.00% APY Barrier
Deal Summary: 18-month Popular Direct CD, 2.00% APY, $10k minimum

Availability: Nationwide (internet bank)

For the past twelve months, Popular Direct has been quite busy keeping its Popular Direct CDs competitive. The Bank’s rising rates have resulted in six separate blog posts from me, and as many Forum posts by DA readers. The subject of my seventh blog post is the18-month Popular Direct CD, which now earns 2.00% APY. The minimum deposit is $10k, with no stated balance cap.

As stated on the CD Disclosure...

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BankPurely Adds 24-Month CD (2.10% APY)
Deal Summary: 24-month PurelyCD, 2.10% APY, $1k minimum deposit

Availability: Nationwide (internet bank)

BankPurely, an internet division of Flushing Bank (New York), has added a 24-month PurelyCD (2.10% APY). The minimum deposit is $1k, with no stated balance cap. According to the fine print on BankPurely’s home page, PurelyCDs are available for “new accounts and new money only.”

BankPurely is Flushing Bank’s second internet bank and was launched in May. (While DA readers may not be that familiar with Flushing Bank, its first internet bank, iGObanking, is well...

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SFGI Direct Bumps Up Savings Account Rate
Deal Summary: Savings account, 1.36% APY, $500 minimum opening deposit

Availability: Nationwide (internet bank)

This morning SFGI Direct raised the rate on its Savings Account by 5 bps to 1.36% APY. This applies to all balances of at least $1. The account requires $500 to open, and there are monthly service fees.

It’s a small increase, but it’s an encouraging sign as we head into this week’s Fed meeting. I also like to highlight banks such as SFGI Direct which have a long history of remaining competitive without creating new...

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Ally Bank Increases 11-Month No Penalty CD Rates

Deal Summary: 11-Month No Penalty CD: 1.60% APY, $25k minimum (increase of 10 bps).

Availability: Nationwide

For the second time this week, Ally Bank raised the rates on some of its CDs. Today it increased the rates of its 11-month No Penalty CD and its 18-month CD. The 11-month No Penalty CD rate hike is the most noteworthy. All three rate tiers went up. Below is the summary of the new rates and how these rates have changed:

11-Month No Penalty CD

  • 1.60% APY, $25k min (was 1.50%)
  • 1.35% APY,...
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CapEd FCU Hikes Rates On Promotional Share Certificates
Deal Summary: Promotional Rate Share Certificates – 12-months (1.70% APY), 24-months (1.90% APY), 60-months (2.40% APY), $500 minimum deposit, new money.

Availability: Easy membership requirement

CapEd Federal Credit Union (CapEd) added a series of Promotional Rate Share Certificates (PRSC) more than three years ago, which have offered competitive APYs on a limited-time basis. At the beginning of the week, CapEd raised the rates on all three PRSC to all-time highs: 12-months (1.70% APY), 24-months (1.90% APY), and 60-months (2.40% APY).

While CapEd’s regular Share Certificates have...

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Discover Bank Increases Savings Account and Money Market Rates

Deal Summary: Rate increases: Online Savings Account, 1.30% APY, No minimum balance: Money Market, 1.20% APY $100k+, 1.15% under $100k

Availability: Internet Bank

Today Discover Bank increased the APY of its Online Savings Account from 1.20% to 1.30%. While this new rate isn’t exceptional for an online savings account, it shows that competition among internet banks continues to push rates upward. Discover now joins other big internet banks such as Synchrony and Barclays with a 1.30% savings account. Next week’s expected Fed rate hike may have contributed...

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