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

Discover Bank Increases Savings Account Rate To 5-Year High

Deal Summary: Online Savings Account, 1.01% APY, No minimum balance

Availability: Internet Bank

Today Discover Bank increased the rate of its Savings Account from 0.95% to 1.01% APY. While this isn’t an exceptional rate for an online savings account, it’s another sign that banks are slowly starting to respond to the Fed rate hikes. Discover Bank is one of the big internet banks, and it’s always nice to see rate hikes at these banks.

The 1.01% APY applies to all balances. In March, Discover Bank removed the $500 minimum deposit...

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USALLIANCE Financial Adds 36-Month High Yield CD (2.20% APY)
UPDATE 4/27/17: Following a Live Chat this morning, I have included what USALLIANCE states is the correct information on the 36-Month High Yield CD Special.

Deal Summary: 36-month High Yield CD Special, 2.20% APY, new money, $500 minimum deposit, no stated balance cap.

Availability: Easy membership requirement.

4/27/2017 Live Chat Highlights

    Live Chat: All our CDs are available as retirement CDs. Even CD Specials.

    Member: So what I saw yesterday was an error?

    Live Chat: Must have been we do not limit...

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SmartyPig Boosts Rate On SmartyPig Savings To 1.12% APY
Deal Summary: SmartyPig Savings, 1.12% APY, $50k+. Lower rates for lower balance tiers.

Availability: Internet Bank

SmartyPig is ending the week by not only raising the rate on its SmartyPig Savings account (1.12% APY, $50k+), but by also restructuring its rate tiers.

    Deposit Balance

    $0.01-$2,500

    $2,500.01-$10,000

    $10,000.01-$50,000

    $50,000+

    APY

    0.85%

    0.90%

    0.95%

    1.12%

For those not familiar with SmartyPig, it’s not your typical savings account. SmartyPig Savings is built around a savings goal concept: you set the amount of a savings goal you want to reach at some...

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Ally Bank Ups Savings Account Rate to Highest Level Since 2011

Deal Summary: Online Savings Account, 1.05% APY, No minimum balance

Availability: Internet Bank

This morning, Ally Bank increased the rate of its Online Savings Account by 5 bps. The new rate is now 1.05% APY. This also applies to the IRA Online Savings Account. The 1.05% APY applies to all balances. The account has no monthly maintenance fees and no minimum balance requirement.

Last month’s Fed rate hike appears to be having some effect. On Monday, Ally increased its 5-year CD rate to a level not seen since 2011,...

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Discover Bank Has $100 Bonus On New Online Savings

UPDATE 4/20/2017: Offer has been extended through May 31, 2017, and has a new coupon code (SAVE417E1).

Deal Summary: $100 bonus on new Online Savings account.

Availability: Nationwide (internet bank)

Discover Bank is offering a $100 bonus when opening a new Online Savings account with a minimum deposit of $15k. This promotion is for customers who have never had a Discover Bank Online Savings or Money Market account.

$100 Bonus Requirements

  • Open an Online Savings account by March 3 May 31, 2017.
  • Use offer code SAVE117D1 SAVE417E1 when...
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Celebrate With NorthWest FCU's 30-Month Certificate (2.02% APY)
Deal Summary: 30-month Celebration Certificate, 2.02% APY, $1k min/$500k combined max per member.

Availability: Easy Membership Requirement

For a limited time, Northwest Federal Credit Union (NWFCU) is offering a 30-month Celebration Certificate (2.02% APY). The minimum deposit is $1k, and there is a $500k combined maximum deposit per member, trust membership, or estate. (I’m not sure what the occasion is, but I suspect it has something to do with NWFCU’s upcoming 70th anniversary.)

The Celebration Certificate is also available as an IRA (Traditional,...

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MutualOne Bank Offers 61-Month CD (2.53% APY) Nationwide
Deal Summary: 61-Month CD, 2.53% APY, $500 minimum deposit

Availability: Nationwide.

At the end of last week, Massachusetts-based MutualOne Bank added a 61-month CD (2.53% APY). The minimum opening deposit is $500, with no stated balance cap.

The 61-month CD is also offered as an IRA (Traditional, Roth), earning the same APY with the same funding requirements.

As stated on MutualOne Bank’s Consumer Disclosure page, the Early Withdrawal Penalty reads as follows:

SIF Deposit Insurance

For those with large savings, MutualOne Bank offers more protection through its Share Insurance Fund (SIF)...

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Georgia Banking Company Has New Kasasa Cash/Saver
Deal Summary: Kasasa Cash, 2.15% APY up to $25k; Kasasa Saver, 1.00% APY up to $50k

Availability: Kasasa Cash and Kasasa Saver are available to all U.S. citizens.

Georgia Banking Company has added a new Kasasa Cash account which earns 2.15% APY on qualifying balances up to $25k. Qualifying balances of $25k+ earn 0.40% APY, with non-qualifying balances earning 0.02% APY.

Kasasa Cash Qualifying Requirements

  • Have at least 12 debit card purchases.
  • Be enrolled and receive eStatements.

The Kasasa Cash account has no minimum balance requirement, monthly...

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Ally Bank Ups 5-Year CD Rate to Highest Level Since 2011

Deal Summary: 60-month CD, 2.25% APY, No minimum deposit

Availability: Internet Bank

Today, Ally Bank increased the rate of its 5-year High Yield CD by 25 bps. The new rate is now 2.25% APY, with no minimum deposit. This change also applies to Ally’s 5-year IRA CD.

This new 5-year CD rate is the highest at Ally since August 2011. It’s a positive sign that we may actually be at the start of a rising interest rate environment.

Ally’s 5-year CD has gone through a few rate and tier...

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McGraw-Hill FCU Has New 19- and 33-month CD Specials
Deal Summary: 19-Month CD Special, up to 1.59% APY; 33-month CD Special, up to 1.79% APY; new money required.

Availability: Easy membership requirement

McGraw-Hill Federal Credit Union’s (McGraw-Hill FCU) 17-month Promotional Certificate has been removed from the product line, but the Credit Union has added a 19-month and a 33-month CD Special with tiered APYs. Both CD Specials require new money, which is defined as funds that have not been on deposit "for more than 30 business days.”

Both CD Specials are also available as IRAs (Traditional, Roth, CESA)...

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