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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: Nationwide Deals

This Year’s CD Deals We Can Be Thankful For
This Year’s CD Deals We Can Be Thankful For

I want to wish everyone a happy and healthy Thanksgiving. Thanks for all of your support this year.

It’s sort of my blog tradition for Thanksgiving to look back at some of the bank deals this year that we can be thankful for. As you might expect, I’m going to have to keep this post short.

Last year I started off by saying that it was a disappointing year for interest rates. I’m afraid this year has been much worse.

Before the pandemic struck in March, there were a few long-term 3% CD...

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Paramount Bank High-Interest Checking (non-RCA) Is A Rate Leader
Deal Summary: High-Interest Checking, 0.85% APY on all balances

Availability: Nationwide

In another relevant Forum post yesterday, DA reader, ichaelm, pointed out that the 0.85% APY offered on Paramount Bank’s High-Interest Checking “beats most savings accounts [rates].” The nationally available High-Interest Checking account is NOT a rewards checking account. I’m just going to quote ichaelm for some of the details, because I really enjoyed his description:

While 0.85% APY may not seem like a competitive rate, it’s currently the highest APY available for a nationally available standard checking...

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Update on Advancial’s Availability and Competitive Jumbo CD Rates
Deal Summary: Jumbo Certificates, $50k minimum deposit – 6-month (0.69% APY), 1-year (1.01% APY), 18-month (1.07% APY), 2-year (1.13% APY), 3-year (1.19% APY), 4-year (1.28% APY), and 5-year (1.42% APY).

Availability: Easy membership requirement (more details in the Availability section below); residents of the Louisiana parishes of Acadia, Avoyelles, Evangeline, Iberia, Lafayette, St. Landry, St. Martin, and Vermillion; employees of many SEGs.

DA reader, ichaelm, has been diligent over the past few months with Forum posts about CD rates offered by Advancial. Because of uncertainty about the field of...

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Live Oak Bank Increases 5-Year CD Rate
Deal Summary: 5-year CD, 1.00% APY, $2.5k min/$250k max deposit per account.

Availability: Nationwide (internet bank)

North Carolina-based Live Oak Bank did something yesterday that we haven’t seen in a while: a substantial rate increase on its 5-year CD. The addition of 40 bps has boosted the APY to 1.00%. The minimum opening deposit is $2.5k, with a $250k balance cap.

The Truth-in-Savings disclosure details the Early Withdrawal Penalty (EWP).

This mild EWP makes the 1.00% APY more palatable. If the 5-year CD is closed after...

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Industrial Bank's Kasasa Cash Checking Rate Unchanged Since 2017
Deal Summary: Kasasa Cash, 2.50% APY up to $15k. Kasasa Saver, 0.75% APY up to $25k.

Availability: Nationwide

In January 2017, Industrial Bank added the Kasasa brand to its product line. The Kasasa Cash’s initial 2.50% APY on qualifying balances up to $15k is still in effect. Qualifying balances over $15k earn 0.25% APY, with non-qualify balances earning 0.01% APY.

The monthly qualification requirements are fairly standard, with no direct deposit required.

  • At least 12 debit card purchases
  • Be enrolled and log into online banking
  • Be enrolled in and...
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Pawtucket Credit Union Has Open Field Of Membership, Technically
UPDATE 11/13/2020: Availability has changed.

Deal Summary: 8-month CD, 0.75% APY, $1k minimum deposit

Availability: Nationwide Rhode Island, Connecticut, and Massachusetts

UPDATE 11/13/2020: The following was posted in the Forum earlier today by a representative of Pawtucket Credit Union:

About two weeks ago, Pawtucket Credit Union (PCU) posted in the Forum, announcing they now have an “open” field of membership. As a result of that news, PCU’s very competitive 8-month CD (0.75% APY) was added to the latest CD Rates Summary. The minimum opening deposit is $1k,...

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USALLIANCE Financial Adds 35-Month Certificate Special
Deal Summary: 35-month Certificate Special, 1.00% APY, $500 minimum deposit, checking or savings relationship required new members.

Availability: Easy membership requirement.

USALLIANCE Financial (USALLIANCE) has added another limited-time Certificate Special to its product line. The new 35-month Certificate Special earns 1.00% APY. Like all USALLIANCE Certificates, the 35-month Certificate Special requires a $500 minimum opening deposit, with no stated balance cap.

As stated in USALLIANCE’s Certificate Accounts Disclosure, the Early Withdrawal Penalty reads as follows:

According to the Certificate Accounts Disclosure, the ability to withdraw any of...

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Merchants Bank of Indiana Money Market Currently Offers Leading Rate
Deal Summary: Money Market Account, 1.00% APY on all balances up to $1 million, $50 minimum opening deposit.

Availability: Nationwide through online application.

I would like to thank DA reader, enelrad112, for the Forum post about Merchants Bank of Indiana’s (MBoI) nationally available Money Market Account (MMA), which currently earns 1.00% APY on balances up to $1 million. The MMA requires a $50 minimum opening deposit.

Added to MBoI’s product line in early 2019, the MMA’s initial rate was 1.75% APY, which remained in effect until March 2020....

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American Heritage Credit Union Adds 11-Month Jumbo CD Special
Deal Summary: 11-month Jumbo Share Certificate Special, 1.15% APY, $100k minimum deposit.

Availability: Existing members and residents of Pennsylvania, New Jersey, and Delaware.

Philadelphia-based American Heritage Federal Credit Union (American Heritage) started the month by adding an 11-month Jumbo Share Certificate Special, which earns 1.15% APY. The minimum opening deposit is $100k, with no stated balance cap.

While American Heritage is an easy membership requirement credit union, the fine print on the Certificate/IRA Accounts page details who can open this Certificate Special.

The Jumbo Share Certificate Special...

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Existing Members Only - Lafayette FCU Adds Limited-Time 20-Mo Special CD
Deal Summary: 20-month Special Thanksgiving Share Certificate, 1.86% APY, $500 min/$100k max deposit.

Availability: Only existing members as of 10/31/20 can qualify. Please do not call credit union about this special if you do not qualify.

Maryland-based Lafayette Federal Credit Union (Lafayette FCU) is offering a 20-month Special Thanksgiving Share Certificate (1.86% APY) “as a token of our appreciation and in honor of our 85th anniversary.” The minimum opening deposit is $500, with a balance cap of $100k. This limited-time offer is valid November 10, 2020 through...

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