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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: Savings & MMA Deals

Goldman Sachs Bank USA Offers Up To $500 Savings Account Bonus
Deal Summary: Receive a 1% cash bonus of up to $500 for new deposits of $1k+ into a new or existing Online Savings Account.

Availability: Nationwide

Goldman Sachs Bank USA (Marcus) has recently launched a new savings account promotion which allows you to earn up to $500. It’s similar to their March promotion, but this one allows you to earn a lot more. The only mention of this promotion is on this Marcus landing page, which has the following promotion summary:

With interest rates starting to fall, bonuses might become a...

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Envision Bank Now Offers Product Line Nationwide
Deal Summary: Preferred Plus Money Market, 2.35% APY, $50k min; Savvy Savings, 2.27% APY, $10 min; Envision Max Checking (rewards checking account), 2.55% APY, up to $25k.

Availability: Nationwide, with the exception of New York State.

Massachusetts-based Envision Bank (formerly Randolph Savings Bank) is now offering a large portion of its product line in 49 states through its online application (New York State is excluded). Envision Bank’s Preferred Plus Money Market, Savvy Savings, and Envision Max Checking accounts can all be opened online and funded by ACH transfer.

Preferred...

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Northpointe Bank Ups Ultimate Savings To 2.55% APY
Deal Summary: Ultimate Savings - 2.55% APY on balances between $25k and $1m, three month rate guarantee.

Availability: Nationwide through online application.

I last wrote about Michigan-based Northpointe Bank’s Ultimate Savings about a year ago, when its rate was increased from 1.12% APY ($10k+ guaranteed for 12 months) to 2.05% APY ($25k+ with no rate guarantee). The 2.05% APY lasted about two months before dropping to 1.95% APY in July 2018, where it remained until mid-May. The May rate increase was a modest 10 bps, but this month’s...

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FitnessBank Savings Account Earns 3.00% APY With Step Requirements
Deal Summary: Fitness Savings Account, 3.00% APY on balances over $100 when step requirements are met.

Availability: Nationwide (internet bank)

The Georgia-based, Affinity Bank, has a new and unique online bank. It’s called FitnessBank, and it’s offering an online savings account, the Fitness Savings Account, which currently has the highest rate for a nationally available savings account (3.00% APY on all balances over $100.) The unique aspect of this savings account is that it has activity requirements to qualify for the rate, and they’re not reward checking requirements. These activity...

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Goldman Sachs Bank USA Cuts Rates Except the 13-Month No-Penalty CD

Just three days after Ally Bank cuts the rate of its savings account, Goldman Sachs Bank USA (Marcus) has done the same thing. Marcus' Online Savings Account rate was reduced by 10 bps to 2.15% APY. In addition, Marcus also cut rates on nine of its CDs. All rates went down by 10 bps. One noteworthy exception is the 13-month No-Penalty CD which continues to earn 2.35% APY. The new lower APYs are shown below in bold and are effective as of 6/28/2019. The previous APYs are noted inside parentheses.

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Dollar Bank's Premier Savings Has 6-month Guaranteed 2.40% APY
Deal Summary: Premier Savings, 2.40% APY, $20k minimum/$1m maximum balance, new money, 6-month rate guarantee.

Availability: Market area includes southwest Pennsylvania (Pittsburgh), northeast Ohio (Cleveland), and the Hampton Roads area of Virginia.

Pennsylvania-based Dollar Bank is offering a six-month guaranteed 2.40% APY on new Premier Savings accounts opened now through July 13, 2019. The 2.40% APY applies to all balances between $20k and $1 million. The minimum opening deposit is $20k of new money, which is defined as “funds in excess of the account owner(s) average daily...

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Wealthfront Brokerage Ups Cash Account Rate to 2.57% APY
Deal Summary: 2.57% APY on balances of $1+

Availability: Nationwide.

Wealthfront Brokerage raised the APY of its cash management account, the FDIC-insured Cash Account, by 6 bps to 2.57% for all balances of $1 and above. This is now the rate leader when compared to online savings and money market accounts. It should be noted that this is not a bank account. It’s a cash management account. In this previous blog post I reviewed the question of how this account compares in safety to a standard savings account.

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Ally Bank Cuts Online Savings Account Rate

Ally Bank is the first major online bank to cut its savings account rate after the Fed opened the door to rate cuts at its meeting last week. This morning, Ally Bank’s Online Savings Account APY fell from 2.20% to 2.10%. The same rate cut also took effect to the IRA Savings Account. No other rates changed at Ally Bank today.

I had not expected the online banks to cut their savings account rates before the Fed actually started to lower the federal funds target rate. Even before the...

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Northern Bank Direct's Money Market (2.50% APY) Available Again
Deal Summary: Money Market Account, 2.50% APY on all balances up to $250k, rate guaranteed through December 31, 2019.

Availability: Nationwide (internet bank)

Remember Northern Bank Direct’s (NBD) Money Market Account promotion from last year? For ten days last June, newly opened MMAs were guaranteed to earn 2.26% APY on balances up to $250k through the end of June 2019. That deal was sweetened in January when the APY on existing MMAs was raised to 2.50% APY.

As DA reader, AnnO, noted in a Forum post yesterday,

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New Rate Leader - Vio Bank's High Yield Online Savings, 2.52% APY
Deal Summary: High Yield Online Savings, 2.52% APY on all balances, $100 min opening deposit

Availability: Nationwide (internet bank)

Vio Bank has just added six bps to its High Yield Online Savings (HYOS) account, making it the rate leader for nationally available savings accounts with low minimum balance requirements. Currently earning 2.52% APY on all balances, the HYOS requires a minimum $100 opening deposit.

In the ten months since Vio Bank opened its virtual doors with a product line consisting of the HYOS and several CDs, the...

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