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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

TotalDirectBank CDs Are Rate Leaders - 24-Month, 2.60% APY
Deal Summary: CDs – 12-month (2.36% APY), 24-month (2.60% APY), 36-month (2.60% APY), $25k minimum.

Availability: Nationwide, with the exception of California and Florida.

In September, I wrote about the new Direct Money Market Deposit Account (DMMDA) offered by Florida-based TotalDirectBank (TDB). The 2.35% APY on balances between $5k and $500k is still in effect. For more detail about the DMMDA, please refer the September 26 blog post.

In September, TotalDirectBank’s CD rates were fairly competitive, but in the past seven weeks as many other rates dipped, the...

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FitnessBank Savings Account Still Leads But Rates Have Fallen
Deal Summary: Fitness Savings Account, 2.60% APY on balances over $100 when step requirements are met.

Availability: Nationwide (internet bank)

FitnessBank recently cut rates again on its Fitness Savings Account. The top rate fell from 2.75% to 2.60% APY at the start of November. For two months in the summer, the top rate had been 3.00% APY. After three Fed rate cuts that total 75 bps, a 40 bp rate cut seems reasonable. With a top rate of 2.60% APY, the Fitness Savings Account remains the rate leader for nationally...

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CFG Community Bank Offers Three Competitive Online Only CDs
Deal Summary: Online Only CDs – 12-month, 2.30% APY, $500 minimum, new money, one penalty-free withdrawal during the term. 18-month (2.40% APY) and 60-month (2.75% APY), $500 minimum, new money, one rate increase during the term.

Availability: Nationwide through online application.

Earlier this month, Maryland-based CFG Community Bank (CFG) unveiled its new online banking platform, which includes three CDs. All three Online Only CDs require a $500 minimum opening deposit, are capped at $250k, and must be opened with new money.

The 18- and 60-month CDs both...

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Review of Varo
Written by Lindsay VanSomeren | Updated on 10/21/2019

Fintech developer Varo offers a cash management account that boasts a high interest rate and no fees. For people who want a simple, high-yield mobile bank account, Varo is worth considering — especially if you’re looking to save with some extra tools from an app. However, watch out for third-party fees for depositing cash into your account, plus limited access to checks. Note also that Varo itself isn’t a bank — it partners with The Bancorp Bank to hold deposits and...

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MECU Has Nationally Available Money Market, 2.25% APY
Deal Summary: Money Market Promotion, 2.25% APY, $10k min/$1 million max deposit, new money.

Availability: Easy membership requirement

Now through November 30, 2019, MECU (pronounced “ME-q”) is offering 2.25% APY on its Money Market Promotion on balances between $10k and $1 million. The minimum opening deposit is $10k of new money, defined as “funds not on deposit at MECU during the past 90 days.” Average daily balances below $10k and above $1 million earn 0.05% APY.

I had hoped there was a rate guarantee, but the fine print on...

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SkyOne Federal Credit Union Adds High-Yield Savings, 2.25% APY
Deal Summary: High-Yield Savings, 2.25% APY, $1 minimum opening deposit, on-going $1k minimum aggregate monthly deposit.

Availability: Easy membership requirement

SkyOne Federal Credit Union (SkyOne) has unveiled its new High-Yield Savings (HYS) account, which earns 2.25% APY. The minimum opening deposit is only $1, but to earn the stated APY, an on-going minimum $1k monthly deposit is required. This deposit can go into any SkyOne account(s), as long as the aggregate is $1k per month.

There is a lack of complete documentation on SkyOne’s...

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TruMark Financial CU Money Market Special Earns Guaranteed 2.00% APY
Deal Summary: Money Market Account Special, 2.00% APY, $2.5k min/$250k max deposit, new money, six-month rate guarantee.

Availability: Residents of the Southeastern Pennsylvania counties of Bucks, Chester, Delaware, Montgomery, and Philadelphia.

TruMark Financial Credit Union (TruMark Financial) is currently offering a Money Market Account Special, which earns 2.00% APY on balances of $2.5k and above. The minimum opening deposit is $2.5k of new money, defined as “funds not on deposit” at TruMark Financial.

The 2.00% APY is guaranteed for six months following account opening. Following the six-month period, the...

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First Foundation Bank Online Savings Account Earns 2.40% APY
Deal Summary: Online Savings, 2.40% APY, $1k minimum deposit/balance, new money.

Availability: Nationwide through online application.

California-based First Foundation Bank (First Foundation) is currently offering 2.40% APY on its Online Savings account. The minimum opening deposit is $1k of new money, which is defined as “not funds from existing First Foundation Bank accounts.” End-of-day balances of $1k and above earn 2.40% APY, with balances below $1k earning 1.00% APY.

There is no rate guarantee. As is common for any new online savings account,...

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Robinhood Announces Cash Management, Another Try at a Savings Account

Last December Robinhood tried to launch a cash management account that offered a 3% APY. That attracted a lot of publicity and scrutiny. After a few days, it turned into bad publicity when the SIPC president challenged Robinhood’s claims that the account offered SIPC insurance protection. This forced Robinhood to “start over from scratch” on a cash management account.

Robinhood has finally announced its new Cash Management. Like in December, there’s currently only a waiting list. However, it appears they’ve done their homework to make sure their cash management account will...

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Customers Bank Adds Rate Guarantee on Ascent Money Market (2.25% APY)
Deal Summary: Ascent Money Market Savings Account, 2.25% APY guaranteed through 6/30/2020, $25k minimum opening deposit, $25k minimum balance to earn stated APY, new money.

Availability: Nationwide through online application only (Alaska and Hawaii excluded).

This week, Pennsylvania-based Customers Bank announced a new promotion for its Ascent Money Market Savings Account (Ascent MMSA): new Ascent MMSAs will earn 2.25% APY on balances of $25k+, with the rate guaranteed through June 30, 2020. The minimum opening deposit is $25k of new money. A minimum $25k balance must be...

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