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

SallieMae Bank Money Market Now At 2.20% APY
Deal Summary: Money Market (2.20% APY); High-Yield Savings (2.10% APY); CDs – 12-month (2.70% APY), 24-month (2.90%), and 60-month (3.10% APY).

Availability: Nationwide (internet bank)

With a variety of rate increases this yesterday morning, SallieMae Bank is continuing to keep its product line APYs competitive. While the individual rate increases haven’t been exceptional, the cumulative effect has kept SallieMae Bank within striking distance of the rate leaders.

Money Market Account

The Money Market Account (MMA) continues to be SallieMae Bank’s most competitive deposit account with its current 2.20% APY....

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VirtualBank 12-Month eCD Pushes Up To 2.81% APY
Deal Summary: 12-month eCD, 2.81% APY, $10k minimum deposit

Availability: Nationwide (internet bank)

It’s been a busy morning for short-term internet bank rates. I was in the process of writing about Live Oak Bank’s 1-year CD (2.80% APY) capturing the internet bank top spot, when VirtualBank swooped in and edged out Live Oak Bank by increasing the rate on its 12-month eCD to 2.81% APY. Since January, the 12-month eCD has had six rate increases, adding a total of 112 bps.

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American Express National Bank Personal Savings Account Now At 2% APY
Deal Summary: American Express Personal Savings account (2.00% APY), CD rate increases.

Availability: Nationwide (internet bank)

American Express National Bank increased the rate of its American Express Personal Savings account (Personal Savings) by 10 bps to 2.00% APY. This rate is effective as of 11/15/2018. The last Personal Savings rate hike was on September 27th, a day after the Fed rate hike.

American Express National Bank joins Ally Bank and Discover Bank in reaching 2% APY. All three now offer 2% APY on their no-minimum online savings...

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Ally Bank Online Savings Account Reaches 2.00% APY
Deal Summary: Rate increase: Online Savings (2.00% APY on all balances)

Availability: Nationwide (internet bank)

This morning, Ally Bank increased the rate of its Online Savings Account (OSA) by 10 basis points to 2.00% APY. Ally’s IRA Online Savings Account also had this same rate hike. These were the only rate hikes at Ally Bank today.

Ally Bank is the latest internet bank to raise its savings account yield to 2%. A few of Ally’s competitors have already increased their savings account yields to 2.05%. These include Barclays, Synchrony...

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MySavingsDirect Ups Savings Account Rate to 2.35% APY
Deal Summary: MySavings Account, 2.35% APY, $1 minimum deposit.

Availability: Nationwide (internet bank)

This morning, MySavingsDirect (MSD) increased the rate of its MySavings Account by 10 bps to 2.35% APY. This is the first increase since MSD became a rate leader in early September, and it’s a sign that Emigrant Bank (the parent of MSD) is intent on keeping this account at or near rate leader status.

Emigrant Bank’s other internet bank, DollarSavingsDirect (DSD), became a rate leader in April 2017. Several rate hikes allowed DSD to continue as a...

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Discover Bank Online Savings Account Reaches 2.00% APY
Deal Summary: Online Savings, 2.00% APY, all balances. Money Market, 1.90% APY ($100k+), 1.85% APY (below $100k).

Availability: Nationwide (internet bank)

Discover Bank is the latest of the large internet banks to raise their savings account rate to at least 2% APY. Discover Bank’s Online Savings Account rate increased 10 bps this morning to 2.00% APY. In addition, it raised the rates by 10 bps of both tiers of its Money Market Account. The top tier now earns 1.90% APY ($100k+) and the lower tier earns 1.85%...

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PNC Hikes Rate of High Yield Savings Account to 2.35% APY
Deal Summary: PNC High Yield Savings, 2.35% APY on balances of $1 and above.

Availability: Areas of U.S. outside of PNC’s branch footprint (based on zip code)

Last month when I first posted on PNC’s new High Yield Savings Account, I questioned if the account will remain competitive. This latest rate hike suggests that PNC may be serious in keeping it competitive. The rate increased 15 bps to 2.35% APY. Minimum balance to qualify for this rate is only $1. There’s no maximum balance, but according to PNC’s small print,...

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Capital One Increases Rates on 360 Money Market Account and CDs
Deal Summary: 360 Money Market, 2.00% APY ($10k+), 0.85% APY (less than $10k); 360 CD rate increases including 12-month (2.60% APY) and 60-month (3.10% APY).

Availability: Nationwide

On Friday, Capital One raised the rate on its 360 Money Market by 15 bps to 2.00% APY on balances of $10k+. The APY for balances below $10k remains at 0.85%.

Capital One is the latest of the large internet banks to raise their savings or money market rate to at least 2.00% APY. Several other large internet banks...

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East Boston Savings Bank Brings Back High-Yield Savings (2.50% APY)
Deal Summary: High-Yield Statement Savings, 2.50% APY on balances between $5k and $1m, $50 minimum opening deposit, new money.

Availability: The Greater Boston metropolitan area.

If “High-Yield Statement Savings” sounds familiar, it’s because that’s the name of a short-lived account offered by EBSB Direct in October. Lasting about a month, it was abruptly removed from the product line at the beginning of November. East Boston Savings Bank (EBSB), the parent bank of EBSB Direct, has revived an in-branch version of the High-Yield Statement Savings (HYSS) account,...

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Northpointe Bank Boosts Ultimate Money Market To 2.30% APY
UPDATE 11/6/2018: I just noticed that Northpointe Bank has extended its rate guarantee from 12 months to 24 months. This applies to the 2.30% APY for balances between $25k and $1 million. This post has been updated with this new 24-month guarantee period.

UPDATE 11/1/2018: A Northpointe Bank official has informed DA about new enchancements made to the ACH Transfer Service. I've updated the ACH Transfer Service section below.

Deal Summary: Ultimate Money Market, 2.30% APY on balances between $25k - $1m, rate guaranteed...
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