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

GS Bank Increases Online Savings Account Rate to 1.30% APY

Deal Summary: Online Savings Account, 1.30% APY on all balances of $1 and above.

Availability: Nationwide

GS Bank raised its Online Savings Account rate by 10 bps to 1.30% APY. This is the second rate increase this year. In June, GS Bank had its first savings account rate increase since GS Bank was formed in April 2016 from Goldman Sachs Bank’s acquisition of the internet-bank portion of GE Capital Bank.

As I mentioned last week when Barclays increased their rates, the combination of internet bank competition and the...

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Barclays Increases Online Savings Account Rate to 1.30% APY
Deal Summary: Online Savings Account (1.30% APY); no minimum balance to open.

Availability: Nationwide (internet bank)

Barclays has just raised the rate of its Online Savings Account by 10 bps to 1.30% APY. It was just over two months ago when Barclays increased the savings account yield to 1.20%. Since May 16 when the yield increased from 1.00% to 1.05%, Barclays has been steadily increasing the rate.

The combination of internet bank competition and the expectation of future Fed rate hikes are likely important factors for this...

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PathFinder Bank (NY) Guarantees Money Market 1.40% APY For A Year
Availability: High Yield Money Market Promo, 1.40% APY guaranteed for 12 months following account opening, $10k min/$1m max deposit, new money required .

Availability: Market area includes 14 central New York counties.

PathFinder Bank is featuring its High Yield Money Market Promo (1.40% APY). This limited-time offer guarantees the 1.40% APY for twelve months from account opening. The minimum initial deposit is $10k of new money, with a maximum eligible balance of $1 million.

The High Yield Money Market account has check writing abilities, which are...

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Metro Credit Union (MA) Boosts 36-Month CD Rate By 135 bps
Deal Summary: 36-month CD, 2.25% APY, $500 minimum deposit.

Availability: Residents of the eastern Massachusetts counties of Barnstable, Bristol, Essex, Middlesex, Norfolk, Plymouth, Suffolk, and Worcester.

At the beginning of the week, Metro Credit Union (Metro CU) increased the rate on its 36-month CD (2.25% APY) by a whopping 135 bps. The minimum opening deposit is $500, with no stated balance cap.

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

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IncredibleBank Savings Account Now Earns 1.41% APY ($250k+)
Deal Summary: IncredibleBank Savings, 1.41% APY ($250k+), 1.21% APY ($2.5k+)

Availability: Nationwide, internet only

Five months ago, IncredibleBank, the internet division of River Valley Bank (Wisconsin), added 10 bps to its Savings account rate, resulting in a 1.21% APY on balances of $2.5k and above. IncredibleBank has just introduced an additional rate tier (1.41% APY) for balances of $250k+.

Clicking the details arrow on the right side of the above table will show you the Savings account rate history. As you can see, the account has remained competitive since...

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Liberty Bank (CT) Max Money Market Earns 1.50% APY Thru December 2018
Deal Summary: Max Money Market Promo, 1.50% APY, $500 min/$100k max, new money, rate guaranteed through December 31, 2018.

Availability: Available only in-branch at all Connecticut branch locations.

In the past year, Liberty Bank has offered a variety of good deals, including checking account bonuses and CDs. The Bank’s latest competitive product is its Max Money Market Promo, earning a guaranteed 1.50% APY on balances up to $100k through December 31, 2018.

The minimum opening deposit is $500 of new money, which is simply defined as “funds not...

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American Express Bank Ups Savings Account Rate to 1.25% APY
Deal Summary: High Yield Savings Account (1.25% APY); no minimum balance.

Availability: Nationwide (internet bank)

American Express Bank, FSB increased the APY of its High Yield Savings Account (HYSA) by 10 bps to 1.25%. This is the third 10-bps rate hike since June. This latest rate hike still doesn’t position American Express as a rate leader, but it does position them on the high end of the big internet banks, and it should help to encourage other big internet banks like Ally and Barclays to raise their rates.

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Popular Direct Boosts Plus Savings Account Rate to 1.40% APY
Deal Summary: Popular Direct Plus Savings, 1.40% APY, $5k minimum opening deposit

Availability: Nationwide, internet bank

Popular Direct, Banco Popular North America’s newest internet division, celebrated its first anniversary in August. The first Popular Direct account I wrote about was the Popular Direct Savings. Its initial rate of 1.26% APY was short-lived, dropping to 1.15% APY sometime in December, and was quietly removed from the Bank’s website soon after. At about the same time, Popular Direct began promoting a new account, the High Rise Savings...

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Savings Account and CD Rate Hikes at Synchrony Bank

Deal Summary: Savings Account (1.30% APY for all balances); 15-month CD (1.65% APY); 12-month CD (1.50% APY); 24-month CD (1.75% APY)

Availability: Nationwide

Yesterday’s Fed meeting may have lacked a rate hike, but that didn’t stop Synchrony Bank from hiking rates. Synchrony increased its High Yield Savings Account rate by 10 bps to 1.30% APY for all balances. The account has no minimum balance requirement or monthly service fee. Synchrony also increased three of its CD rates by 10 bps each. The 15-month CD is the most competitive of...

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Competitive Rates on Money Market and 30-Month CD at EBSB Direct
Deal Summary: Money Market Direct, 1.39% APY ($50k+), 0.20% APY ($5k-$50k), minimum $5k opening deposit of new money. 30-month CD, 2.21% APY, $1k minimum deposit, new money, limited-time offer.

Availability: Nationwide (internet bank)

From 2010 to 2016, EBSB Direct offered a Money Market account with rates that ranged from 0.80% APY to 1.30% APY. In May 2016, EBSB Direct introduced its Money Market Special 2 (1.08% APY, $10k+), while still maintaining the original Money Market (0.92% APY). In October 2016, EBSB Direct unveiled its Money Market...

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