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

FNBO Direct Ups Online Savings to 1.40% APY
Deal Summary: Online Savings, 1.40% APY, $1 minimum deposit, $1 million maximum deposit

Availability: Nationwide (internet bank)

The last time I wrote about FNBO Direct was two years ago, when the rate on its Online Savings account had just increased to 0.95% APY. To quote that December 2015 blog post,

Here we are again - two days after the latest Fed rate hike and FNBO Direct just added 25 bps to its Online Savings (1.40% APY).

The Online Savings account can be opened...

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American Express Bank Ups Savings Account and Long-Term CD Rates
Deal Summary: High Yield Savings Account (1.35% APY); no minimum balance. 5-Year CD (2.35% APY), no minimum deposit.

Availability: Nationwide (internet bank)

Another internet bank has increased its rates just a day after the Fed rate hike. American Express Bank, FSB raised the rates of its High Yield Savings Account (HYSA) and its long-term CDs. This brings back fond memories of 2005 and 2006 when it was common for internet banks to raise rates soon after Fed rate hikes.

First, let me review the HYSA. The savings account rate increased...

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Live Oak Bank's Savings Account Is Now Top Rate Leader at 1.50% APY
Deal Summary: Savings Account, 1.50% APY, no minimum deposit, $5 million maximum deposit

Availability: Nationwide (internet bank)

Just a day after the Fed rate hike, Live Oak Bank raised the rate on its Savings Account by 5 bps to 1.50% APY on all balances. The Savings Account has no minimum opening deposit requirement and no minimum balance requirement to earn the stated APY. The Deposit Services Representative (DSR) stated the balance cap is $5m. In addition to the Savings Account, Live Oak Bank raised its CD rates,...

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Northern Bank Direct's 48-Month CD Raised To 2.25% APY
Deal Summary: 48-month CD, 2.25% APY, $500 minimum deposit

Availability: Nationwide (internet bank)

It’s been eight months since Massachusetts-based Northern Bank introduced its internet division, Northern Bank Direct (NBD). Its initial offerings included five competitive CDs, but earlier this week NBD significantly lowered rates on three of the CDs. At the same time, the remaining two CDs had rate increases, with the 48-month CD (2.25% APY) becoming very competitive. All of NBD’s CDs require a $500 minimum deposit, with no stated balance cap.

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BankPurely Adds 24-Month CD (2.10% APY)
Deal Summary: 24-month PurelyCD, 2.10% APY, $1k minimum deposit

Availability: Nationwide (internet bank)

BankPurely, an internet division of Flushing Bank (New York), has added a 24-month PurelyCD (2.10% APY). The minimum deposit is $1k, with no stated balance cap. According to the fine print on BankPurely’s home page, PurelyCDs are available for “new accounts and new money only.”

BankPurely is Flushing Bank’s second internet bank and was launched in May. (While DA readers may not be that familiar with Flushing Bank, its first internet bank, iGObanking, is well...

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SFGI Direct Bumps Up Savings Account Rate
Deal Summary: Savings account, 1.36% APY, $500 minimum opening deposit

Availability: Nationwide (internet bank)

This morning SFGI Direct raised the rate on its Savings Account by 5 bps to 1.36% APY. This applies to all balances of at least $1. The account requires $500 to open, and there are monthly service fees.

It’s a small increase, but it’s an encouraging sign as we head into this week’s Fed meeting. I also like to highlight banks such as SFGI Direct which have a long history of remaining competitive without creating new...

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Discover Bank Increases Savings Account and Money Market Rates

Deal Summary: Rate increases: Online Savings Account, 1.30% APY, No minimum balance: Money Market, 1.20% APY $100k+, 1.15% under $100k

Availability: Internet Bank

Today Discover Bank increased the APY of its Online Savings Account from 1.20% to 1.30%. While this new rate isn’t exceptional for an online savings account, it shows that competition among internet banks continues to push rates upward. Discover now joins other big internet banks such as Synchrony and Barclays with a 1.30% savings account. Next week’s expected Fed rate hike may have contributed...

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Nationwide Bank's Money Market Now Earns 1.40% APY

UPDATE 12/4/2017: Money Market Account rate increased by 10 bps.

Deal Summary: Money Market Account, 1.30% 1.40% APY ($10k+), 1.05% 1.15% APY (below $10k).

Availability: Nationwide (internet bank)

Nationwide Bank’s Money Market account has not been part of DA’s bi-weekly Best Rates Summary since late June 2017. At that time, all Savings and Money Market accounts with APYs of 1.00% APY or less were removed, as the climate of rising rates made these accounts non-competitive. Nationwide raised the rate on its Savings Account to 1.30% APY in August,...

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New Top Savings Account Rate at IncredibleBank
Deal Summary: IncredibleBank Savings, 1.55% APY ($25k+), 1.21% APY (under $25k)

Availability: Nationwide, internet only

IncredibleBank, the internet division of River Valley Bank (Wisconsin), increased the top-tier rate of its High Yield Savings account to 1.55% APY. This top-tier rate now applies to balances of $25k and above. This is a big improvement to what IncredibleBank introduced in early October when the top-tier rate of 1.41% APY required a minimum balance of $250k. The rate for smaller balances remains the same (1.21% APY for balances under $25k).

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Colorado Federal Savings Bank Boosts Premier Savings APY
Deal Summary: Premier Savings, 1.45% APY, $50k minimum deposit, new customers only

Availability: Nationwide (internet bank)

About three months ago, Colorado Federal Savings Bank (CFSB) unveiled its Premier Savings, which intially earned a rather pedestrian 0.90% APY on balances of $50k+. Over the weekend, CFSB boosted that rate to an eye-catching 1.45% APY. The Premier Savings account is only available to new CFSB customers, who are defined as “a customer who has not maintained a CD or savings account with the bank in the prior 60...

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