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 as a top expert, but he is first and foremost a fellow deal seeker and member of the wonderful community of savers that frequents .
Deal Summary: 19-month CD Special, 1.80% APY, $2.5k minimum deposit.
Availability: Market area is Massachusetts’ North Shore and Cape Ann region.
Last month, I wrote about First Ipswich Bank’s 30-month CD Special (2.05% APY), which is still available. At that time, there were two additional CD Specials being offered: 10-month (0.50% APY) and 19-month (1.20% APY), which I described as “hardly competitive.” Perhaps the Bank took note of my opinion of these two CD Specials, because as of this week, both have new and improved rates....
POSTED ON THURSDAY, SEPTEMBER 21, 2017 BY KEN TUMIN
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)
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...
Availability: Easy membership requirement for residents of Louisiana, Arkansas, Mississippi, and Texas; Residents of Rapides Parish, Louisiana; Employees and retirees of several SEGs.
Yesterday, Pelican State Credit Union (Pelican State CU) added 10 bps to its 48-month Share Certificate (2.51% APY) and 60-month Share Certificate (2.71% APY). The minimum opening deposit for either Share Certificate is $500, with no stated balance cap.
Note: While Jumbo Share Certificates (minimum $10k deposit) are...
POSTED ON WEDNESDAY, SEPTEMBER 20, 2017 BY KEN TUMIN
There were no surprises that came from today’s FOMC meeting. The Fed decided to hold off again on a rate hike. It also announced that they “will initiate the balance sheet normalization program” in October. Both the FOMC statement and the Fed’s projections suggest a December rate hike is still likely.
Increased Odds for a December Fed Rate Hike
One reason the Fed may decide against a December rate hike is if inflation numbers are too low. Today’s statement doesn’t indicate that the Fed has any additional concerns about inflation. It...
In May, Flushing Bank launched its newest internet division, BankPurely. The inaugural offerings were the SavingPurely (1.30% APY) and CheckingPurely (0.75% APY) accounts; both rates are still in effect today.
BankPurely has expanded its product line and is now offer two PurelyCDs™: 12-month (1.60% APY) and 36-month (2.00% APY). The minimum deposit is $1k, with no stated balance cap. Both PurelyCDs™ require “new accounts and new money only.”
POSTED ON WEDNESDAY, SEPTEMBER 20, 2017 BY KEN TUMIN
Deal Summary: 60-month CD, 2.55% APY, no minimum deposit.
Availability: Residents of 12 eastern Tennessee counties.
Over the weekend, Tennessee-based Consumer Credit Union (CCU) raised the rate on its 60-month CD (2.55% APY). There is no minimum or maximum deposit requirement.
With approximately 15 credit unions with “Consumer” in their names, it’s sometimes difficult to keep them all straight. Just don’t confuse Consumer Credit Union with Consumers Credit Union (headquartered in Illinois and known for its Free Rewards Checking Account) or Consumers...
POSTED ON TUESDAY, SEPTEMBER 19, 2017 BY KEN TUMIN
The Fed has begun its two-day FOMC meeting. The FOMC statement is scheduled to be released at 2:00pm EDT Wednesday. Also at that time, the Fed is scheduled to release its federal funds rate projections and its quarterly economic projections. Then at 2:30pm, Fed Chair Janet Yellen is scheduled to hold a press conference.
No rate hike is expected at this meeting. The main question will be whether this year’s low inflation numbers will have affected the Fed’s outlook for the federal funds rate. We may see this in the federal...
At the end of last week, New Jersey-based Garden Savings Federal Credit Union (Garden Savings FCU) added 51 bps to its 24-month Share Certificate (2.02% APY). The minimum opening deposit is $500, with no stated balance cap.
Even though it is not marked as such, CSR stated the 2.02% APY is a “special rate” and hinted it may not last long. A year ago, the 2-year Share Certificate also offered a...
Availability: Residents of 20 northeast Iowa counties.
Between April and November 2016, I wrote three blog posts about competitive CDs offered by Cedar Falls Community Credit Union (CFCCU). With last week’s rate increases on its Jumbo Certificates, it’s time to write a fourth. Of the 10-, 15-, 25-, and 37-month Jumbo Certificates, the 15-month has the most competitive rate. The minimum deposit is $100k, with no stated balance cap.
Deal Summary: 9-month CD (1.40% APY), 12-month CD (1.65% APY), 18-month CD (1.75% APY), $10k minimum deposit
Availability: Nationwide (internet bank)
In May, Dallas-based TBK Bank launched CD Bank, its new internet division. As you might guess, CD Bank only offers CDs. Over the weekend, CD Bank raised the rates on most of its product line, with the most competitive CDs being the 9-month (1.40% APY), 12-month (1.65% APY), and 18-month (1.75% APY). The minimum deposit is $10k, with no stated balance cap.