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 .
POSTED ON SUNDAY, SEPTEMBER 24, 2017 BY SHERYL NANCE-NASH
You’ve heard it plenty of times, there’s strength in numbers. That goes for credit unions too. Shared branching is win-win for the credit union member who benefits from access to a broad network and the credit union because being a part of the network is a plus in recruiting and retaining customers. It’s not surprising then, that the number of credit unions participating in CO-OP Financial Services’ CO-OP Shared Branching network continues to grow.
In 1975 shared branching began in Michigan with five Metro Detroit area credit unions through Service...
POSTED ON SATURDAY, SEPTEMBER 23, 2017 BY KEN TUMIN
Deal Summary: High Rate Checking, 3.00% APY on qualifying balances up to $25k.
Availability: Residents of the Georgia counties of Cherokee, Cobb, Fulton, and Paulding.
As I was researching another RCA, I discovered that LGE Community Credit Union (LGE) recently raised the rate on its High Rate Checking account. Qualifying balances up to $25k now earn 3.00% APY, with qualifying balances of $25k+ earning 0.10% APY. In addition to the new rate, credit card purchases (in addition to debit card purchases) are now counted towards meeting the...
Deal Summary: VIP Checking Platinum Tier, 3.01% APY on qualifying balances up to $15k.
Availability: Residents of Georgia, Maryland, North Carolina, Pennsylvania, South Carolina, Tennessee, Virginia, Washington, D.C., and West Virginia; various Partner Organizations and SEGs.
I wrote about Market USA Federal Credit Union’s (Market USA) VIP Checking Platinum Tier almost two years ago, when it earned 2.00% APY on qualifying balances up to $15k. That long-standing rate (nearly six years) was recently raised to 3.01% APY, with the balance cap remaining at $15k. Qualifying balances of...
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...