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 as a top expert, but he is first and foremost a fellow deal seeker and member of the wonderful community of savers that frequents .

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Bank Deals Blog: Internet Banks


CD Bank Ups Nationally Available Short-Term CD Rates
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.

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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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CD Rates Summary September 12, 2017
CD Rates Summary September 12, 2017

The odds of a December Fed rate hike went up a little from last week. Some of that increase may be attributable to speeches by Fed officials. Cleveland Fed President Loretta Mester and New York Fed President William Dudley. Economist Tim Duy interpreted Mester’s view about rate hikes in his Fed Watch blog:

Duy summed up the speech by Dudley, who is influential at the Fed, by saying:

Duy then summed up both speeches as support for a December rate hike:

We’ll know more about current state of inflation in the next few...

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SFGI Direct Increases Savings Account Rate (1.31% APY)
Deal Summary: Savings account, 1.31% APY, $500 minimum opening deposit

Availability: Nationwide (internet bank)

Last week SFGI Direct raised the rate on its Savings Account by 10 bps to 1.31% APY. This is the third rate hike from SFGI Direct since June. Before that June rate hike, the APY was 1.06% and had been at 1.06% since June 2015. The account has a long history of remaining competitive. In fact, out of all of the nationally-available savings and money market accounts which currently have rates of at least 1.30% APY,...

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UFB Direct Boosts Money Market Savings To 1.41% APY
Deal Summary: Money Market Savings, 1.41% APY, $5k minimum opening deposit.

Availability: Nationwide (internet bank)

UFB Direct has raised the rate on its Money Market Savings to 1.41% APY. The 121 bps increase is the first rate change for the Money Market Savings in more than four years. The minimum opening deposit is $5k.

According to the Disclosure and Agreements brochure, there is a $10 monthly maintenance fee if the daily average balance drops below $5k. If the Money Market Savings is closed mid-cycle, any accrued interest...

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CIT Bank's Premier High Yield Savings Now Earns 1.35% APY
Deal Summary: Premier High Yield Savings, 1.35% APY up to $100k, 1.30% APY for $100k+.

Availability: Nationwide (internet bank)

The rising rates race continues, with the latest increase coming from CIT Bank, which just added 5 bps to each of the Premier High Yield Savings account’s rate tiers. Tier 1 now earns 1.35% APY on balances up to $100k and Tier 2 earns 1.30% APY on balances over $100k. According to the fine print on the Premier High Yield Savings promotion page,

For example: A balance of $95,000...

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Best Bank Account Interest Rates - Summary for September 5, 2017
Best Bank Account Interest Rates - Summary for September 5, 2017

The August jobs report that was released last Friday didn’t have much effect on the odds of a December Fed rate hike. According to this MarketWatch article:

Economist Tim Duy reviewed the jobs report in his Fed Watch blog post, and he summed up his expectation about December:

A December Fed rate hike is far from a sure thing, and that was clear today in a speech by Federal Reserve Governor Lael Brainard. She’s pushing the Fed to move in an even a more gradual pace in raising the federal funds rate....

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EverBank Ups Guaranteed Money Market Rate (1.31% APY)
Deal Summary: Yield Pledge Money Market, 1.31% APY, $5k minimum opening deposit, $250k maximum deposit, one year rate guarantee.

Availability: Nationwide

EverBank tends to change its CD rates at the end of the week. This week the CD rates didn't change, but its money market rate did. the 1-year guaranteed introductory rate for new Yield Pledge Money Market accounts has been raised to 1.31% APY. In addition, the ongoing rate was increased to 0.86% APY.

When liquid account rates starting rising in June, I kept expecting to be...

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Another Savings Account Rate Hike at Ally - MM Rate Up, But Still Low

Deal Summary: Online Savings Account, 1.20% APY, No minimum balance

Availability: Nationwide (internet bank)

This morning, Ally Bank increased the rate of its Online Savings Account by 5 bps. The new rate is now 1.20% APY. This same rate change also took effect on the IRA Online Savings Account. The 1.20% APY applies to all balances. In addition to the savings accounts, Ally’s money market account also had a rate increase. That rate increased from 0.85% to 0.90% for all balances. All of these accounts have no monthly maintenance...

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GS Bank Ups CD Rates with Largest Gains on Long-Term CDs

Deal Summary: Several CD rate increases including the 60-month CD (2.40% APY), 36-month CD (2.00% APY) and 12-month CD (1.50% APY).

Availability: Nationwide

GS Bank increased rates by 10 to 15 bps on most of its CDs today. Its 5-year CD (2.40% APY) is now the rate leader among the internet banks. Its 3-year CD (2.00% APY) is now tied with the internet bank rate leaders. The full list of GS Bank rate increases are shown below:

  • 1.50% APY 12-month CD (was 1.40%)
  • 1.55%...
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