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: Savings & MMA Deals


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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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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Washington Federal (IL) Offers Money Market Special, 1.70% APY
Teaser Rate Alert: Money Market, 1.70% APY; $5k minimum; new money; no rate guarantee.

Availability: Market area is the greater Chicago metropolitan area.

DA has a new type of blog post - the Teaser Rate Alert - for good rates that have no or a short-time rate guarantee period, or accounts that have a history of low rates. In the current climate of climbing rates, there have been a fair number of good rates offered that lasted for only a short time before plummeting. In all fairness,...

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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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Capital One Increases 360 Money Market Rate
Deal Summary: 360 Money Market, 1.20% APY ($10k+), 0.60% APY (less than $10k)

Availability: Nationwide

In March 2016, a new Money Market account (earning 1.00% APY) was unveiled by Capital One 360, the now defunct online banking subsidiary of Capital One Financial Corporation. Earlier this year, Capital One 360 was quietly absorbed into Capital One, although the majority of Capital One products carry the “360” brand.

Two months ago, the rate on the 360 Money Market was raised to 1.10% APY ($10k+). Capital One has just ended the...

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Discover Bank Adds New $150 or $200 Savings Bonuses
Deal Summary: $150 or $200 bonus when opening a new Online Savings account.

Availability: Nationwide (internet bank)

Discover Bank has been offering bonuses on new Online Savings accounts for several years, but the latest bonus is definitely the best one so far: a $150 or $200 bonus when opening a new Online Savings account by October 2, 2017. To put these new bonuses in perspective, as recently as this past April, the bonus was $100; in early 2013, a $10k minimum deposit only earned a $25 bonus.

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Nationwide Bank Hikes Savings Account Rate
Deal Summary: Savings Account, 1.30% APY, no minimum balance required to earn the stated APY.

Availability: Nationwide (internet bank)

You may have read my Forum post about Nationwide Bank’s recent (and substantial) 100 bps increase on its Savings Account (1.30% APY). There are no minimum balance requirement or maximum balance cap in regards to the stated APY, but there is a minimum $25 opening deposit.

As I mentioned in the Forum post, DA has been tracking the Savings Account since 2009. While I’ve written more than...

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