Umbrella Bank CD Rates

January 29, 2009 No Comments »

Update 2013: Deposit rates from UmbrellaBank are significantly under the most competitive online offers available. As of 2013, UmbrellaBank’s top CD rate offer is their 12 month CD which provides an APY of 0.76%. To give you an idea of where this stands, today’s national average for 12 month deposits sits at roughy the same level – at 0.74% APY.

In the past, UmbrellaBank has typically been highlighted on BankVibe.com’s top CD rate charts with some of the industry’s more lucrative offers, however in 2012 this is not the case.

- The following is a review and interest rate summary from 2009 -

Umbrellabank.com is the internet division of New South Federal Savings Bank. New South Federal Savings Bank is a federally chartered institution and is privately held. All CD’s are federally insured up to 250 thousand dollars. Below is a summation of their deposit and money market products as well as interest rates.

Umbrella Bank CD Rates

As of today, January 29, 2008, UmbrellaBank’s CD rates do not rank competitively against all other bank CD offers available. Their 6 month CD currently has an annual percentage yield of 2.59%, which is down almost 0.5% from 3 months ago. After the 6 month term, their CD rates flatten out quicly. Their 12 month through 4 year deposits all yield the same 2.81% APY. Their 5 year CD takes a decent jump up to 3.29% APY.

Umbrella Bank Money Market Rates

Umbrella Bank’s money market rates are similar to their CD rates in that they are fairly average and have suffered somewhat of a substantial drop in APY over the last 6 months. Currently you may open a money market account and receive a 2.0% APY yield by keeping a daily balance of $1-$10,000. They raise the APY by slightly more than a quarter percent for money market accounts held with a balance of more than $10,000 to 2.25% APY. To put this offer in perspective, the national average for MMA’s is 1.75% APY, however, E-Trade’s interest rate is almost 1 full percentage point higher than the money market rates of Umbrella Bank. Compare these rates to dozens of FDIC insured online institutions in our database.

About UmbrellaBank.com (as seen on their website)

UmbrellaBank.com is the Internet banking division of New South Federal Savings Bank. New South Federal is a member of the Collateral Family of Companies, which has been in the financial services industry since 1933. UmbrellaBank.com offers a wide range of banking products to meet all of your financial needs. Their products are available with online access so you can do your banking when it is convenient for you, 24 hours a day, 7 days a week.

Do you have experience in banking with Umbrella Bank? If so, please share in the comment section below!

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