Umbrella Bank, part of New South Federal Savings Bank located in Birmingham, Alabama is currently offering an introductory Green Day 5.50% APY savings account. The actual rate on this savings account is 5.35% with a minimum deposit of $100 USD. Once the account has been opened, it will be locked in for 90 days with a $30 closing fee if you want to close it within the 90 day period. You can fund the account either by a cashier’s check sent by Fedex or you can wire it over. Umbrella Bank doesn’t accept ACH transfers as an initial deposit. The interest rate on the account depend on the daily balance following the initial 90 day promotional period. You can view the summary of the 3 tiers here.
Umbrella Bank is an internet bank geared towards the customer convience of having everything online with great phone support. The downside of a great rate and convience is the lack of physical locations and the cost of withdrawing money through ATMs of another bank.
Although this Umbrella Bank Green Day Savings Account had a 6.00% APY introductory in August of 2007, this 5.50% APY savings account promotional still stands as the best savings account rate among internet bank offers.
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