An Online Bank Delivering High Rates on Deposits

January 11, 2008

By MoneyRates Team | Money Rates Columnist

Umbrella Bank is the online division of New South Federal Savings Bank (FDIC# 32276) a 75-year old bank based out of Alabama (See FDIC Report here). Umbrella Bank through their website Umbrellabank.com has been offering deposit rates ranking in the top 1% of all FDIC banks for over 5 years. Customers of UmbrellaBank have reported good experiences with their customer service and relative easy (by banking standards) in transferring funds out of UmbrellaBank. The recent rate cuts have not yet reduced some of the excellent deposit rates currently offered by the bank.

Current Deposit Rates (as of January 11, 2008):

Green Day Savings Account (<$25,000): 4.56%
Green Day Savings Account ($25,000-$74,999): 4.75%
Green Day Savings Account (+$75,000): 4.93%

Money Market Account (+$1,000): 5.00%
Regular IRA Money Market Account (+$1,000): 5.00%
Education IRA Money Market Account (+1,000): 5.00%

90-day CD ($1,000 minimum): 5.10%
180-day CD ($1,000 minimum): 5.17%
1-year CD ($1,000 minimum): 5.02%
IRA 1-year CD ($1,000 minimum): 5.02%

For more information or to open an account visit umbrellabank.com
Updated bank rates at money-rates.com.

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