Umbrella Bank offers attractive interest rates on their Money Market Accounts and Certificate of Deposits. Customers also receive various other benefits along with earning high interest rates. This article highlights some of them.
Umbrella Bank basically provides online banking facility on behalf of New South Federal Savings Bank. This New South Federal Savings Bank is a privately held company, but holds the status of a Federally Chartered Institution.The customers can do the banking work at their convenience, at any time of the day and throughout the week using the Internet banking services of Umbrella Bank.
Umbrella Bank offers attractive interest rates for the CDs (Certificates of Deposits) and money market accounts. All the deposits made through Umbrella Bank are insured by FDIC (Federal Deposit Insurance Corporation). So, through Umbrella Bank, customers can make safe deposits and at the same time can earn high rates of interest.
Money Market Rates offered by Umbrella Bank:
Umbrella Bank offers Tiered Interest Rate with its’ Money Market Accounts. So, the customers can earn more in interest and this can naturally trigger up their level of savings.
Umbrella Bank updates the interest rates of money market accounts in accordance with changes in market interest rate.
Interest offered on the balance of Money Market Accounts is compounded on a daily basis and are credited to the account on a monthly basis.
If the customers maintain a daily balance of less than $1,000 in their Money market Account, then, they can earn Annual Percentage Yield of 0.35%.
If the account holders maintain daily balance over $1000, in their Money Market Account, then they are entitled to earn Annual Percentage Yield of 3.90%.
CD Rates offered by Umbrella Bank:
Certificates of Deposit, which carry lock in period, involve higher rate of interest.
The interests earned on Certificates of Deposit can be transferred to the Money Market Account, Savings Bank Account or Checking Account of Umbrella Bank.
On a Certificate of Deposit of 30days term, Umbrella Bank pays an interest rate of 2.472%.
On a Certificate of Deposit of 6 months, Umbrella Bank offers the highest interest rate of 3.715%.
Last Updated on : 30th July 2013