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Rates and Account Review
Last Update: April 15, 2008
UmbrellaBank.com is the Internet banking division of New South Federal Savings Bank. Unlike some of the other online banks, UmbrellaBank.com offers a whole set of products that include checking accounts, mortgages, and even credit cards.
UmbrellaBank.com's high yield money market account is the Pot O' Gold Money Market account. It offers check writing, ATM card use, and high rates.
| | Balance | APY | Interest Rate | $0 - $999 | 0.35% | 0.35% | $1,000 - $4,999 | 3.40% | 3.34% | $5,000 - $9,999 | 3.40% | 3.34% | $10,000 - $24,999 | 3.40% | 3.34% | $25,000 - $49,999 | 3.40% | 3.34% | $50,000 | 3.40% | 3.34% |
| www.umbrellabank.com
(866) 242-9175
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Minimum Deposit
$1,000 | Monthly Fee
$10* | Minimum Balance
$1,000 | Compounding
Daily |
*The $10 fee is charged only when the account balance falls below $1,000.
Yields on the Pot O' Gold Money Market Account from UmbrellaBank.com have historically been competitive mainly due to its balance tier structure. Top tiers earned as much as 5.25% apy at a time when 5.00% was considered a top yield.
Unfortunately, yields began to fall at the beginning of 2007. The lower yields, combined with the $1,000 minimum balance requirement, made this account unattractive compared to other online offerings.
But thanks to rate cutting by the Federal Reserve which started in September 2007, the Pot O' Gold Money Market Account finds itself competitive once again. Competing banks cut rates with abandon while UmbrellaBank.com held the line at 5.00% apy until January 15, 2008 when the Pot O' Gold account finally fell under the 5% mark to 4.95% apy. Even with the January 15th rate cut, the Pot O' Gold account remains one of the top yielding accounts available.
Rates
Although there are six tiers to the Pot O' Gold Money Market Account, as of December 7, 2007, there are only two different rates. Balances that are under $1,000 will earn a lower rate, while balances over $1,000 earn the higher one. See the rate box below for current rates.
Checks and ATM Card
Besides a great rate, the Pot O' Gold Money Market Account comes with check writing and ATM privileges. There is a limit of three checks per statement cycle and each ATM Card transaction will be assessed a $1.00 fee. ATM withdrawals are limited to $500 at a time. The ATM card needs to be requested and is subject to approval.
Transfers
UmbrellaBank allows for free ACH transfers to and from accounts at other banks. Transfers can be done by linking your external accounts to the Pot O' Gold Money Market Account. There is no limits to amount of external accounts that can be linked.
Minimums and Monthly Fees
The minimum initial deposit to open the Pot O' Gold Money Market Account is $1,000. A monthly service fee of $10.00 will be imposed each monthly statement cycle in which the daily balance falls below $1,000.
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