UmbrellaBank 5.35% Savings for 90 days *updated*

http://www.umbrellabank.com/promotions/0807/

Found this on BankDeals

A little confusing because they list the blended rates post promo based on their tier system:

Daily Balance
Intro
Rate Ongoing
Rate APY*
<$25,000 5.83% 4.16% 4.68%
$25,000-$74,999 5.83% 4.40% 4.87%
$75,000 and over 5.83% 4.64% 5.06%

**OP updated rate to 5.35%**

Might be worthwhile after FNBO dies. Anyone confirm/deny this is a hard pull to open? (I don't see it on the list we have of hard pullers)

zoop76 said: According to BankDeals:

BankDeals said: No hard credit pull is done. They only do a ChexSystem verification and a soft pullThen looks like a good deal if its still there after Sept 28th (Sorry, I can't get to the Bankdeals site here at work, it is blocked). Zoop76, I know the details are out there, but for other's benefit, could you please update your OP to include more information such as:

Hard pull: No
Minimum Balance (any fees):
ACH Push/Pull?
ACH Transfer Time:
Ect:

This info will help our search. Thanks.

Just an FYI, per site : A Service fee of $7.00 will be imposed if the balance in the account falls below the $100 minimum at any time during the monthly statement cycle.

If the APY is unacceptable to you after the initial 90 day period, you'd either have to leave $100 in the account to avoid monthly service fees or close it.

How did you get 6%? I only see 5.83%...

ScootyPuffSr said: moneymama said: How did you get 6%? I only see 5.83%...((1 + (.0583 / 365))^365) - 1) * 100 = 6.00280229% ~=6.00%

Math is your friend.What he is saying is that the Rate of 5.83% when compounded over a year becomes a Yield of 6.0%

zoop76 said:
Found this on BankDeals

It's a bit odd that you found this on BankDeals today when you could have found it on FW yesterday--or doesn't anyone read Cheap's highest interest rate thread anymore?

agnirys said: Is it a hard pull to open an account?
How fast is it to transfer funds back and forth? Anyone knows?See post number 3 about hard pull (no it is not). As for ACH time, anyone?

Its too bad their standard rates are no longer competitive. I still like the Salem Direct recent 6.1% promo better as they are in Mass. and have the DIF insurance for the entire balance above FDIC coverage. Not to mention, that 6.1 was good for EDIT: 60 (thanks scott) days and after that it was/still is 5.3%.

Moving <100k into this account might be a waste of time just for the short promo period (after you consider lost profits from time delays and the hassel of setting up another account). Thier regular rates are just not competitive enough to sustain any of my $.

MikeR397 said: [Q= I still like the Salem Direct recent 6.1% promo better as they are in Mass. and have the DIF insurance for the entire balance above FDIC coverage. Not to mention, that 6.1 was good for 120 days and after that it was/still is 5.3%.

Moving <100k into this account might be a waste of time just for the short promo period (after you consider lost profits from time delays and the hassel of setting up another account). Thier regular rates are just not competitive enough to sustain any of my $.
Salem Promo was only 60 days, Not 120. But I do agree it's not worth opening an account that you know you will close after the promo ends, If it was local and no lost interest interest transferring in or out would be a different story.

andre1000 said: What a nice smart informed group you guys are. Where would I go to
get some Q's answered in a financial forum(s) ?
Is there anywhere like a FWallet for Finance ?

Thanks
AndreWhat exactly are you asking here? You are posting in FW Finance.

SmallBizMan said: Someone should post this promo rate in the "sticky" thread " Best Current APR/APY ... "rule #5 -- to the extent possible, no teaser rates.

I finally received my user id and password today, which in itself is a rather odd way of doing things. Disturbingly, the email containing my password began "Dear Melody Glassman"; disturbing because I am not Melody Glassman. So that's already done a lot to sour me on this bank already. A few more annoyances/bugs I have already encountered are the inability to change my password more than once per day, and naked HTML code: "APY Earned As Of Date  
Last Interest Posted:"

This is reminding me of Amtrust Direct, which was another not-ready-for-primtime online bank.

Grantspy said: I finally received my user id and password today, which in itself is a rather odd way of doing things. Disturbingly, the email containing my password began "Dear Melody Glassman"; disturbing because I am not Melody Glassman. So that's already done a lot to sour me on this bank already. A few more annoyances/bugs I have already encountered are the inability to change my password more than once per day, and naked HTML code: "APY Earned As Of Date  
Last Interest Posted:"

This is reminding me of Amtrust Direct, which was another not-ready-for-primtime online bank.

You'll also notice the typo "Low minimum malance of $100", lol
Well, they offered this up just in time, didn't they? "New South's operations principally involve residential mortgage, automobile, residential construction, and manufactured housing lending." They probably desperately need $$ right now, lol.

Looks to me like the 90 day intro rate is down to 5.35%.

andre1000 said: What a nice smart informed group you guys are. Where would I go to
get some Q's answered in a financial forum(s) ?
Is there anywhere like a FWallet for Finance ?

Thanks
Andre

Are you aware of where you're posting? This IS fatwallet finance.