UmbrellaBank Raises Rates - 4.80% 3-Month CD

Perhaps we'll see more bank rate hikes this week after the Fed makes its expected hike to the Fed funds rate today. UmbrellaBank is one of the first. However, there are no big increases. UmbrellaBank increased rates on most of its deposit accounts. The APY of the UmbrellaBank's Pot o'Gold Money Market Account increased from 4.61% to 4.66% APY for deposits over $1K. The biggest rate gain for a CD was the 3-month term with an increase from 4.51% to 4.80% APY. The other CD terms increased from 0.05% to 0.10% (see below):

CD Term   Old APY  New APY
3 Month    4.51%   4.80%
6 Month    4.90%   4.95%
1 Year     5.10%   5.15%
1.5 Year   5.00%   5.16%
2 Year     4.95%   5.10%
2.5 Year   4.90%   5.00%
3 Year     4.90%   5.00%
4 Year     4.90%   5.00%
5 Year     4.90%   5.00%

For more info on UmbrellaBank refer to my previous posts from February and December.