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When You Move Should You Switch Banks?5.50% Money Market Account Promotion at UMB Bank
POSTED ON BY Ken Tumin
UMB Bank has a money market account promotion with a rate of up to 5.50% APY with balances over $10K. The rate is guaranteed until July 1, 2007. It must be opened by February 24th or by March 1st if you print out their rain check and bring it with you.
UMB doesn't do a good job at disclosing an important issue. The rate is only 5.25% APY for balances over $10K if certain conditions are not met. There's no mention of these conditions in the promotional webpage. So I called and was told that the 5.50% requires that you initiate direct deposit within 60 days of account opening and you add at least one additional product. This can include a VISA credit card, HELOC or a brokerage account.
Some other important details of this money market account include: $1,000 minimum balance to avoid $10/month fees, $100 minimum deposit to open, and a 0.50% APY for balances under $10K. According to the CSR, no hard credit inquiry is done in the application approval process. Only a soft pull is done.
This offer is only available to consumers residing in states where UMB has branches. These include Arizona, Colorado, Illinois, Kansas, Missouri, Nebraska and Oklahoma.
UMB Bank has been FDIC insured since 1934.
[2/22/07 Edit: Updated links by including www in the URLs to ensure link to UMB Bank]
UMB doesn't do a good job at disclosing an important issue. The rate is only 5.25% APY for balances over $10K if certain conditions are not met. There's no mention of these conditions in the promotional webpage. So I called and was told that the 5.50% requires that you initiate direct deposit within 60 days of account opening and you add at least one additional product. This can include a VISA credit card, HELOC or a brokerage account.
Some other important details of this money market account include: $1,000 minimum balance to avoid $10/month fees, $100 minimum deposit to open, and a 0.50% APY for balances under $10K. According to the CSR, no hard credit inquiry is done in the application approval process. Only a soft pull is done.
This offer is only available to consumers residing in states where UMB has branches. These include Arizona, Colorado, Illinois, Kansas, Missouri, Nebraska and Oklahoma.
UMB Bank has been FDIC insured since 1934.
[2/22/07 Edit: Updated links by including www in the URLs to ensure link to UMB Bank]
I had a special savings account with TCF Bank that only paid quarterly.