Dedicated to Deposits: Deals, Data, and Discussion

UmbrellaBank's Savings Account 90-Day Promo Yield Drops to 5.50% APY

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UmbrellaBank just lowered the introductory yield on its Green Day Savings Account from 6.00% APY (5.83% rate) to 5.50% APY (5.35% rate). I was told that all approved accounts opened under the previous rate will be given a 14 day grace period beginning from the date of the rate change to fund their accounts. If you don't fund it by then, the new rate will take effect.

The 6% promotion first began on August 6th (see post) so it lasted almost a month. As we've seen in this uncertain rate environment, many of these promos are not lasting long.

As I mentioned in my previous post, the rate information on UmbrellaBank's website is a little confusing since they're reporting a blended APY that combines the promo rate with the ongoing rate. Consequently, the top APY is only 4.93%. This is the average of 5.50% APY for the first 3 months and an APY of about 4.75% for the last 9 months.

For more information on this Green Day Savings Account and UmbrellaBank, please see my promo overview post and this promo update post.
  Tags: savings account

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Comments
2 comments.
Comment #1 by Chris (anonymous) posted on
Chris
I opened an account at Umbrella last week and have been sitting on it hoping to get the most mileage out of FNBO's promo before moving the money to Umbrella. This will work out pretty well in that I'll only miss out on the last couple weeks of FNBO'S 6% rate.

1
Comment #2 by Cali (anonymous) posted on
Cali
I decided not to fund my newly opened UmbrellaBank (New South FSB) account based on my extremely poor interaction with their customer service reps. It all started with them calling me at 5:30am Pacific time (their lame excuse: "Oh, we're on Central time". Well, 7:30am is also a bit early for business calls!) From there, it just went downhill. I see them as a bunch of amateurs, and in no way will I trust them with my deposited funds. It hardly ever rains here in Southern Cali, heck, I don't need an umbrella!

1