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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