As I first reported yesterday, UmbrellaBank has started a new promotion on its Green Day Savings Account with a introductory yield of 6.00% APY for the first 90 days (5.83% interest rate). A minimum balance of $100 is required to avoid a $7/month fee.
I called UmbrellaBank yesterday afternoon, and received some additional info. I was told there's no closing fee if closed after 90 days. Note, you will forfeit interest if you close it before interest is credited to your account (it's credited monthly).
The CSR said that there's no hard credit inquiry. They just do a soft pull and a ChexSystem check. This corresponds to what I was told in April by another CSR. Update: A reader has reported that a hard credit pull via TransUnion was done.
They do allow payable-on-death (POD) beneficiaries to be listed. I was told you can list up to 3 in the online application and an additional 2 on the signature card for a total of 5 POD beneficiaries. If you're looking to use PODs to go above the $100K FDIC insurance limit, please check with UmbrellaBank and the FDIC to confirm. Also, this Investopedia page has a good summary of POD requirements that allow $100K insurance for each beneficiary.
It looks like UmbrellaBank has learned from that April promo when they changed the 5.50% guarantee from December to July. Several readers reported initially being told by banking reps that UmbrellaBank had to have received the funds before the change for them to get locked into the longer rate guarantee.
This time, I was told that if you apply while the 90 day rate guarantee is still showing on the website, you'll receive the guarantee even if it changes the next day. You don't have to worry about when they receive your funds. Also, I was told the 90 days doesn't begin until they receive your funds. So for those who plan to send a check, this is good news.
For more details and discussion of this promotion and on UmbrellaBank, please see my UmbrellaBank 6% savings account promo post.