I've been keeping an eye on UmbrellaBank.com due to their nice mix of high-interest savings and CDs, low minimum requirements, and checking accounts. Apparently, these features have attracting many people. This Birmingham Business Journal article reported the annoucement by Birmingham-based New South Federal Savings Bank. UmbrellaBank.com is its online unit and it has been doing well. It announced that UmbrellaBank's assets have increased 121% during the past year to over $229 million.
The article also mentioned that UmbrellaBank received the Top Tier Awards from Bankrate.com. This awards banks who have most often provided the highest yields during the last quarter. UmbrellaBank scored well on its CDs.
A previous post has some research that I've done into UmbrellaBank which was prompted by a reader's experience with the bank. I also found New South's listing in Alabama's BBB.
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