Umbrella Direct keeps pushing the upper limit with its 12 month CD rate. On October 29th the Bank raised their 12 month CD by 0.04% putting it in the number one spot in our rate tables with a 2.10% APY. Today they have done it again, topping our charts once more with a 0.10% increase to a very impressive 2.20% APY. This new rate overtakes our second highest Amboy, which has a 2.10% APY, and unlike the $10,000 minimum deposit required to open the Amboy CD, only requires a minimum deposit of $1,000.
Umbrella Bank offer
You can find more information by viewing the Umbrella Bank profile page. Opening a new CD account on Umbrella Bank is actually very easy with it’s online application that allows initial funding via an ACH transfer, though ACH transfers are not available once the CD matures.
Financial Health Notice: On May 15th the Office of Thrift Supervision released a cease and desist order to the parent bank, New South Federal Savings Bank, Irondale, Alabama, which can be reviewed here. Because of this the BauerFinancial currently has the bank at a safety and soundness rating of 0 stars out of 5.
