Yesterday, October 29th, Umbrella Bank increased their 12 month CD by 0.04% putting it in the number one spot in our rate tables with a 2.10% APY. This new rate overtakes Amboy, which also has a 2.10% APY, because unlike Amboy Direct’s minimum deposit of $10,000, Umbrella Bank only requires a minimum deposit of $1,000.
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: 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.