Ah-ooga! Umbrella Bank 5.50% ($1k min)

[sweeps]

Pot O' Gold MMA
5.50% rate guaranteed through the end of the year
$1,000 minimum (0.60% APY for smaller balances)

Direct Link (Source)

[Broken Arrow]

Wow. At this point, that rate is hot. And the minimum is rather low too.

The fine print says that the rate is subject to change, but not until the end of the year.

Overall, a good find.

[BTC]

Nice. I was kinda hoping something like this would happen around the time HSBC ended their promotion.

[brig2221]

[QUOTE=Broken Arrow;114508]

The fine print says that the rate is subject to change, but not until the end of the year.QUOTE]


Here is what I find clicking on the link:

Notes: Fees may reduce earnings. APY is accurate as of 04/25/2007 . Availability of this promotional offer is subject to change without notice. The interest rate and APY may change after 7/31/2007. UmbrellaBank reserves the right to change the interest rate and APY at any time after the promotional period. Rates and terms are subject to change without notice. Interest begins to accrue no later than the business day UmbrellaBank receives your deposit for non-cash items (for example, checks). Interest is not considered earned until posted. Closing an account prior to posting will result in the loss of accrued interest.

So, it looks like this rate is only guaranteed through the end of July, not the end of the year.

[Ima saver]

I don't like the fact that interest is not considered earned until posted. That sounds like a c.d. to me.

[sweeps]

it looks like this rate is only guaranteed through the end of July, not the end of the year.

You're right. They must've changed it. Which is not so cool because if originally the rate was "guaranteed" until 12/31 and now it's not, their guarantee must not be worth much. Thumbs down.

[buzz]

New South Federal Savings Bank, the parent bank of UmbrellaBank.com, is poorly rated at bankrate.com. They are given 2 stars out of 5--"Below peer group". (Rating is for financial soundness.)

For comparison, Amboy rates 4 stars--"Sound". HSBC rates 5 stars--"Superior". I would not hesitate to invest in a 3-star bank, but a 2-star bank trying to raise cash with an online special offer rings an alarm bell for me. Of course, the deposits are FDIC insured, and if there is a problem, you will get your money back...some time in 2011.

Safe & Sound® ratings

The results page does not seem to link directly, you will have to navigate a couple of steps. Sorry.

[Broken Arrow]

You're right. They must've changed it. Which is not so cool because if originally the rate was "guaranteed" until 12/31 and now it's not, their guarantee must not be worth much. Thumbs down.

Yes, it originally said the end of the year. Not cool indeed.