Wednesday, January 18, 2006
Virtually Free Checking Account($20 bonus) and Pot o' Gold Money Market(APY=4.40%) at Umbrella Bank
Umbrella Bank, a division of New South Federal Savings Bank, now is (as 01-19-2006) offering a high APY Money Market Account-Pot o' Gold Money Market (APY=4.40% for Balance >=$1000.00). As far as I know, this is the highest APY saving/money market account in the country now with only a $1000 daily balance requirement. Other banks, such as Hillcrest Bank, and Superior Savings of New England, though offer a higher APY(slightly above 4.50%), they do require an extremely high balance of $25k or more.
The opening process of an Umbrellan Bank account is pretty smooth and easy. Finally, don't forget to print and mail out your signature card with your initial deposit check (make it payable to UmbrellaBank.com)
Some important highlights(for more detailed terms, click here):
1. An minimum daily balance of $1000.00 is required to avoid monthly service fee.
2.This Money Market Account provides you an ATM card and checks (first order, free).
3. Limited to six Non-ATM Transactions per statement cycle, with no more than three by check, draft, or similar order to a third party.
4. This account can NOT initiate online ACH transfer, therefore, you had better own some other accounts, such as USAA checking, HSBC online saving, Farmbureau Bank checking.
Or, you can open a Virtually Free Checking account, without minimum balance requirement and monthly fee. then link this checking account with your Money Market account. This will give you more freedom and choices.
Right now, Umbrella Bank runs a promotion of $20 bonus for trying its online billpay function if you open a checking account. Basically, you get $2.00 for each online billpay you make up to 5 billpays per month, which means you can "PLAY" this game for two months.More information here.
1. Umbrella Bank does charge an inactivity fee of $5.00 per month if your account doesn't have any activity in a 6 month period. Open this link and click "Fee Schedule Disclosure ", you will find it.
2. Don't fund your new account with wire transfer method unless you can do it free.
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