Umbrella Bank keeps pushing the limits for their 12 month CD rate, as the current national highest rate offered. On October 29th the bank raised its 12 month CD rate by 0.04%, while other banks and credit unions seem to be cutting rates for the 12 month term. That small increase put them at 2.10% APY, but just today they raised their rate again to an impressive 2.20% APY. The new rate over takes the second highest 12 month CD rate held by Amboy, which is at 2.10% APY. With Amboy you have to deposit a minimum of $10,000 but Umbrella Bank’s minimum deposit sits at $1,000.
You can find more information by visiting Umbrella Bank’s home page. One of the great benefits of Umbrella Bank is that they make it easy to open a new CD account with their online application and initial funding via an ACH transfer.
Be sure to check with the bank to make sure they are federally insured. A Financial Health Notice: On May 15th, 2009 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 Bauer Financial currently has the bank at a safety and soundness rating of 0 stars out of 5.