Available for residents nationwide, UmbrellaBank is offering 0.36% APY when you open a Money Market account. Continue reading to learn all you need to know about UmbrellaBank.
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About UmbrellaBank Money Market Account
UmbrellaBank is focused on online CDs and other savings products and, most importantly, their customers. All accounts are insured by the Federal Deposit Insurance Corporation (FDIC) for at least $250,000 per depositor.
We will review UmbrellaBank Money Market Account below.
UmbrellaBank Online Savings 0.36% Rate
To earn this competitive rate, simply have an opening deposit of $1,000 then you must fund the account with $25,000. That’s all it takes and you’ll get to enjoy earning the high rate of 0.36%.
- Account Type: Money Market Account
- Interest Rate: 0.36%
- Minimum Balance: $25,000
- Maximum Balance: None listed
- Availability: Nationwide (Bank Locator)
- Credit Inquiry: Hard pull or soft pull? Let us know
- Opening Deposit: $1,000
- Credit Card Funding: Unknown. Let us know.
- Direct Deposit Requirement: None
- Monthly Fee: $10, can be waived with a minimum balance of $1,000
- Early Termination Fee: $15, if closed within 6 months of account opening
UmbrellaBank ACH Capabilities & Limits
|ACH Type||Speed||Daily $ Limit||Monthly $ Limit||Notes|
Editor’s Note: Help us with the table above in the comment section if you have experience with UmbrellaBank’s ACH capabilities.
American Express® High Yield Savings Account - You earn 0.40% interest rate along with no minimum deposits or monthly fees. Amex High Yield Savings account has been my favorite Hub account for the past 7 years. Using this account to Pull/Push your money is absolutely necessary when you have many accounts. Here's why:
*No dollar limitations for ACH transfers - When you find a top bank rate account, you don't want to be limited to just $5K or $10K transfers. Amex Savings will let you transfers as much as you want whether you are pulling or pushing money from and to an external bank account.
*1 to 2 business days ACH transfers speed - With top-notch user interface, you get your money to another external account or pull money from another bank account within a day or two.
*No loss of interest during transfers - On the day you initiate your transaction on the high yield savings account website, the funds will be reflected in your Current Balance and begin earning interest.
Some other features from American Express High Yield Savings Account include Free Wire Transfers, 3 maximum linked accounts, and maximum 6 ACH withdrawals per month.
Savings account offers are frequently updated. Find the best nationwide Savings/Money Market rates here, and the best Savings account bonuses here. The Axos Bank and CIT Bank accounts offer great rates available nationwide which I recommend.
|Discover Bank Online Savings||$200 Bonus + 0.40% APY||Review|
|Aspiration||1.00% APY + $150 Cash||Review|
|Axos Bank High Yield Savings||Up to 0.61% APY||Review|
|Quontic Bank High Yield Savings||0.55% APY||Review|
|CIT Bank Money Market||0.45% APY||Review|
|American Express High Yield Savings||0.40% APY||Review|
How to Earn UmbrellaBank Rate
- Open a Money Market account from UmbrellaBank with an opening deposit of $1,000.
- Input your info – Provide your name, address, phone, email and social security number or Tax ID.
- Fund the account – Transfer funds electronically from an internal account here or an external account at another bank.
- Maintain a minimum balance of $25,000.00, enroll in online banking, and agree to electronic-only statements.
|Balance Requirement||APY Rate|
Why You Should Sign Up For This Account
- Competitive rates
- Insured by the FDIC to at least $250,000 per deposit account
- Access to your funds
- Interest is compounded monthly
Check out UmbrellaBank Money Market Account for this great rate for balances above $25,000. Take advantage of the services they have to offer along with these savings. It takes just minutes online, so open an account today! Let us know about your experience with this bank and comment below.
For more bank offers, see the complete list of Best Bank Rates!
Check back often to see the latest info on UmbrellaBank Online Savings Account.