Best Money Market Rate at 2.50% APY with Pot O’ Gold Program of Umbrella Bank
Umbrella Bank offers a tiered money market account which starts at 2.12% for deposits of up to $10K. A yield of 2.25% APY applies to accounts with balances of $10K to $25K. The money market rate of 2.50% APY is gained by accounts with deposits of $25K and higher.
This best money market account can be opened with an initial deposit of $1000. The interest of this money market account is compounded on a daily basis and credited every month.
Other perks of the account include convenient checking privileges, ATM card upon request, and electronic statements that can be reviewed online 24×7.
A service fee of $10 is collected if the balance of the account drops below $1000. Transfers from the money market account to other accounts or banks are limited to six transactions per month. A fee of $10 per transfer is collected if it exceeds the cap.
The Umbrella Bank is the internet division of the New South Federal Savings Bank headquartered in Alabama. The New FSB is insured with the FDIC through certificate # 32776. Reviews about the bank are not that good. It will be safe to stay within the limits of the FDIC.
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