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Opening a new account

January 4th, 2008 at 06:15 pm

I am opening a new account with umbrella bank today. Their pot o gold money market. I am a little leery of on line banking cause I know so little about a computer. However, they are still paying 5% on deposits, so if I can figure out how to look up my account online to see my balance, then I will send them more money.
They did say they would send me a paper statement for a $5 charge everymonth, but I hate to waste the money.
Has anyone here had dealings with Umbrella bank??

Posted in saving | 3 Comments »

3 Responses to “Opening a new account”

  1. scfr Says:
    January 5th, 2008 at 04:44 am 1199508286
    1199508286

    Have you opened the account yet? I checked their "Bankrate Safe & Sound" rating (for New South Federal Savings Bank) and they are rated only 1 star out of 5, which is the lowest rating. Maybe that's why their interest rate is so high, they need the money?

    Some people say that the Safe & Sound rating doesn't mean a lot, but I prefer to stick with banks that have at least a 3-star rating or higher even if it means a little bit lower interest rate. [Actually, I try to stick with 4 star or 5 star banks, but since the ratings change frequently, they sometimes dip down to 3 star.]

  2. Ima saver Says:
    January 5th, 2008 at 02:32 pm 1199543572
    1199543572

    oops! I mailed off the deposit slip yesterday!!

  3. scfr Says:
    January 5th, 2008 at 02:58 pm 1199545096
    1199545096

    Well, it's FDIC insured!

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