Best Bank Rates and Deals

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The parent company of UmbrellaBank.com – New South Federal Savings Bank has failed. All deposits should be secured because Beal Bank has taken over the bank. Here is the excerpt from the FDIC press release:

New South Federal Savings Bank, Irondale, Alabama, was closed today by the Office of Thrift Supervision, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Beal Bank, Plano, Texas, to assume all of the deposits of New South Federal Savings Bank.

The sole branch of New South Federal Savings Bank will reopen on Monday as a branch of Beal Bank. Depositors of New South Federal Savings Bank will automatically become depositors of Beal Bank. Deposits will continue to be insured by the FDIC, so there is no need for customers to change their banking relationship to retain their deposit insurance coverage. C

Full article…

Hudson City Savings Bank is offering a competitive 1.40% APY money market rate on dollar amounts of $2,500 and up. You will receive a 0.75% APY on balances of $10 to $2,499.

The minimum opening deposit for the money market account is $2,500. The rates for the account are variable and subject to change without notice. Interest is compounded daily and paid monthly.

Third-party payments and internal transfers are limited. You could expect a $2 monthly fee on balances below $100.

If you are interested in opening a money market account, you could apply online or at one of the 131 branches located through New York, New Jersey and Connecticut.

>> Special MMAs

One Georgia Bank is offering a highly competitive 2.10% APY for the Prime Money Market Account. The account requires a minimum of $100,000 to earn this top rate.

The bank offers other competitive money market account rates:

• 2.00% APY – $50,000 and over
• 1.75% APY – $25,000 – $49,999.99
• 1.50% APY – $10,000 – $24,999.99
• 1.00% APY – $0 – $9,999.99

All accounts require $5,000 to open and offer free online banking, bill pay and electronic statements. Interest is calculated daily and credited monthly.

To open an account, visit one of the branch locations in Atlanta.

>> Special Money Market