I have a basic checking account with umbrella bank.I earn 4.5% interest if my balance is $500 -$1,000 or 4.75% if balance is above $1,000.I just checked Juniper website , they only pay 1% interest for checking acccount if your balance is below $10,000 and pay 2.5% for balance above $10,000.Both are internet banks, but why has such big difference?
2244y, Consider yourself lucky. My checking account only pays 1.73% a year so 4.5-4.75% is super. I believe the average interest earned on a checking account is between 1-2%. Just curious if anybody has a checking account that pays more than 4.75% a year? 2244y, do you know what the average interest rate paid on a savings account with Umbrella Bank? Offering a higher interest rate than other banks I can only guess that Umbrella is trying to attract more customers to internet banking. It is still considered pretty advanced (at least to me). I still need the security of walking to the bank and depositing my paycheck, but I'm pretty old fashion. But I'm now starting to pay my bills online so I'm becoming more tech savvy. Sorry for the rambling. Hope you have a great day. Dani
Started at American Bank aka pcbanker with checking account at 6.05%. Now down to 4.70% with all the recent interest cuts.
Might add that 100 minimum average balance is all you need to qualify. That will change September 1, 2001, you will need a 1000 minimum for interest to accrue. Quite a hefty minimum hike.
Doug, Thanks for responding. Wow, over 6% on a checking account! That's better than some bonds (and lord knows its better than my mutual funds) I never realized how much internet banks were paying on consumer checking accounts. How are the on line banks with fees, deposits, and such? Just curious. I may need to do some serious homework on this subject. Have a great day.
Proably easier going to their websites, here are a few. www.pcbanker.com www.usabancshares.com www.nationalinterbank.com www.usaccessbank.com www.umbrellabank.com
Hi Dani,average interest rate for Umbrella bank saving account is 4.75%,that's not much different from their checking account.You have a wonderful day too.
They don't charge for using ATM and if you have basic checking account ($500 min balance) they will give you 5 free ATM surcharge reimbusment (up to $1.50 each).
Do they actually do the reimbursement? I was with Telebank, then ETrade bank before they bought their own tiny network of ATMs and they never did the promised reimbursements. BTW, I don't recommend ETrade bank at all. Now that they have their own ATMs you have to use them but the closest one that isn't in a bowling alley is 30 miles away. Their ATM card displays the Cirrus logo but doesn't work on the Cirrus network, only the small Jeanie network with about 1 out of 20 machines on it. (Of course my only experience is in my area, and I never even tried it as a Visa card.) The web interface is the best I've seen however, once you get into it, which is a pain. I'm keeping the account with $0 in it in case I need it, but I'll close it if I ever see a fee. Banking by mail would also have become a pain when I left my job with direct deposit. I switched to a big, real bank before then because of the ATM fees cancelling out the interest. I make about 0.5% less now but I have no fees because I've never needed to go to a foreign ATM. On the other hand 4.75% beats a medium-size money market account at the best banks like MBNA and Discover, so if it actually works that's great.
