In today’s economy you might want to think about investing in CDs. The returns might not be that terrific but they are guaranteed. Umbrella Bank is offering a top paying CD that might be worth looking into.
It’s offering 2.75% APY on an 18-month CD, beating most yields on 12- and 24-month CDs.
The minimum deposit is only $1,000 and if you’re looking for the income, you can get monthly or quarterly interest checks.
UmbrellaBank.com is the online division of New South Federal Savings Bank, which has one full-service branch in Birmingham, Ala., and mortgage offices across the region.
New South is losing money and its portfolio of bad loans nearly tripled last year, so it earns only one star out of five stars on Bankrate’s Safe & Sound ratings.
But that’s so typical of banks offering the best rates and it’s FDIC insured, so your deposits are guaranteed.
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