UmbrellaBank just lowered the introductory yield on its Green Day Savings Account from 6.00% APY (5.83% rate) to 5.50% APY (5.35% rate). I was told that all approved accounts opened under the previous rate will be given a 14 day grace period beginning from the date of the rate change to fund their accounts. If you don’t fund it by then, the new rate will take effect.

The rate information on UmbrellaBank’s website is a little confusing since they’re reporting a blended APY that combines the promo rate with the ongoing rate. Consequently, the top APY is only 4.93%. This is the average of 5.50% APY for the first 3 months and an APY of about 4.75% for the last 9 months.