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UFB Preferred Savings: Earn Expired

up to 5.02% APY
+52 Deal Score
105,813 Views
UFB Direct, our partner, offers the following benefits with their Preferred Savings account:
  • Earn up to 5.02% APY*.
  • No monthly maintenance fees.
  • No minimum deposit requirement
  • Complimentary ATM card
  • Digital tools for seamless remote banking
  • Free transfers between direct deposit accounts
Thanks to staff member LD7 for finding this deal.


Slickdeals may be compensated by UFB Direct

Original Post

Written by
Edited April 13, 2023 at 01:57 PM by
UFB Direct, our partner, offers the following benefits with their Preferred Savings account:
  • Earn up to 5.02% APY*.
  • No monthly maintenance fees.
  • No minimum deposit requirement
  • Complimentary ATM card
  • Digital tools for seamless remote banking
  • Free transfers between direct deposit accounts
Slickdeals may be compensated by UFB Direct
Created 02-22-2023 at 11:46 AM by LD7 | Staff
in Finance Axos Bank
If you purchase something through a post on our site, Slickdeals may get a small share of the sale.
Deal
Score
+52
105,813 Views
up to 5.02% APY
These responses are not provided or commissioned by the bank advertiser. Responses have not been reviewed, approved or otherwise endorsed by the bank advertiser. It is not the bank advertiser's responsibility to ensure all posts and/or questions are answered. Opinions expressed here are the author's alone, not those of any bank, credit card issuer, airline or hotel chain, and have not been reviewed, approved or otherwise endorsed by any of these entities.

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This rate is not for a CD, this is a standard savings account rate. So the big difference is having complete liquidity versus putting your money into a CD which typically will have an early withdrawal penalty if you need to access your funds before maturity. Also, if you lock yourself into a CD and rates continue to go higher, you may lose out on some additional interest at other banks as they increase their rates. Once I see rates start to come down, I'll probably put some money into a CD that matures in a few years to continue to earn high interest even as rates start to decline.
They are jumping the gun by a week, counting on a 1/2 percent increase by the Fed in the next meeting. Assuming that happens, by the end of the month other online savings accounts will be in the 4.5% to 5% range. Solid rate tho.

And yeah, if you have more than $250k in an account, you might want to break that up and have a few accounts to keep your balances under that threshold…But I bet you already knew that if you have that much cash sitting around.
Nah takes like a day. They just sit on our money and earn on their end for a week then allow it to post so we start earning. LOL

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JorgonVonMuckter
03-13-2023 at 07:35 PM.
03-13-2023 at 07:35 PM.
They are jumping the gun by a week, counting on a 1/2 percent increase by the Fed in the next meeting. Assuming that happens, by the end of the month other online savings accounts will be in the 4.5% to 5% range. Solid rate tho.

And yeah, if you have more than $250k in an account, you might want to break that up and have a few accounts to keep your balances under that threshold…But I bet you already knew that if you have that much cash sitting around.
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offcenter
03-13-2023 at 08:16 PM.

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03-13-2023 at 08:16 PM.
Quote from Phegotgame :
Im def staying away from these banks ive never even heard of
You need to get out more. UFB Direct is part of Axos Bank. in business since 2000.
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offcenter
03-13-2023 at 08:17 PM.
03-13-2023 at 08:17 PM.
Quote from eiamf23 :
They are jumping the gun by a week, counting on a 1/2 percent increase by the Fed in the next meeting. Assuming that happens, by the end of the month other online savings accounts will be in the 4.5% to 5% range. Solid rate tho.

And yeah, if you have more than $250k in an account, you might want to break that up and have a few accounts to keep your balances under that threshold…But I bet you already knew that if you have that much cash sitting around.
250k or 500k for joint account per FDIC's website.
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TheKingofDeals
03-14-2023 at 03:44 AM.
03-14-2023 at 03:44 AM.
Darn just signed up for the Ivy Bank Indexed Savings Account that's at 4.75% hopefully they up their rate also. Planning on making my move from Weathfront for the higher interest.
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Joined Jul 2006
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melcoeb
03-14-2023 at 04:18 AM.
03-14-2023 at 04:18 AM.
will this work for a business account?
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eIplbe
03-14-2023 at 08:05 AM.
03-14-2023 at 08:05 AM.
I had opened a savings account a few months back and just noticed it wasn't this one and I wasn't getting the 5% so I messaged them and was upgraded to a "preferred" account.
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Joined Jun 2010
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scgt1
03-14-2023 at 08:08 AM.
03-14-2023 at 08:08 AM.
Was going to get on chat this morning and have mine adjusted again but apparently they automatically did it. Showing 5.02% in the app up from 4.55% or whatever it was a few days ago.
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CompulsiveBuyer
03-14-2023 at 08:12 AM.
03-14-2023 at 08:12 AM.
Reviews give me pause....

https://www.depositaccounts.com/b...irect.html

Like this one:

ACH Transfer Limits

Posted by: Dkris32547 | Feb 23, 2023
It appears they will allow funding up to 100k and then withdraw is limited to 5k a day for 30 days. Thereafter you must request in writing new limits.
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scgt1
03-14-2023 at 08:20 AM.

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03-14-2023 at 08:20 AM.
Quote from CompulsiveBuyer :
Reviews give me pause....

https://www.depositaccounts.com/b...irect.html

Like this one:

ACH Transfer Limits

Posted by: Dkris32547 | Feb 23, 2023
It appears they will allow funding up to 100k and then withdraw is limited to 5k a day for 30 days. Thereafter you must request in writing new limits.
From https://www.ufbdirect.com/Support/faqs

We do not limit the number of funds transfers you may make.

The dollar limits at funding are:

Maximum to transfer in: $250,000.00

The dollar limits after your account is funded are:

Maximum per day in or out $30,000.00 
Maximum per month $60,000.00

You may not make funds transfers in excess of limits described on the External Bank Transfer service. We reserve the right to change from time to time the dollar amount of funds transfers you are permitted to make using our service.

Also from an email from them.....

As part of our commitment to protecting your money, we have adopted a system of limits on transferring funds to mitigate the risk of piracy and fraud.

Here's what you need to know about our transfer limits:

There is an initial limit on your first deposit into your new account. Thereafter, there are daily and monthly limits on both inbound and outbound transfers.*
Our limits increase over time: The longer you bank with us, the higher your transfer limits go.*
Inbound transfers take up to four (4) business days to fully process.*
For immediate funding needs we recommend wire transfers, which are available in the Move Money section of Online Banking.

*These limits do not apply to wire transfer.
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Last edited by scgt1 March 14, 2023 at 08:23 AM.
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typesdragon
03-14-2023 at 08:33 AM.
03-14-2023 at 08:33 AM.
I hate UFB / Axos bank, site and app is ridiculously slow.
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CompulsiveBuyer
03-14-2023 at 09:06 AM.
03-14-2023 at 09:06 AM.
Quote from scgt1 :
From https://www.ufbdirect.com/Support/faqs

We do not limit the number of funds transfers you may make.

The dollar limits at funding are:

Maximum to transfer in: $250,000.00

The dollar limits after your account is funded are:

Maximum per day in or out $30,000.00 
Maximum per month $60,000.00

You may not make funds transfers in excess of limits described on the External Bank Transfer service. We reserve the right to change from time to time the dollar amount of funds transfers you are permitted to make using our service.

Also from an email from them.....

As part of our commitment to protecting your money, we have adopted a system of limits on transferring funds to mitigate the risk of piracy and fraud.

Here's what you need to know about our transfer limits:

There is an initial limit on your first deposit into your new account. Thereafter, there are daily and monthly limits on both inbound and outbound transfers.*
Our limits increase over time: The longer you bank with us, the higher your transfer limits go.*
Inbound transfers take up to four (4) business days to fully process.*
For immediate funding needs we recommend wire transfers, which are available in the Move Money section of Online Banking.

*These limits do not apply to wire transfer.
Thanks. The information you got from that email seems to match what the reviewer wrote. Also, they're claiming this is an anti-fraud measure is rather specious.
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Chunkshady
03-14-2023 at 09:28 AM.
03-14-2023 at 09:28 AM.
Somehow I'm only at 4.21% and was originally at 4.55% when I signed up and opened an account.
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Joined Oct 2014
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yeahok
03-14-2023 at 09:37 AM.
03-14-2023 at 09:37 AM.
What's with all this rate adjustment? Doesn't a savings account change rate automatically accordingly?
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megatrons
03-14-2023 at 09:46 AM.

Our community has rated this post as helpful. If you agree, why not thank megatrons

03-14-2023 at 09:46 AM.
UFBDIRECT is not listed on FDIC: https://banks.data.fdic.gov/bankf...e/bankfind
I can see AXOS though. This could be a grey area.
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Chunkshady
03-14-2023 at 10:16 AM.
03-14-2023 at 10:16 AM.
Quote from yeahok :
What's with all this rate adjustment? Doesn't a savings account change rate automatically accordingly?

Exactly. I just called and was on hold for 30 plus minutes to ask about it before they told me to leave a message and then hung up on me.
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