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UFB Preferred Savings: Earn Expired
up to 5.02% APY
UFB Direct, our partner, offers the following benefits with their Preferred Savings account:
Slickdeals may be compensated by UFB Direct
- 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
Original Post
Written by
Edited April 13, 2023
at 01:57 PM
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
Created 02-22-2023
at 11:46 AM
by LD7 | Staff
in
Finance
Axos Bank
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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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I can see AXOS though. This could be a grey area.
I see this in your website...
Accounts at UFB Direct are FDIC insured to the maximum allowable limits ($250,000) per depositor (deposits at UFB Direct will be combined with any deposits you have at Axos Bank or other divisions of Axos Bank for determining FDIC insurance coverage).
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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.
I have an account with them and my daily transfer limit via EFT is $100k per day. Also, this is completely irrelevant of you want ANY amount higher than that as you can always get ANY amount out immediately via a wire transfer and simply pay the small wire transfer fee. To be honest, this daily EFT limit is quite high compared to most other banks, including the larger ones. I don't think most people realize you can always wire transfer funds out in excess of daily EFT limits at banks.
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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.
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https://www.depositaccounts.com/b...irect.html [depositaccounts.com]
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.