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UFB Preferred Savings: Earn Expired

up to 5.02% APY
+52 Deal Score
105,866 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
105,866 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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Joined Jan 2012
L4: Apprentice
> bubble2 389 Posts
84 Reputation
investigate84
03-15-2023 at 07:25 AM.
03-15-2023 at 07:25 AM.
Thank you. I signed up and was instantly approved this morning and funded the account with $15,000 to start. Will see how it all works out.
Reply
Joined Jul 2013
L4: Apprentice
> bubble2 478 Posts
21 Reputation
rhaug
03-15-2023 at 07:59 AM.
03-15-2023 at 07:59 AM.
I've had UFB now for about a month, and aside from the incredibly slow transfers, it's been fine. They updated my rate automatically from 4.55% to 5.02%. CapitalOne360 has insanely fast transfers, so I save some time by pulling money to there first and then pushing to UFB.

Does anyone know if UFB Preferred Savings gives you an ATM card? It says complimentary ATM card on the site, but I don't remember seeing anything about it during the signup process.
Reply
Joined May 2020
L3: Novice
> bubble2 274 Posts
42 Reputation
PaulM1ghty
03-15-2023 at 08:06 AM.

Our community has rated this post as helpful. If you agree, why not thank PaulM1ghty

03-15-2023 at 08:06 AM.
Quote from Stryder5 :
I believe they only let you move 20k a month? Not 100% sure on that, but I'm definitely hitting limits trying to deposit into ufb

Opened an account back in October and this bank was a mess. Their system allowed me to setup a transfer to fund my new account in an amount greater than what was allowed with no warning, then the transfer failed and my original bank charge me a $50 failed transfer fee. I called UFB and after waiting 30 minutes on hold, a woman finally picked up. I described what happened and that I wanted to close the account. She told me to send a secure message through the app/website, so I did. And after a week I sent a second message and then a third. I finally got a response almost a month later which was basically "whoops, sorry about that". So they got all my personal data and I got hit with a $50 fee for nothing, that was my experience. I ended up getting a high interest savings account elsewhere and am much happier.
2
Reply
Joined Apr 2015
L4: Apprentice
> bubble2 324 Posts
58 Reputation
tge101
03-15-2023 at 08:34 AM.
03-15-2023 at 08:34 AM.
I got sick of moving money back and forth. Ally has no penalty 11 month CDs at 4.75%
2
Reply
Joined Jul 2007
L6: Expert
> bubble2 1,385 Posts
67 Reputation
Meowmixes98
03-15-2023 at 09:21 AM.
03-15-2023 at 09:21 AM.
Do you gain interest monthly?
Reply
Joined Oct 2006
L6: Expert
> bubble2 1,549 Posts
143 Reputation
ericdabbs
03-15-2023 at 10:00 AM.
03-15-2023 at 10:00 AM.
Quote from Meowmixes98 :
Do you gain interest monthly?
Yes. Interest is paid at the 1st of the month.
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Joined Oct 2006
L6: Expert
> bubble2 1,549 Posts
143 Reputation
ericdabbs
03-15-2023 at 10:00 AM.
03-15-2023 at 10:00 AM.
Quote from Truth-Serum :
Just buy stable coins. Digital gold...
LOL stablecoins. USDC went through a rough patch last weekend.
Reply
Joined Dec 2015
New User
> bubble2 1 Posts
10 Reputation
gfried2484
03-15-2023 at 10:05 AM.
03-15-2023 at 10:05 AM.
I recently had UFB update my account to the "preferred savings" when the rate hit 4.55%. Just checked my account and the interest rate has increased automatically to 5.02%. The transfer in was pretty slow, but the customer service rep I spoke to took care of getting my account upgraded without issue.
Reply
Joined May 2014
L1: Learner
> bubble2 65 Posts
14 Reputation
nysingsta
03-15-2023 at 10:23 AM.
03-15-2023 at 10:23 AM.
I would avoid this bank. They give you the initial rate and then decrease it without warning. Happened late last year to me and I moved my money
2
Reply
Joined Dec 2005
L8: Grand Teacher
> bubble2 3,818 Posts
115 Reputation
ms2000
03-15-2023 at 10:25 AM.
03-15-2023 at 10:25 AM.
Quote from scgt1 :
Just jumped on chat and got my 4.21% best changed to the Preferred 4.55% rate.
You have to be on their tail and get them to increase each time?
That sucks.
I prob don't want to do any biz with them.
Reply
Joined Jun 2010
L5: Journeyman
> bubble2 549 Posts
68 Reputation
ramblers
03-15-2023 at 10:43 AM.
03-15-2023 at 10:43 AM.
I was approved immediately which I didn't expect. However, I wasn't able to do instant verification from one of other bank accounts when trying to add UFB. Was everyone else forced to do micro deposits?
Reply
Last edited by ramblers March 15, 2023 at 10:59 AM.
Joined May 2010
L6: Expert
> bubble2 1,628 Posts
134 Reputation
ctz
03-15-2023 at 11:45 AM.
03-15-2023 at 11:45 AM.
Have more than 250k cash. Wish a few other banks can match their interest rate to this... Too risky to put it in a single bank nowadays. Anything can happen so fast.
1
Reply
Joined Apr 2013
L4: Apprentice
> bubble2 448 Posts
64 Reputation
bxd20
03-15-2023 at 12:19 PM.
03-15-2023 at 12:19 PM.
I've been a customer for 7 months and pleased so far with customer service through the app.

I figure if I need a large withdrawal quickly, I will simply close the account. They told me in that scenario they will mail a check by FedEx.

Other option if you are done with them but don't need money immediately is to buy a Tbill for the full amount. Then when it matures in 4 weeks have Treasury Direct deposit the funds in whatever bank you're moving into.

Finally - as others have said there's no wire limit.
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Joined Apr 2013
L4: Apprentice
> bubble2 448 Posts
64 Reputation
bxd20
03-15-2023 at 12:23 PM.
03-15-2023 at 12:23 PM.
I saw this PR a few days ago. I'm not sure if this is impressive or just marketing jargon that is meaningless. Maybe someone can translate into plain English.



Axos Bank Provides FDIC Deposit Insurance

Coverage up to $150MM* With Insured Cash Sweep

The Axos Bank Insured Cash Sweep offers secure and transparent protection for deposits above the $250,000 FDIC insurance limit for businesses and consumers
March 13, 2023, 12:34 PM EDT
SAN DIEGO--(BUSINESS WIRE)--Axos Bank provides its Insured Cash Sweep (ICS) program, which offers multimillion-dollar FDIC insurance coverage – and peace of mind – to commercial, small business, and consumer banking clients. Through IntraFi® Network DepositsSM, the ICS program provides expanded protection of liquid deposits up to $150 million with FDIC insurance, backed by the full faith of the federal government.
After a streamlined account opening process through dedicated relationship managers, commercial clients receive access to a sophisticated treasury management platform capable of managing the needs of middle-market clients. Consumers can open accounts digitally or through a relationship manager and access a best-in-class consumer online platform & mobile application. Commercial and consumer clients avoid the inconvenience of opening multiple accounts to receive full FDIC insurance coverage and experience the convenience of one banking relationship.
Axos Bank offers a wide variety of award-winning products and services – including personal, small business, and commercial banking, investing, and commercial, personal, auto, and home loans – to provide an all-encompassing and convenient way to manage your financial needs. Interested parties should contact Axos Bank at 1-855-818-4113 for a consumer deposit account and 1-833-307-1542 for a commercial deposit account.
*Maximum coverage of $150MM per IntraFi website as of March 13, 2023; this amount is subject to change.
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