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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
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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
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Created 02-22-2023 at 11:46 AM by LD7 | Staff
in Finance Axos Bank
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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 Mar 2008
L5: Journeyman
> bubble2 907 Posts
mj86
03-16-2023 at 05:53 AM.
03-16-2023 at 05:53 AM.
I opened an account at a lower rate a few months ago. My rate did NOT automatically switch over to the higher rate, as I assumed it would. I had to send them a message for them to switch me over to the current rate. They did it within hours, so good customer service, but kinda annoying that it didn't happen automatically.
Reply
Joined Jun 2010
L5: Journeyman
> bubble2 2,450 Posts
330 Reputation
scgt1
03-16-2023 at 05:56 AM.
03-16-2023 at 05:56 AM.
Quote from mj86 :
I opened an account at a lower rate a few months ago. My rate did NOT automatically switch over to the higher rate, as I assumed it would. I had to send them a message for them to switch me over to the current rate. They did it within hours, so good customer service, but kinda annoying that it didn't happen automatically.
You probably weren't on the same savings plan. Rate won't change automatically if your not.
Best vs Preferred or some other plan. All I've seen so far is those two plans.
Reply
Joined Oct 2014
L5: Journeyman
> bubble2 726 Posts
86 Reputation
yeahok
03-16-2023 at 06:16 AM.
03-16-2023 at 06:16 AM.
Quote from scgt1 :
You probably weren't on the same savings plan. Rate won't change automatically if your not.
Best vs Preferred or some other plan. All I've seen so far is those two plans.
What a trick for a bank!! I for one normally don't check the name of savings accounts.
Reply
Joined Sep 2016
Purveyor of Cereal
> bubble2 245 Posts
74 Reputation
iLoveCereal
03-16-2023 at 06:41 AM.
03-16-2023 at 06:41 AM.
Quote from Ishbi-Benob :
Here's notes from after phone calls (many on hold too long) yesterday with strikethroughs on the ones I rejected, and comments on why.
I did need a checking account directly within the account, not linked.
Customer Service, including phone hold time is important for me.

SoFi Checking and Savings: Best for account balances above $20,000
rate with direct deposit


Primis Savings Account 4.35, no details online, 7 min phone wait.
MySavingsDirect Savings Account 4.35, no direct checking
Bask Bank Interest Savings Account 4.25, no info re. checking 833-260-4320 4 min phone hold.
TAB High-Yield Savings Account 4.06, no info! (800)-355-3063 no checking
CIT Bank Savings Connect Account 4.05, no info
PNC High Yield Savings℠ Account 4.00, no info, requires zip, childish step by step website.
LendingClub High-Yield Savings Account 4.00,no info 800.242.0272 no checking.
Synchrony High-Yield Savings Account 4.00, no contact.
Marcus by Goldman Sachs High Yield Online Savings Account 3.75, no checking
TD Signature Savings 3.75,
wealthfront.com no phone
barclays sucks
https://www.customersbank.com/interest-checking/ 2%

UFB Direct Money Market Account 4.55, <$5k = $10/mo.
https://www.ufbdirect.com/moneyma...JJ4AG1jo6w 1-877-472-9200 15 min on hold, no pickup
external bank transfers?Max/day in or out $30,000.00  Max/month $60,000.00


https://www.viobank.com/cornerstone-money-market-savings
4.3% $5 monthly fee if you receive paper statements. 888.999.9170
After account opening, transfers initiated through the Vio Bank External Transfer Service are limited to $25,000 per day and $100,000 per month. no checking.

I'll settle for Sallie Mae's or Ally's MMA, both 3.80% and someone answers the phone soon.

I shouldn't count my eggs before they hatch so maybe I should have put the hay in the barn but I just couldn't pull the trigger on redneck bank. https://redneck.bank/accounts/mega-money-market
Heehaw

Check out the No Penalty CD from Ally. You can fundamentally treat it as a savings account and lock in the 4.75% current rate. Closing and opening them is really quick too, so if the rates improves further, it's no big deal.
Reply
Joined Mar 2008
L5: Journeyman
> bubble2 907 Posts
mj86
03-16-2023 at 06:49 AM.
03-16-2023 at 06:49 AM.
Quote from scgt1 :
You probably weren't on the same savings plan. Rate won't change automatically if your not.
Best vs Preferred or some other plan. All I've seen so far is those two plans.
You're right, that was the case. But it seems they changed the name of it.
Reply
Joined Dec 2008
L6: Expert
> bubble2 1,300 Posts
244 Reputation
hleapha
03-16-2023 at 06:53 AM.
03-16-2023 at 06:53 AM.
Quote from offcenter :
250k or 500k for joint account per FDIC's website.
It's limited unless you have lobbyists, fund political campaigns, and have CCP ties. See SVB. Of course the government only uses the money we labor for OR devalues our money by printing to do this. I would hope us serfs would be covered up to $250k but we'd probably be burning that cash for fuel in that instance anyway.
Long story short, it doesn't matter either way unless you get your leaders to stop bailing out reckless bankers (who invest funds in high risk mortgage-backed securities where the risk is bailed out). Modern monetary theory (getting off gold standard) is complete control of our money's value by definition and more people need to understand it.
3
Reply
Last edited by hleapha March 16, 2023 at 06:57 AM.
Joined May 2019
L4: Apprentice
> bubble2 363 Posts
132 Reputation
Ishbi-Benob
03-16-2023 at 07:52 AM.
03-16-2023 at 07:52 AM.
Quote from iLoveCereal :
Check out the No Penalty CD from Ally. You can fundamentally treat it as a savings account and lock in the 4.75% current rate. Closing and opening them is really quick too, so if the rates improves further, it's no big deal.
Thanks for the advice but: "I did need a checking account directly within the account, not linked."
Ally's (and Sallie Mae's MMA has a checking account within the MMA.
For other posts - does bump the ratings up relatively when the feds raise them and they don't change their names simply to avoid applying the rate increases to your acconut.
Ally may be the most versatile with a separate checking linked to the MMA to avoid "low balances" in checking, etc.
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Joined Sep 2013
L4: Apprentice
> bubble2 388 Posts
58 Reputation
jlwren
03-16-2023 at 08:23 AM.
03-16-2023 at 08:23 AM.
Quote from typesdragon :
I hate UFB / Axos bank, site and app is ridiculously slow.
I will never bank with Axos again. They bait and switched me about a year ago. Great rate for about 3 weeks, then dropped to near 0
3
Reply
Joined May 2009
L10: Grand Master
> bubble2 17,928 Posts
27,117 Reputation
Pro
Expert
This user is an Expert in Health & Beauty
Immortalsolitude
03-16-2023 at 08:28 AM.
03-16-2023 at 08:28 AM.
What are the transfer charges like if we withdraw via ACH or wire?
1
Reply
Joined Mar 2006
Practical Cheapskate
> bubble2 3,870 Posts
919 Reputation
skinnywallet42
03-16-2023 at 08:52 AM.
03-16-2023 at 08:52 AM.
I just signed up. Transferring money directly from Discover. Pretty quick and painless. We'll see how many days it takes for the direct transfer.
Reply
Joined Nov 2019
L3: Novice
> bubble2 173 Posts
30 Reputation
Heshagan
03-16-2023 at 08:59 AM.
03-16-2023 at 08:59 AM.
Applied for an account, got approved. Tried to log in, says the username doesn't exist or password is wrong. I know it's right. Try to recover password, bank sends me a verification code to my email. I put it in, it tells me they need to verify my contact information, and I need to call them. Long story short, nah, just not going to bother with this bank. Wait another week or two and other banks will hike their rates.
Reply
Joined Mar 2005
L8: Grand Teacher
> bubble2 3,313 Posts
1,772 Reputation
Pro
JL5
03-16-2023 at 09:15 AM.
03-16-2023 at 09:15 AM.
*********** W A R N I N G *************

DO YOUR RESEARCH...Dealing with this bank and their overseas customer support is going to be an exercise in futility... This is not going to be easy...

https://www.depositaccounts.com/b...aO9mKk56Mc


After you get through about 10-15 reviews...you may want to think twice if the juice is worth the squeeze.
1
1
Reply
Last edited by JL5 March 16, 2023 at 09:19 AM.
Joined Feb 2006
L3: Novice
> bubble2 119 Posts
19 Reputation
ljames77
03-16-2023 at 09:15 AM.
03-16-2023 at 09:15 AM.
I've tried to sign up from multiple computers and each time the website just times out. After hitting submit, the UFBDirect logo just spins and goes back the application page.
Reply
Joined Nov 2017
L5: Journeyman
> bubble2 808 Posts
59 Reputation
oharag1
03-16-2023 at 09:16 AM.
03-16-2023 at 09:16 AM.
Quote from Immortalsolitude :
What are the transfer charges like if we withdraw via ACH or wire?
I thought there is no fee for transfer - but I can't find the verbiage again.
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Joined Dec 2005
L8: Grand Teacher
> bubble2 3,818 Posts
115 Reputation
ms2000
03-16-2023 at 09:19 AM.
03-16-2023 at 09:19 AM.
Could u confirm that we need to request increase each time interest goes up?
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