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UFB Preferred Savings: Earn Expired

up to 5.02% APY
+52 Deal Score
105,971 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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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
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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 Nov 2017
L5: Journeyman
> bubble2 808 Posts
59 Reputation
oharag1
03-16-2023 at 09:20 AM.
03-16-2023 at 09:20 AM.
I thought there was a check writing option on these accounts. Can't find any info - can anyone comment? I realize you can deposit checks - that's not what I'm asking.

Is there a limit for transactions/withdrawals for either account (savings/MM)? On my Discover MM account rules say I could only make 6 transactions per month by law. Is this the same with UFB MM?

What is the big difference between the Savings and MM - and wy go with either?

Reply
Joined Dec 2005
L8: Grand Teacher
> bubble2 3,818 Posts
115 Reputation
ms2000
03-16-2023 at 09:23 AM.
03-16-2023 at 09:23 AM.
Quote from Singer33 :
Ridiculous comment. Signature and SVB are garbage woke banks. Worrying more about pronouns than keeping clients fund safe
Is UFB and axeos are better banks?
Credit Sussie also failed!

After SVB, bailout (https://www.msn.com/en-us/money/c...r-AA18CKn8) FDIC has enough to bailout another bank?
https://www.washingtonexaminer.co...alley-bank
1
Reply
Joined May 2016
L3: Novice
> bubble2 124 Posts
30 Reputation
luminoxius
03-16-2023 at 09:40 AM.
03-16-2023 at 09:40 AM.
Quote from ms2000 :
Could u confirm that we need to request increase each time interest goes up?
From reading the comments it looks like it depends on if they change their product name when they change the rate. If they do, you need to request a product change to match the rate. If they don't, then the rate changes automatically.
Reply
Joined May 2016
L3: Novice
> bubble2 124 Posts
30 Reputation
luminoxius
03-16-2023 at 09:42 AM.
03-16-2023 at 09:42 AM.
Quote from oharag1 :
I thought there was a check writing option on these accounts. Can't find any info - can anyone comment? I realize you can deposit checks - that's not what I'm asking.

Is there a limit for transactions/withdrawals for either account (savings/MM)? On my Discover MM account rules say I could only make 6 transactions per month by law. Is this the same with UFB MM?

What is the big difference between the Savings and MM - and wy go with either?
MMA allows you to write checks, Savings doesn't. MMA charges a monthly fee that is easily waived, Savings doesn't charge a fee in the first place. Overall they are very similar products, especially with the rate being the same.
Reply
Joined Dec 2005
L8: Grand Teacher
> bubble2 3,818 Posts
115 Reputation
ms2000
03-16-2023 at 09:59 AM.
03-16-2023 at 09:59 AM.
Quote from luminoxius :
From reading the comments it looks like it depends on if they change their product name when they change the rate. If they do, you need to request a product change to match the rate. If they don't, then the rate changes automatically.
So they are not willing to give the interest?
1
Reply
Joined Dec 2017
L1: Learner
> bubble2 16 Posts
48 Reputation
beachpatrol
03-16-2023 at 10:09 AM.
03-16-2023 at 10:09 AM.
Quote from ms2000 :
So they are not willing to give the interest?

I've had this bank since Nov 2022, and there have been several rates increases. More often than not, ufb introduced a new product with the higher interest rate, so I had to contact them to get the rate changed. It took about 5 mins on their app via the chat option. The most recent rate change was not a new product so my rate automatically increased without needing to contact them.
Reply
Last edited by beachpatrol March 16, 2023 at 10:11 AM.
Joined Nov 2017
L5: Journeyman
> bubble2 808 Posts
59 Reputation
oharag1
03-16-2023 at 10:51 AM.
03-16-2023 at 10:51 AM.
Quote from luminoxius :
MMA allows you to write checks, Savings doesn't. MMA charges a monthly fee that is easily waived, Savings doesn't charge a fee in the first place. Overall they are very similar products, especially with the rate being the same.
Thanks for response. I believe for MMA you need to keep more than $5000 for no fees - otherwise $10 per month.

It seems like the limit on withdrawals for MMA have been changed permanently:

https://www.forbes.com/advisor/ba...ulation-d/

which is good news! I hated the 6 transactions per month.

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Joined Nov 2017
L5: Journeyman
> bubble2 808 Posts
59 Reputation
oharag1
03-16-2023 at 10:59 AM.
03-16-2023 at 10:59 AM.
I'm going to wait till the Fed decision on rate increase. Probably another 1/4 point. See if UFB will go a bit higher. ATM UFB is increasing rates at a fast rate. It was 4.12 when I got turned onto UFB - then 4.55 now 5.02. This is not even due to FED actions. At 5.02 this is a no brainer.

I joined Elements CC offering 3.25 when my Discover was 2.0. Elements also offered 4% for a year up to $20K for checking. Moved some money over there. Now Elements is 4.25 on Savings and 5% on checking. Asked if I could get new rate - ANSWER: No - new money for Savings only and checking no way. Going to close Elements and open UFB. I have check writing through Discover so I guess I'm covered. I also have a lame PNC account offering 0.01%. How do local regional banks compete with online????
Reply
Joined Jan 2019
L3: Novice
> bubble2 115 Posts
18 Reputation
offcenter
03-16-2023 at 12:59 PM.
03-16-2023 at 12:59 PM.
Quote from Phegotgame :
Im def staying away from these banks ive never even heard of
because?
Reply
Joined Jan 2019
L3: Novice
> bubble2 115 Posts
18 Reputation
offcenter
03-16-2023 at 01:01 PM.
03-16-2023 at 01:01 PM.
Quote from ms2000 :
So they are not willing to give the interest?
no, the hurdle is to contact customer service
Reply
Joined Jan 2019
L3: Novice
> bubble2 115 Posts
18 Reputation
offcenter
03-16-2023 at 01:02 PM.
03-16-2023 at 01:02 PM.
Quote from ms2000 :
Could u confirm that we need to request increase each time interest goes up?
only if they change the product name
Reply
Joined Jan 2019
L3: Novice
> bubble2 115 Posts
18 Reputation
offcenter
03-16-2023 at 01:04 PM.
03-16-2023 at 01:04 PM.
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.
so, you like lower yield and locked in rates? get a Bank of America savings account
2
Reply
Joined Jan 2019
L3: Novice
> bubble2 115 Posts
18 Reputation
offcenter
03-16-2023 at 01:07 PM.
03-16-2023 at 01:07 PM.
Quote from cheapguy2020 :
Their CS is awful, took forever to get someone, and they all are overseas. Also, they retain your data forever (yes they do). I found out when I created a login ID which was not correct, they could not fix it (Yes they could not fix it) and then I requested a delete of all my info (so I could start all over). They said they don't do that and retain everything forever.
rtfm and their customer service is US based during business hours
Reply
Joined May 2009
L10: Grand Master
> bubble2 17,928 Posts
27,117 Reputation
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Immortalsolitude
03-16-2023 at 01:10 PM.
03-16-2023 at 01:10 PM.
Quote from oharag1 :
I thought there is no fee for transfer - but I can't find the verbiage again.
I downloaded their document and here they are

Wire Transfers Incoming (Domestic and International) Free
Wire Transfers Outgoing (Domestic) $35.00 each
Wire Transfers Outgoing (International) $45.00 each
2
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Joined Nov 2021
L3: Novice
> bubble2 109 Posts
22 Reputation
Clinteaston
03-16-2023 at 01:52 PM.
03-16-2023 at 01:52 PM.
Quote from kishoregolkonda :
Beware of smaller banks.

No necessarily. Smaller banks don't act foolishly like many large banks. Credit Unions are great.
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