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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.

408 Comments

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Featured Comments

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 Jul 2015
New User
> bubble2 7 Posts
10 Reputation
pelicanjoe
03-16-2023 at 03:18 PM.
03-16-2023 at 03:18 PM.
Quote from kishoregolkonda :
Beware of smaller banks.
They are FDIC insured. Your money is safe up to $250,000.
Reply
Joined Sep 2016
Purveyor of Cereal
> bubble2 245 Posts
74 Reputation
iLoveCereal
03-16-2023 at 03:56 PM.
03-16-2023 at 03:56 PM.
Quote from offcenter :
so, you like lower yield and locked in rates? get a Bank of America savings account

The CD is for people who have and use Ally already, and the value of a no penalty is liquidity at a good rate that compounds daily and is guaranteed for at least 11 months. If you're rate chasing rather than using Ally as a Hub account, then that's a different issue altogether. This is not a brokered CD, treasury, etc.

Poor dude. How embarrassing...lmao 🤣
1
Reply
Joined Dec 2011
L7: Teacher
> bubble2 2,061 Posts
135 Reputation
nevergoodenough
03-16-2023 at 04:06 PM.
03-16-2023 at 04:06 PM.
My account says apy 0.00 but my funds havent transfered so not sure when that is going to adjust. Hopefully it's actually 5.2
Reply
Joined Feb 2005
L999 - Grand Master
> bubble2 6,135 Posts
1,122 Reputation
alchemista
03-16-2023 at 06:27 PM.
03-16-2023 at 06:27 PM.
Quote from Phegotgame :
Im def staying away from these banks ive never even heard of

They've been around a long time, then lost leader status on highest rates. Guess they are getting back in the game.
Reply
Joined Sep 2021
L6: Expert
> bubble2 1,296 Posts
309 Reputation
Pro
Wyvern1
03-16-2023 at 06:42 PM.
03-16-2023 at 06:42 PM.
Complimentary ATM card lmao
1
Reply
Joined Nov 2016
New User
> bubble2 12 Posts
18 Reputation
CharltonC5097
03-16-2023 at 07:56 PM.
03-16-2023 at 07:56 PM.
Quote from nevergoodenough :
My account says apy 0.00 but my funds havent transfered so not sure when that is going to adjust. Hopefully it's actually 5.2
Same, mines shows 0%. Needs money in it?
Reply
Joined Jul 2007
L6: Expert
> bubble2 1,020 Posts
218 Reputation
TurboMann
03-16-2023 at 08:04 PM.
03-16-2023 at 08:04 PM.
~Deleted my unuseful comment.~
Reply
Last edited by TurboMann March 17, 2023 at 07:20 AM.

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Joined Dec 2005
L3: Novice
> bubble2 194 Posts
588 Reputation
benebsm
03-16-2023 at 10:00 PM.
03-16-2023 at 10:00 PM.
Quote from Singer33 :
Ridiculous comment. Signature and SVB are garbage woke banks. Worrying more about pronouns than keeping clients fund safe
This one wins the ridiculous comment on the thread award. Obviously no clue what "woke" means or how banking works.
1
Reply
Joined Mar 2013
L1: Learner
> bubble2 9 Posts
10 Reputation
achuu
03-16-2023 at 10:38 PM.
03-16-2023 at 10:38 PM.
Quote from nevergoodenough :
My account says apy 0.00 but my funds havent transfered so not sure when that is going to adjust. Hopefully it's actually 5.2
It took mine a couple of days to show the 5.2 rate. It just ended up updating one day on its own. Did not deposit any money yet at that time
Reply
Joined Nov 2007
L2: Beginner
> bubble2 44 Posts
10 Reputation
hackztor
03-17-2023 at 12:25 AM.
03-17-2023 at 12:25 AM.
Quote from jlwren :
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
Probably because interest rates were 0% lol. They auto match the interest rates down you send ticket to get higher. Pretty easy.
Reply
Joined Mar 2015
L3: Novice
> bubble2 815 Posts
166 Reputation
jacksan1
03-17-2023 at 04:52 AM.
03-17-2023 at 04:52 AM.
The way I test these online bank account's responsiveness to the fund transfer requests (how long it takes to transfer money out) is to initially deposit a couple of dollars and, once the money is available to transact, I put in a transfer-out request $1 at a time. There are some high-yield savings out there that transfer funds overnight so long as you schedule by, say, 4 pm Eastern, and there are others that are as slow as grass growing to do the same.

This UFB Direct has been reported to be in the "grass" category. I have just opened the account, so I am finding out soon.

If I see that a particular joint is too slow for me, then I just take out those $2 and leave it at zero balance.
Reply
Joined Dec 2005
Advanced Elite SDer
> bubble2 3,371 Posts
422 Reputation
TheKingofDeals
03-17-2023 at 11:09 AM.
03-17-2023 at 11:09 AM.
So whats the verdict UFB or IvyBanks Index Savings Account?
If feds raise rates next week as UFB expected Ivybank will be in the 5% also
Currently 4.75% Annual Percentage Yield (APY)
the rate for this account is determined by the 1 Month Treasury Par Yield as published by the U.S. Department of the Treasury's Daily Treasury Par Yield Curve Rates on the first business day after the 15th of the month.

Using the external transfer feature online, within the first 120 days the external outbound transfer limit is $25,000 per transaction up to $100,000 a month.
After 120 days, this gets increased to $100,000 a day up to $500,000 a month. The inbound limit is $250,000 per transaction up to $1,000,000 a month.
No checks or ATM cards but not an issue for me.
Reply
Joined Dec 2012
L7: Teacher
> bubble2 2,940 Posts
111 Reputation
MMPG
03-17-2023 at 12:20 PM.
03-17-2023 at 12:20 PM.
Quote from Immortalsolitude :
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
This is not the ACH transfer right? I used the transfer button then the app asked me to search for the bank, I searched for my discover bank then log in from that page and now my Discover account show up in that transfer page. Everytime I go back and I just pick it up the transfer from then transfer it.
Hope this type of transfer has no fee.
Reply
Joined Nov 2012
L6: Expert
> bubble2 1,340 Posts
257 Reputation
shortprong
03-17-2023 at 01:15 PM.
03-17-2023 at 01:15 PM.
Quote from Clinteaston :
No necessarily. Smaller banks don't act foolishly like many large banks. Credit Unions are great.
I have seen a smaller bank act foolish and go insolvent. SO in this case, SIZE DOESN'T MATTER.
Reply

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Joined Dec 2004
L6: Expert
> bubble2 1,830 Posts
287 Reputation
beware
03-17-2023 at 01:20 PM.
03-17-2023 at 01:20 PM.
Kinda pissed as I xfered more to them. I earned less in interest in Jan than Feb even though rates were higher. I opened a request with them.
1
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