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UFB Preferred Savings: Earn Expired

up to 5.02% APY
+52 Deal Score
105,813 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
105,813 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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CoralStar878
03-17-2023 at 01:21 PM.
03-17-2023 at 01:21 PM.
Because much larger banks recently went under for not being able to cover withdraws lol. You'd have to be a fool to do this
Quote from offcenter :
because?
2
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Joined Dec 2004
L5: Journeyman
> bubble2 711 Posts
73 Reputation
rcglfr
03-17-2023 at 01:22 PM.
03-17-2023 at 01:22 PM.
Quote from scgt1 :
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

That is absolutely correct! Transferred funds are done electronically and usuallly happen almost instantly. I have made transfers one day and the next day they appear. However, some scumbag banks will tell you it takes days or a week before the funds are available. They will use your money for several days to earn interest for themselves while making the funds unavailable for you. This kind of stuff was supposed to be outlawed years ago, but it seems like some banks are still getting away with it.
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Joined May 2009
L10: Grand Master
> bubble2 17,924 Posts
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Immortalsolitude
03-17-2023 at 01:25 PM.
03-17-2023 at 01:25 PM.
Quote from MMPG :
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.
Its probably wire but its better to confirm with them before making the transfer. I usually refrain from entering my bank account credentials on a third party app or bank site. I opened one with Marcus and all i had to do was provide account and routing number.
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Joined May 2014
L2: Beginner
> bubble2 99 Posts
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Cheezycheeto
03-17-2023 at 01:58 PM.
03-17-2023 at 01:58 PM.
Quote from CoralStar878 :
Because much larger banks recently went under for not being able to cover withdraws lol. You'd have to be a fool to do this
Actually, those banks were bailed out so they didn't go under. That's not to say that the gov is going to bail out all the banks that crash and burn.
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Joined Sep 2005
L4: Apprentice
> bubble2 333 Posts
62 Reputation
united
03-17-2023 at 03:43 PM.
03-17-2023 at 03:43 PM.
Don't initiate the transfer from UFB. It takes too long for your money to show up in your account.
Reply
Joined Dec 2017
L4: Apprentice
> bubble2 473 Posts
359 Reputation
Joedaddy123
03-17-2023 at 03:46 PM.
03-17-2023 at 03:46 PM.
Quote from united :
Don't initiate the transfer from UFB. It takes too long for your money to show up in your account.
amen.. it takes at least a week i noticed.
Also, customer service hasn't responded to any of my questions.
Reply
Joined Nov 2017
L5: Journeyman
> bubble2 760 Posts
301 Reputation
djangi
03-17-2023 at 04:09 PM.
03-17-2023 at 04:09 PM.
Quite happy with Sofi which is at 4% APY now. Is it worth to move to UFB chasing the apy? Does ufb restrict large ach transfers?
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Joined Dec 2017
L4: Apprentice
> bubble2 473 Posts
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Joedaddy123
03-17-2023 at 04:36 PM.
03-17-2023 at 04:36 PM.
Quote from ujjalbuet :
Quite happy with Sofi which is at 4% APY now. Is it worth to move to UFB chasing the apy? Does ufb restrict large ach transfers?
I don't know about large transfers from UFB, but if you send a large balance from SOFI to UFB, there shouldn't be a problem.

I use SOFI savings as my bill pay/"checking" account and UFB as my new savings account
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Joined Nov 2017
L5: Journeyman
> bubble2 760 Posts
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djangi
03-17-2023 at 04:48 PM.
03-17-2023 at 04:48 PM.
Quote from Joedaddy123 :
I don't know about large transfers from UFB, but if you send a large balance from SOFI to UFB, there shouldn't be a problem.

I use SOFI savings as my bill pay/"checking" account and UFB as my new savings account
Doesnt bill pay count as part of the 6 limited withdrawals from a savings account?
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Joined Dec 2017
L4: Apprentice
> bubble2 473 Posts
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Joedaddy123
03-17-2023 at 05:45 PM.
03-17-2023 at 05:45 PM.
Quote from ujjalbuet :
Doesnt bill pay count as part of the 6 limited withdrawals from a savings account?
I don't think SOFI has that limit. I've asked the same question to SOFI, and they said no limit. This was 2-3 months back though so it may have changed.
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Joined Nov 2010
L2: Beginner
> bubble2 80 Posts
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PyrrhicW
03-17-2023 at 08:20 PM.
03-17-2023 at 08:20 PM.
Quote from Joedaddy123 :
I don't know about large transfers from UFB, but if you send a large balance from SOFI to UFB, there shouldn't be a problem.

I use SOFI savings as my bill pay/"checking" account and UFB as my new savings account

It depends on how much is in your savings. For example, if you have $50,000, the change would be a difference of ~33 or 34 dollars in additional interest a month? Also depends on how fast you need the cash because UFB is slow af.
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Joined Dec 2010
L3: Novice
> bubble2 261 Posts
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e97
03-18-2023 at 01:53 AM.
03-18-2023 at 01:53 AM.
Be wary of banks suddenly offering a high interest rate for deposits when other banks are failing / or having liquidity and risk issues.
1
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Joined Oct 2018
New User
> bubble2 1 Posts
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abravic
03-18-2023 at 04:12 AM.
03-18-2023 at 04:12 AM.
Google the bank and reviews. Be careful with your money. One out of ten start review.
1
1
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Joined Sep 2006
L7: Teacher
> bubble2 2,264 Posts
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robertw477
03-18-2023 at 04:18 AM.
03-18-2023 at 04:18 AM.
Quote from benebsm :
This one wins the ridiculous comment on the thread award. Obviously no clue what "woke" means or how banking works.

Exactly. SVB collapse had specific factors and being woke is not one of them. Every big bank donated monies in what that post would be considered woke. I also think the people who complain about risk Ina bank they never heard of, have nothing to worry about in the 250k limit. FDIC payouts are fairly rare. Most of the time the bank is taken over during the weekend and business continues as it had been.
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Joined Nov 2012
L5: Journeyman
> bubble2 703 Posts
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mrintro
03-18-2023 at 05:11 AM.
03-18-2023 at 05:11 AM.
Quote from abravic :
Google the bank and reviews. Be careful with your money. One out of ten start review.
Been using them since October. I'm still alive LMAO
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