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UFB Preferred Savings: Earn Expired
up to 5.02% APY
UFB Direct, our partner, offers the following benefits with their Preferred Savings account:
Slickdeals may be compensated by UFB Direct
- 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
Original Post
Written by
Edited April 13, 2023
at 01:57 PM
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
Created 02-22-2023
at 11:46 AM
by LD7 | Staff
in
Finance
Axos Bank
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Responses have not been reviewed, approved or otherwise endorsed by the bank advertiser.
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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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Featured Comments
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.
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The APY is 5.02 but the rate is 4.9
* The Annual Percentage Yield (APY) is accurate as of 3/18/2023. The interest rate and corresponding APY for savings is variable and is set at our discretion. This is a tiered variable rate account. Interest rates may change as often as daily without prior notice. Fees may reduce earnings.
https://www.bankrate.co
Do your homework and stop trying to spread fear and misinformation.
The APY is 5.02 but the rate is 4.9
* The Annual Percentage Yield (APY) is accurate as of 3/18/2023. The interest rate and corresponding APY for savings is variable and is set at our discretion. This is a tiered variable rate account. Interest rates may change as often as daily without prior notice. Fees may reduce earnings.
It's not a fee. The APY assumes daily compounded interest for a year.
The APY is 5.02 but the rate is 4.9
* The Annual Percentage Yield (APY) is accurate as of 3/18/2023. The interest rate and corresponding APY for savings is variable and is set at our discretion. This is a tiered variable rate account. Interest rates may change as often as daily without prior notice. Fees may reduce earnings.
Minimum Balance Required to Open the Account: No Minimum
Monthly Maintenance Fees: None
They can sack you with a penalty "Excess Transaction or Withdrawal Fee" for exceeding six withdrawals per month limit, which is a relic from the pre-4/2020 Reg D and no longer required by the Fed but UFB is keeping anyway. This is also in the T's and C's.
The APY and current rate gap is exactly how a poster above has explained.
They told me there's a $100,000 transfer limit/month (ACH in or out). I believe a 50,000 ACH out limit every 24 hours. They said I could request to have the limit adjusted to $250,000/month and they can always push an ACH on their end.
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Minimum Balance Required to Open the Account: No Minimum
Monthly Maintenance Fees: None
They can sack you with a penalty "Excess Transaction or Withdrawal Fee" for exceeding six withdrawals per month limit, which is a relic from the pre-4/2020 Reg D and no longer required by the Fed but UFB is keeping anyway. This is also in the T's and C's.
The APY and current rate gap is exactly how a poster above has explained.
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.
The APY is 5.02 but the rate is 4.9
* The Annual Percentage Yield (APY) is accurate as of 3/18/2023. The interest rate and corresponding APY for savings is variable and is set at our discretion. This is a tiered variable rate account. Interest rates may change as often as daily without prior notice. Fees may reduce earnings.
The take away is an auditor was fired for pointing out risk.
There are quite a few other banks with HYS above 4.5% APY with over $1 million in FDIC insurance by partnering with other banks to sweep funds into. They have unlimited withdrawals and ACH (free) transfers hit my local bank on the next business day.
Even with FDIC insurance it can take days to weeks to recover funds if the bank fails, so you are protected but if you need the money now for an emergency you could be in a tight spot.
Some of these banks options that have been tracking the fed interest rate for the past 2+ years:
- Wealthfront - $2 mil coverage, 4.55% APY with sign up link
- Marcus backed by Goldman Sachs, one of the big 4 banks, same day transfers of $100k or less,
1) $100 bonus with https://www.marcus.com/us/en/savi...vingsbon
2) 4.75% APY. with sign up link
3) + 0.10% with AARP bonus
Locks up $10,000 for 90 days for a $100 bonus which gives a return of about 4.00% APY. The savings account also provides a 3.75% interest rate. Together, this is a total return of 7.75% APY.
With +1.00% referral bonus and +0.10% AARP bonus total return shoots up to over 8.85% APY!
As always do your research!!
The dollar limits at funding are:
Maximum to transfer in: $250,000.00
The dollar limits after your account is funded are:
Maximum per day in or out $30,000.00
Maximum per month $60,000.00
You may not make funds transfers in excess of limits described on the External Bank Transfer service. We reserve the right to change from time to time the dollar amount of funds transfers you are permitted to make using our service.
Incidentally, these default limits are really low. For instance, Emigrant Bank (which runs high-yield savings like MySavingsDirect) has a daily ACH transfer-out (or -in) limit of $500k.
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