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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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These responses are not provided or commissioned 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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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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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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At the time they changed it to 5.02% it looked like it was going up 50bps, which would have made the fed rate 5.00-5.25%. A few days later it looks like it might only be a 25bps hike. The bank can change their rate at any time. I think this is more of a business decision to try to get people to move their money to their bank and maybe not raise it as quickly afterwards, hoping most people will stay put. As I said they were jumping the gun. You might be reading into this too closely. A 50bps loss for a week isn't really that expensive. Most people probably haven't even had their deposits clear yet.
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!!
Am I missing something, only see 3.75% with that Marcus link?
edit
NVM, read more about it here: https://themoneyninja.c
It's an interesting value proposition. Not really sure I want to bother with another bank account just for that initial bonus.
The 1% referral bonus is only 3 months and the standard 3.75% rate is not all that impressive with so many offering well above 4%.
Dude…0.5% APY for a week on $1 billion is less than $100k…wtf are you talking about?
It literally takes 5 min to know the difference haha
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I have used UFB Direct for about half a year. I've noticed that for most interest rate increases they don't automatically increase your rate, but if you send them a message they'll do it. Kind of annoying but their rates are very good
edit
NVM, read more about it here: https://themoneyninja.c
It's an interesting value proposition. Not really sure I want to bother with another bank account just for that initial bonus.
The 1% referral bonus is only 3 months and the standard 3.75% rate is not all that impressive with so many offering well above 4%.
$500,000. with a joint acct
When I tried 250K transfer it requires to have a Wire Transfer but with $249,999 it went thru fine. Of course waiting to verify 2 small deposits from them.
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