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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
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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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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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Joined Nov 2016
L4: Apprentice
> bubble2 327 Posts
152 Reputation
pineroad
03-20-2023 at 11:43 AM.
03-20-2023 at 11:43 AM.
Quote from nevergoodenough :
Maybe I'm just dumb but I think I'll just go back to Capital One. A real life bank I could get my money from up the street even though it's only at 3.4 apy
That's quite low atm. Even Citibank can offer 3.85% APY.​
Reply
Joined Nov 2016
L4: Apprentice
> bubble2 327 Posts
152 Reputation
pineroad
03-20-2023 at 11:48 AM.
03-20-2023 at 11:48 AM.
Quote from drof :
Why not just buy 3 month t bills? especially if you have state income tax. should be getting 5% or more at the next sale an no state income tax
Seems to be on a down trend this week? Still less risky though.
https://www.treasurydirect.gov/au...a-results/
Reply
Joined Jul 2007
L6: Expert
> bubble2 1,020 Posts
218 Reputation
TurboMann
03-20-2023 at 11:59 AM.
03-20-2023 at 11:59 AM.
Quote from nevergoodenough :
personally I have concerns that this isn't a legit operation and they will end up stealing my money. Between UFB and their claims of Axos bank (which is not a BM bank) how can I be sure this money won't get stolen?
https://en.wikipedia.org/wiki/Axos_Bank
https://en.wikipedia.org/wiki/Fed...orporation
Reply
Last edited by TurboMann March 20, 2023 at 12:05 PM.
Joined Jul 2007
L6: Expert
> bubble2 1,020 Posts
218 Reputation
TurboMann
03-20-2023 at 12:09 PM.
03-20-2023 at 12:09 PM.
Quote from ramblers :
I am concerned about the relatively low transfer limits with UFB. Can somone tell me if there is still a limit if I am pulling from my other bank? I understand there is always the wire option which has no limits.
I believe transfers initiated externally (push/pull) have no limits.

As for the ACH limits themselves (initiated from Axos) this is the response I got back in Jan of this year:

Quote :
Thank you for contacting UFB Direct Bank. I hope this email finds you well. I understand you wish to increase the ACH limits. I will surely help you with your request.



I would like to inform you that your established inbound and outbound limits are $15,000.00 daily and $30,000.00 within a 30-day rolling period.



However, if at any time you wish to make a transfer greater than those limits, we are able to temporarily increase transfer limits up to $200,000.00 daily and $400,000.00 within a 30-day rolling period.



If you wish to increase your daily and 30 days limits, you need to send us secure message with mentioning the amount. We will forward the request to the appropriate department for consideration, and it will take 24 business hours. Once it will approve or reject, you will be informed by secure message and limit increase will be applicable for 48 business hours.



I hope this information helps you. Thank you for your patience and support, if you have any further questions, feel free to reply to my email. I will be happy to help you further.
Reply
Joined Mar 2015
L3: Novice
> bubble2 815 Posts
166 Reputation
jacksan1
03-20-2023 at 01:05 PM.
03-20-2023 at 01:05 PM.
Quote from DavidsAwesome :
Are they owned by Axos bank? Their website says "At Axos bank your security is our top concern" wtf

Edit: It appears so, but why mix up the bank names?
That is just the DBA (doing business as). It's not an unusual practice even in the financial industry.

A well-known such example is Marcus. It is owned and run by Goldman Sachs. The reason they decided to use this DBA is to separate the consumer banking arm from the traditional Goldman Sachs business, which is in investment banking.
Reply
Joined Nov 2011
Certified badass
> bubble2 353 Posts
103 Reputation
Richard24
03-20-2023 at 01:45 PM.
03-20-2023 at 01:45 PM.
Quote from ramblers :
How low?
bought two - one nine month other one year
Reply
Joined Jan 2013
L3: Novice
> bubble2 288 Posts
22 Reputation
karateboi87
03-20-2023 at 03:39 PM.
03-20-2023 at 03:39 PM.
Quote from pineroad :
That's quite low atm. Even Citibank can offer 3.85% APY.​

What are you smoking? Big banks like BOA Chase Citibank all have horrible interest rates. Citibank is sitting at 0.12%
1
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Joined Mar 2015
L3: Novice
> bubble2 815 Posts
166 Reputation
jacksan1
03-20-2023 at 03:40 PM.
03-20-2023 at 03:40 PM.
Quote from karateboi87 :
What are you smoking? Big banks like BOA Chase Citibank all have horrible interest rates. Citibank is sitting at 0.12%
https://online.citi.com/US/ag/ban...te-savings
Reply
Joined Dec 2011
L7: Teacher
> bubble2 2,061 Posts
135 Reputation
nevergoodenough
03-20-2023 at 04:53 PM.
03-20-2023 at 04:53 PM.
Quote from pineroad :
That's quite low atm. Even Citibank can offer 3.85% APY.​
Citibank comes with account minimum rules and monthly maintenance fees.
Reply
Joined Dec 2011
L7: Teacher
> bubble2 2,061 Posts
135 Reputation
nevergoodenough
03-20-2023 at 05:00 PM.
03-20-2023 at 05:00 PM.
Quote from Richard24 :
bought two - one nine month other one year
Capital One is 12 months. Looks like they got u
Reply
Joined Nov 2016
L4: Apprentice
> bubble2 327 Posts
152 Reputation
pineroad
03-20-2023 at 05:02 PM.
03-20-2023 at 05:02 PM.
Quote from karateboi87 :
What are you smoking? Big banks like BOA Chase Citibank all have horrible interest rates. Citibank is sitting at 0.12%
Citibank has offered Citi® Accelerate Savings for several years.
Reply
Joined Dec 2011
L7: Teacher
> bubble2 2,061 Posts
135 Reputation
nevergoodenough
03-20-2023 at 05:03 PM.
03-20-2023 at 05:03 PM.
Quote from TurboMann :
I believe transfers initiated externally (push/pull) have no limits.

As for the ACH limits themselves (initiated from Axos) this is the response I got back in Jan of this year:
I asked them this in a message and they said the limit for outgoing is $2000 daily and $5000 in 30 days. Great for a child transferring allowance savings
Reply
Joined Dec 2011
L7: Teacher
> bubble2 2,061 Posts
135 Reputation
nevergoodenough
03-20-2023 at 05:05 PM.
03-20-2023 at 05:05 PM.
Quote from pineroad :
Citibank has offered Citi® Accelerate Savings for several years.
The 2009 different things citi decides to call savings is confusing enough for me. On their website it had the apy at less than 1 and at some point mentioned minimums and potential maintenance fees. Its exhausting. Capital One has none of this.
Reply
Joined Dec 2011
L7: Teacher
> bubble2 2,061 Posts
135 Reputation
nevergoodenough
03-20-2023 at 05:09 PM.
03-20-2023 at 05:09 PM.
Quote from TurboMann :
I believe transfers initiated externally (push/pull) have no limits.

As for the ACH limits themselves (initiated from Axos) this is the response I got back in Jan of this year:
was this 90 days after opening account? They just told me today that my outgoing was limited to 2,000 and 5,000 in a 30 day period.
Reply

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Joined Dec 2011
L7: Teacher
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nevergoodenough
03-20-2023 at 05:17 PM.
03-20-2023 at 05:17 PM.
Quote from jacksan1 :
That is just the DBA (doing business as). It's not an unusual practice even in the financial industry.

A well-known such example is Marcus. It is owned and run by Goldman Sachs. The reason they decided to use this DBA is to separate the consumer banking arm from the traditional Goldman Sachs business, which is in investment banking.
The problem with that theory is that there is nothing even mentioning UFB Direct on the Axos website. I'm concerned this could be a scam.
Reply
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