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UFB Preferred Savings: Earn Expired

up to 5.02% APY
+52 Deal Score
106,119 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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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
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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
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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 Jan 2008
L4: Apprentice
> bubble2 378 Posts
53 Reputation
TaroReadr
03-21-2023 at 11:05 AM.
03-21-2023 at 11:05 AM.
Quote from Joedaddy123 :
Hmmm I hope you are kidding because that's a bit shady. I've never seen a bank not raise the raise for all for their standard rate
Why would I kid? That's why I have an alert set for savings accounts here. I'm looking for the best place to move my funds into. If I knew how to post a snippet I'd screenshot it for you.
Reply
Joined Jul 2008
L6: Expert
> bubble2 1,832 Posts
285 Reputation
localHero
03-21-2023 at 12:05 PM.
03-21-2023 at 12:05 PM.
Quote from beachpatrol :
Not sure about wires but there are ACH transfer limits if initiated from UFB. However, I confirmed that you can transfer out more if initiated from the other bank. That amount depends on the other bank's transfer limits. I have UFB and just transferred out over 200k using Capital One as the initiator. You can use ACH if you don't mind the longer transfer time.

Thanks, do you have the preferred MMA or the preferred Savings? I see they offer both with the same rate but I don't know what the practical differences are. On hold with UFB chat right now...
Reply
Joined Jan 2008
L5: Journeyman
> bubble2 734 Posts
115 Reputation
Diz
03-21-2023 at 12:43 PM.
03-21-2023 at 12:43 PM.
Quote from misel00 :
that is good move, I do think shorter term cd's will tick up a bit as I do feel fed will increase by .25% this week but after that No one knows what will happen w/ future rate moves... If banks fall apart, fed will then pause .... problem is inflation is still at 6%.. I am going to move $$$ out of ivy account by months end to another bank as the rate will be so much lower by 4/1 at that ivy account, the savings they offer will prob be higher by then!
I am of the same thought process, but ultimately did not want to risk the market's response after tomorrow's Fed meeting/potential dumbment intervention and possibly lose out on a 5%+ APY situation for a year. $250k isn't my entire nest egg, either. I still have more to fire away if the rates continue to increase. Never put all of your eggs into one basket.
1
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Joined Dec 2017
L1: Learner
> bubble2 16 Posts
48 Reputation
beachpatrol
03-21-2023 at 01:26 PM.
03-21-2023 at 01:26 PM.
Quote from localHero :
Thanks, do you have the preferred MMA or the preferred Savings? I see they offer both with the same rate but I don't know what the practical differences are. On hold with UFB chat right now...

I have the preferred savings. UFB may create a new savings name for their next rate increase. If that happens, you'll need ask them to change your savings to the new name to get that better rate. I always use the chat option in the app. Takes about 5 mins.
Reply
Joined Mar 2015
L3: Novice
> bubble2 821 Posts
178 Reputation
jacksan1
03-21-2023 at 01:50 PM.
03-21-2023 at 01:50 PM.
Quote from nevergoodenough :
sure... but a quick Google search will also find you thousands of negative reviews. I still gave it a shot though
The takeaways from the CA BBB listing are:

(a) UFB Direct is indeed an Axos Bank company and legitimate (accredited by BBB); and

(b) the customer reviews are rather underwhelming, to say the least.

At least your concern about whether or not UFB Direct is legit is answered by (a).
1
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Joined Jul 2008
L6: Expert
> bubble2 1,832 Posts
285 Reputation
localHero
03-21-2023 at 04:21 PM.
03-21-2023 at 04:21 PM.
Quote from beachpatrol :
I have the preferred savings. UFB may create a new savings name for their next rate increase. If that happens, you'll need ask them to change your savings to the new name to get that better rate. I always use the chat option in the app. Takes about 5 mins.

Thanks. I did end up connecting with chat and they confirmed what you're saying. This is pretty much the chat transcript from this afternoon. I think it will be coherent but the transcript they sent me was not complete. I had copied it already so used that to paste here:


What is the difference between the preferred money market account and the savings account?
Message from Evo
Good call! You can compare the money market and savings accounts offered by UFB Direct at https://www.ufbdirect.com/Savings.
44 minutes ago


Can I talk to a person?
Message from Evo
Ok, let me connect you to an UFB Direct Team Member. Which of the following would you like to talk about?


1. Checking, Savings, or other deposit accounts
2. Existing Mortgage, Auto or other loans


You can also say "nevermind" if you don't want to talk to a team member.
43 minutes ago


Savings accounts versus money market account


Message from Evo
Let me connect you with a team member.
43 minutes ago


Welcome to Axos Bank! You are chatting with Chungailu. How may I assist you?
22 minutes ago
Message from Evo
CR
Hi John, how are you today?
22 minutes ago


Hi, I am looking into high interest bearing accounts and I'm wondering what the difference is between the money market account and the preferred savings account that both offer the same 5.02% rate


Message from Evo
CR
I understand you wish to know about the UFB Preferred account, I will surely help you.
21 minutes ago


Yes thanks, the difference between the preferred money market account and the preferred savings account.


Message from Evo
CR
For both the account which is UFB Preferred Money Market and UFB Preferred Savings the 5.02% APY(Annual Percentage Yield) and 4.90% interest rate is same.
19 minutes ago


Yes I see that but what are the differences?


Message from Evo
CR
Only difference is that:
1.Check writing option is available in Money Market but not in Savings Account.
2.Bill pay option available in Money Market but not in Savings Account.
3.Need to maintain daily average balance of $5000.00 in Money Market Account but not in Savings Account.


4.We are offering Check writing and debit card in Money Market to do a POS and ATM transaction but in Savings,
we only offer ATM cards in which you (Means Customer) can withdraw the funds.
18 minutes ago


OK thanks. Do either of the accounts have restrictions on how much money I can withdraw either per day or per month?


Message from Evo
CR
Yes, we do have limits in amount but not in number of withdraw or transfer.
16 minutes ago
Message from Evo
CR
And the limits amount are set once the account is establish by the higher banking authorities.
15 minutes ago


Somewhere I read that withdrawing is limited in some instances but not with a wire transfer. Is that correct?


Message from Evo
CR
Yes.
14 minutes ago


OK so there are no withdrawal limits either by the day or by the month if I am withdrawing via wire transfer?


Message from Evo
CR
Right.
13 minutes ago


In other words if I deposit $250,000 and then decide that I need all of that money a month later I could withdraw it all in one day with a wire transfer?


Message from Evo
CR
Obsolutely correct.
12 minutes ago


OK great thank you! The next question I have is if the rate that UFB is offering goes up, does my APY automatically adjust up with it?


Message from Evo
CR
If the rate is increase within the same account than it will automatically increase however, if the bank launch new products(account) with the higher rate. You need to request us via call or secure message.
7 minutes ago


OK I think I understand that. Will the bank let me know if they are offering a new product with a higher rate?


Message from Evo
CR
I apologized the bank are unable to do that, you need to go through the website.
5 minutes ago


That's OK. If I wanted to fund an account, what is the quickest way to do that? Would I just connect my bank with my U FB account?


Message from Evo
CR
Is there anything else I can help you with?
4 minutes ago


Also are both the money market account and the savings account FDIC insured or is the money market account insured a different way?


Message from Evo
CR
The quickest way to fund the account is wire however, there will be a fee of $35.00
3 minutes ago
Message from Evo
CR
Yes, both the account is FDIC insured!
3 minutes ago


Great thanks. Final question... Can I get a transcript of this chat?


Message from Evo
CR
You can fund the account through ACH transfer, ACH transfer usually take 3-5 business days.
2 minutes ago
Message from Evo
CR
After we disconnect the chat, please scroll to the top of the chat window. There is a box labeled "save chat conversation". Please click this button to save this conversation.
1 minute ago
Gotcha. Thank you for your help!
Message from Evo
CR
Is there anything else I can help you with?
1 minute ago
Now that's all I need for now thanks
Message from Evo
CR
Thank you for contacting Axos bank, it was pleasure chatting with you.
You have a great day!
1 minute ago
Message from Evo
Your chat with Chungailu R has ended. Reconnecting you to Evo.
Message from Evo
Hi again. This is Evo. Would you like me to email a transcript of your chat with Chungailu R?
1 minute ago


yes


Message from Evo
Ok. Your transcript will be sent to you.
Message from Evo
Anything else I can help you with?
1
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Joined May 2019
L3: Novice
> bubble2 266 Posts
26 Reputation
ApexLegends
03-21-2023 at 07:34 PM.
03-21-2023 at 07:34 PM.
Quote from megatrons :
UFBDIRECT is not listed on FDIC: https://banks.data.fdic.gov/bankf...e/bankfind
I can see AXOS though. This could be a grey area.

Wow that is scary.
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Joined May 2019
L3: Novice
> bubble2 266 Posts
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ApexLegends
03-21-2023 at 07:37 PM.
03-21-2023 at 07:37 PM.
Quote from TurboMann :
When I did my KYC for UFB it was through the Axos system.

In fact, it had my Axos investment account profile/information pre-populated.

That doesn't mean UFB is insured by FDIC. Axos is insured by FDIC not UFB.
Reply
Joined Jul 2007
L6: Expert
> bubble2 1,042 Posts
218 Reputation
TurboMann
03-21-2023 at 07:49 PM.
03-21-2023 at 07:49 PM.
Quote from ApexLegends :
That doesn't mean UFB is insured by FDIC. Axos is insured by FDIC not UFB.

This is absolutely normal.

UFB is not holding your funds, Axos is holding your funds. UFB does not need (can't even) be FDIC insured.

They're just a financial platform backed by Axos bank.

This is very common. Marcus (by Goldman Sachs) is another example.

Only banks can be FDIC insured.

edit

To help quell the paranoia, please see:

https://www.axosbank.com//Legal/FDIC-Notice

UFB Direct is mentioned on this page.

Quote :
Axos Bank runs multiple brands over the internet. Currently, the banking brands operated by Axos Bank include UFB Direct.
Reply
Last edited by TurboMann March 21, 2023 at 08:04 PM.
Joined Jun 2019
L5: Journeyman
> bubble2 804 Posts
30 Reputation
BillG7
03-21-2023 at 07:53 PM.
03-21-2023 at 07:53 PM.
Quote from offcenter :
You need to get out more. UFB Direct is part of Axos Bank. in business since 2000.
I got a $100 bonus from axos bank last year for opening an account through slick deals and closing it a few days later. Some might not even make that much from their interest in several months by the time the rate goes down.
Reply
Joined Nov 2011
L6: Expert
> bubble2 1,539 Posts
119 Reputation
Turbotalon
03-22-2023 at 12:30 AM.
03-22-2023 at 12:30 AM.
Quote from TurboMann :
This is absolutely normal.

UFB is not holding your funds, Axos is holding your funds. UFB does not need (can't even) be FDIC insured.

They're just a financial platform backed by Axos bank.

This is very common. Marcus (by Goldman Sachs) is another example.

Only banks can be FDIC insured.

edit

To help quell the paranoia, please see:

https://www.axosbank.com//Legal/FDIC-Notice

UFB Direct is mentioned on this page.
Axos used to be Bank of Internet and has always had different brands. I think the simplest explanation for UFB is that Axos has $16B in total deposits at a cost of 1.34% as of 12/31/22. As we've seen with several commenters even UFB has different savings products. This is a way to attract new money without increasing the cost of what they already have.
Reply
Joined Dec 2011
L7: Teacher
> bubble2 2,065 Posts
135 Reputation
nevergoodenough
03-22-2023 at 02:35 AM.
03-22-2023 at 02:35 AM.
when I direct deposited into this account from Capital One it says your axos bank is now linked. Doesn't say anything about UFB.

However, when I initiated my first deposit via the UFB system that transaction shows up as UFB. I just hope this goes well... I'm really not making much money different vs my original capital one. Especially considering the week it takes to get there.
Reply
Joined Nov 2020
New User
> bubble2 18 Posts
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SplendidSuit890
03-22-2023 at 06:55 AM.
03-22-2023 at 06:55 AM.
Sounds like they keep your money hostage. You can only take out 30k in a month. Screw them ! If you had the whole 250k it's your money you should be able to take what's yours !
Reply
Joined Dec 2011
L7: Teacher
> bubble2 2,065 Posts
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nevergoodenough
03-22-2023 at 07:06 AM.
03-22-2023 at 07:06 AM.
Quote from SplendidSuit890 :
Sounds like they keep your money hostage. You can only take out 30k in a month. Screw them ! If you had the whole 250k it's your money you should be able to take what's yours !
I'm sure you could submit a request to them. Even so, I doubt it would get denied if you attempted to initiate the transfer from your other bank. Also, you are free to wire your money anywhere you would like.

If all that fails and you happen to need 35,000 just close the account and tell them where to send the money I guess. If none of those options work then that would be insane.
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Joined Jul 2008
L6: Expert
> bubble2 1,832 Posts
285 Reputation
localHero
03-22-2023 at 09:54 AM.
03-22-2023 at 09:54 AM.
Quote from SplendidSuit890 :
Sounds like they keep your money hostage. You can only take out 30k in a month. Screw them ! If you had the whole 250k it's your money you should be able to take what's yours !

Well I don't know if you put any stock in the chat that I posted above, but the rep there said clearly that there is no restrictions if withdrawing by wire. That has been echoed in this thread as well.
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