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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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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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Deal
Score +52
106,119 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 2011
L6: Expert
> bubble2 1,539 Posts
119 Reputation
Turbotalon
03-22-2023 at 10:34 AM.
03-22-2023 at 10:34 AM.
Quote from localHero :
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.
The only problem with wires is Axos charges $35 out.
Reply
Joined Jul 2008
L6: Expert
> bubble2 1,832 Posts
285 Reputation
localHero
03-22-2023 at 10:35 AM.
03-22-2023 at 10:35 AM.
Quote from Turbotalon :
The only problem with wires is Axos charges $35 out.

If you're looking to withdraw more than what their restrictions allow, $35 is an insignificant amount.
1
Reply
Joined Nov 2011
L6: Expert
> bubble2 1,539 Posts
119 Reputation
Turbotalon
03-22-2023 at 10:37 AM.
03-22-2023 at 10:37 AM.
Quote from nevergoodenough :
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.
While UFB is owned by Axos there are a TON of examples of banking as a service over the years where a Fintech partners with an insured depository institution to hold the funds i.e. Varomoney, Current, Upgrade. Upgrade was really terrible in my experience.

The fact UFB is Axos' platform should be seen as a positive since you have direct access to support from the bank.

I'm still not sure how they offer these rates. I'm suspicious and think they're probably data mining all these people who are rate chasing. For example if you use Plaid to link your accounts they can screenscrape your other bank until you change your password. Read the fine print.
Reply
Joined Nov 2011
L6: Expert
> bubble2 1,539 Posts
119 Reputation
Turbotalon
03-22-2023 at 10:40 AM.
03-22-2023 at 10:40 AM.
Quote from localHero :
If you're looking to withdraw more than what their restrictions allow, $35 is an insignificant amount.
That must be nice 🤣
Reply
Joined Dec 2011
L7: Teacher
> bubble2 2,065 Posts
135 Reputation
nevergoodenough
03-22-2023 at 11:03 AM.
03-22-2023 at 11:03 AM.
Quote from Turbotalon :
While UFB is owned by Axos there are a TON of examples of banking as a service over the years where a Fintech partners with an insured depository institution to hold the funds i.e. Varomoney, Current, Upgrade. Upgrade was really terrible in my experience.

The fact UFB is Axos' platform should be seen as a positive since you have direct access to support from the bank.

I'm still not sure how they offer these rates. I'm suspicious and think they're probably data mining all these people who are rate chasing. For example if you use Plaid to link your accounts they can screenscrape your other bank until you change your password. Read the fine print.
they do monitor the amount of money I have in my Capital One which is super suspect. I haven't changed the PW though bc I need to be able to transfer between the accounts. Obviously I should change it though?

I just hope they don't steal our money and we end up on an episode of American Greed
Reply
Joined Nov 2011
L6: Expert
> bubble2 1,539 Posts
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Turbotalon
03-22-2023 at 02:58 PM.
03-22-2023 at 02:58 PM.
Quote from nevergoodenough :
they do monitor the amount of money I have in my Capital One which is super suspect. I haven't changed the PW though bc I need to be able to transfer between the accounts. Obviously I should change it though?

I just hope they don't steal our money and we end up on an episode of American Greed
Yeaaa I'm too paranoid to link accounts that way. I still use microdeposits. Changing the password should break access.
Reply
Joined Jan 2015
L3: Novice
> bubble2 102 Posts
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KREWfit
03-22-2023 at 05:44 PM.
03-22-2023 at 05:44 PM.
Quote from g2181 :
DOES NOT SEEM TO BE WORKING : TRIED MULTIPLE TIMES EVERYTIME IT SAYS "CANNOT VERIFY YOUR INFORMATION PROVIDED !!!!" SEEMS it just doesnt work

Worked for me. Transfers all went through successfully too
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Joined Aug 2007
What a Win!!!
> bubble2 11,083 Posts
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damnyou
03-22-2023 at 06:12 PM.
03-22-2023 at 06:12 PM.
It is painfully slow and customer service is highly unresponsive. I am taking my money out to ally
Reply
Joined Jul 2008
L10: Grand Master
> bubble2 6,251 Posts
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hanabie
03-23-2023 at 06:12 AM.
03-23-2023 at 06:12 AM.
Quote from kishoregolkonda :
Beware of smaller banks.

Yeah if you have a lot of money.
Reply
Joined Jul 2008
L10: Grand Master
> bubble2 6,251 Posts
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hanabie
03-23-2023 at 06:15 AM.
03-23-2023 at 06:15 AM.
Just get ally or SOFI. Don't chase extra 0.50%-1.00% and keep things simple.
Reply
Joined Aug 2017
L2: Beginner
> bubble2 80 Posts
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MatthewW7941
03-23-2023 at 07:39 AM.
03-23-2023 at 07:39 AM.
Started an account with UFB late last year at 3.91%. Transfer takes a day or 2 but I moved 50k one month and 30k the next on the new account. No issues other than now I need to do a CS chat to move to this rate.

It is good inflation protection vs leaving it in a standard savings.
Reply
Joined Jan 2013
L1: Learner
> bubble2 23 Posts
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PutaBirdOnIt
03-23-2023 at 09:27 AM.
03-23-2023 at 09:27 AM.
Quote from hanabie :
Just get ally or SOFI. Don't chase extra 0.50%-1.00% and keep things simple.
Ally currently offers 3.6% yield for savings. UFB is offering 4.9%, so that's a difference of 36%. I'd say that's significant assuming you have >$10k just sitting around doing nothing.
Reply
Joined Oct 2018
New User
> bubble2 10 Posts
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AnkitG8708
03-23-2023 at 12:21 PM.
03-23-2023 at 12:21 PM.
Opened account with UFB 2 weeks ago. Took a week for the transaction to complete. Because it is FDIC insured, I don't feel that this is risky at all. Not sure why people are so skeptical.
Reply
Joined Jun 2016
New User
> bubble2 13 Posts
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darwinnaval
03-23-2023 at 12:42 PM.
03-23-2023 at 12:42 PM.
I tried applying and their customer service was horrible. They couldn't reset my password. They said they could only reset my password after my application was accepted. I told them I had to submit more documentation in order to open the account. That's why I needed to login. They didn't understand.

I won't trust a bank with my
Money that has this sort of incompetence.
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Joined Sep 2011
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whereisjim
03-23-2023 at 04:22 PM.
03-23-2023 at 04:22 PM.
I know I saw a really bad review of UFB. Most of them put just 1 star and really complained. Lots of cases when they try to talk to customer support, but hard to speak with anyone.
BUT, because they were over 5%...... so I decided to open it.... but took more than 3 days to try to open ONE account, but still failed. Finally, two days later, received an email saying that they are ready to open my account now.

Anyway, I will just stay with Betterment. They are moving up to 4.2% on 3/27. Just a little low, but so far they did excellent work for me.
FYI, I had to withdraw from Betterment a little over $50k to pay off one of my loan. Just a few clicks from the app for withdrawal. Then I received an email that they wanted to make sure that I am withdrawing. Just replied and worked well as I made it.
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