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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
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 Dec 2022
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> bubble2 2 Posts
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SlickOstrich2175
03-23-2023 at 04:26 PM.
03-23-2023 at 04:26 PM.
FYI, not sure how it goes out in the end if there are fees. But there are higher rates in brokered cds.
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Joined Oct 2011
L3: Novice
> bubble2 226 Posts
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sevengroove
03-23-2023 at 04:31 PM.
03-23-2023 at 04:31 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
I went to Capital One and added UFB as an external account instead. I was also kinda spooked with the data disclaimers that UFB wanted me to sign to link CapOne from their end, so decided to do the reverse. This way UFB does not see all my CapOne transactions and other details.
Reply
Joined Dec 2017
L1: Learner
> bubble2 16 Posts
48 Reputation
beachpatrol
03-23-2023 at 09:25 PM.
03-23-2023 at 09:25 PM.
Quote from sevengroove :
I went to Capital One and added UFB as an external account instead. I was also kinda spooked with the data disclaimers that UFB wanted me to sign to link CapOne from their end, so decided to do the reverse. This way UFB does not see all my CapOne transactions and other details.

I added UFB as an external account to my CapOne as well, and not the reverse. I did it this way because CapOne has significantly higher ach transfer limits than UFB. The bank that initiates the push/pull ach transfer determines transfer amount limits.
Reply
Joined Sep 2010
L8: Grand Teacher
> bubble2 3,494 Posts
788 Reputation
misel00
03-23-2023 at 11:39 PM.
03-23-2023 at 11:39 PM.
Quote from TheKingofDeals :
Just to confirm you recommended https://www.cfg.bank/personal-ban...osit-rates ?
Over this UFB 5%?

All day, any day over UFB, CFG is over 5%
Reply
Joined Dec 2011
L7: Teacher
> bubble2 2,065 Posts
135 Reputation
nevergoodenough
03-24-2023 at 03:00 AM.
03-24-2023 at 03:00 AM.
Quote from misel00 :
All day, any day over UFB, CFG is over 5%
A CD vs a savings account
At UFB you get 50.20 for every 1000 you deposit
CFG gives you $51.50 with no access to your funds for a year. I'll pass on that
Reply
Joined Dec 2005
Advanced Elite SDer
> bubble2 3,375 Posts
422 Reputation
TheKingofDeals
03-24-2023 at 03:36 AM.
03-24-2023 at 03:36 AM.
Quote from nevergoodenough :
A CD vs a savings account
At UFB you get 50.20 for every 1000 you deposit
CFG gives you $51.50 with no access to your funds for a year. I'll pass on that
I think he is talking about CFG High Yield Money Market Account which is also at 5.02% APY, same as UFB.
https://www.cfg.bank/personal-ban...sit-rates/
Reply
Joined Jul 2008
L6: Expert
> bubble2 1,832 Posts
285 Reputation
localHero
03-24-2023 at 03:45 AM.
03-24-2023 at 03:45 AM.
Quote from TheKingofDeals :
I think he is talking about CFG High Yield Money Market Account which is also at 5.02% APY, same as UFB.
https://www.cfg.bank/personal-ban...sit-rates/

On the CFG site I see this:
_______________________________________
*Online High Yield Money Market accounts (No Check Writing Privileges)

Once funding occurs the daily external transfer limit for the CFG High Yield Money Market Account is $5,000. Your external transfers may not exceed $30,000 in a 30-day rolling period.
For the first 30 days after initial funding, all deposits are placed on hold and unavailable for withdrawal.
____________________________________________.
So one of the big concerns I keep hearing is access to one's funds. This seems to provide less access than UFB? Does CFG have a workaround (like wiring money out) as UFB reportedly does?
Reply
Last edited by localHero March 24, 2023 at 03:48 AM.

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Joined Nov 2011
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> bubble2 1,539 Posts
119 Reputation
Turbotalon
03-24-2023 at 07:31 AM.
03-24-2023 at 07:31 AM.
Quote from sevengroove :
I went to Capital One and added UFB as an external account instead. I was also kinda spooked with the data disclaimers that UFB wanted me to sign to link CapOne from their end, so decided to do the reverse. This way UFB does not see all my CapOne transactions and other details.
I'm glad I'm not the only one. All the fintechs use Plaid or similar to verify and yea.. I'm not willing to do that. Microdeposits for me! Although I tried that with Upgrade (Cross River Bank) and they froze my account and wouldn't let my bank withdraw the deposits.. kicked off a many months long nightmare.
Reply
Joined Nov 2011
L6: Expert
> bubble2 1,539 Posts
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Turbotalon
03-24-2023 at 07:32 AM.
03-24-2023 at 07:32 AM.
Quote from SlickOstrich2175 :
FYI, not sure how it goes out in the end if there are fees. But there are higher rates in brokered cds.
How can I sell my money?
Reply
Joined Nov 2016
New User
> bubble2 9 Posts
14 Reputation
crudd
03-24-2023 at 08:50 AM.
03-24-2023 at 08:50 AM.
Quote from eIplbe :
I had opened a savings account a few months back and just noticed it wasn't this one and I wasn't getting the 5% so I messaged them and was upgraded to a "preferred" account.

Yeah, you have to monitor UFB direct weekly. They with offer better rates on new accounts with a different name. You have apply for that new account then "fund" it by transferring the money from the existing account to the new account. I used to call in for this as well. But if you have the app, you can do it all in less than 15 minutes and not have to wait till the service rep posts it. The money gets posted to show the pending transfer right away.
Reply
Joined Jan 2008
L5: Journeyman
> bubble2 734 Posts
115 Reputation
Diz
03-24-2023 at 10:03 AM.
03-24-2023 at 10:03 AM.
Quote from localHero :
On the CFG site I see this:
_______________________________________
*Online High Yield Money Market accounts (No Check Writing Privileges)

Once funding occurs the daily external transfer limit for the CFG High Yield Money Market Account is $5,000. Your external transfers may not exceed $30,000 in a 30-day rolling period.
For the first 30 days after initial funding, all deposits are placed on hold and unavailable for withdrawal.
____________________________________________.
So one of the big concerns I keep hearing is access to one's funds. This seems to provide less access than UFB? Does CFG have a workaround (like wiring money out) as UFB reportedly does?
You just have to call them and they'll give you a 5 day window in which your limits will be greatly increased. And there's no limit pushing or pulling from an external account.
Reply
Joined Jul 2008
L6: Expert
> bubble2 1,832 Posts
285 Reputation
localHero
03-24-2023 at 11:00 AM.
03-24-2023 at 11:00 AM.
Quote from Diz :
You just have to call them and they'll give you a 5 day window in which your limits will be greatly increased. And there's no limit pushing or pulling from an external account.

Maybe they should have explained that. I created my UFB account and wired money in.
Reply
Joined May 2022
New User
> bubble2 3 Posts
10 Reputation
MerryHarrier3753
03-24-2023 at 04:35 PM.
03-24-2023 at 04:35 PM.
Quote from Stryder5 :
I believe they only let you move 20k a month? Not 100% sure on that, but I'm definitely hitting limits trying to deposit into ufb

I can see your incoming ACH transfer limits are for daily/monthly $250,000 and outgoing daily $2000 and monthly $5000.
However, the limits can be increased temporarily for 72 hours daily $150,000.00 and for rolling 30 Days $400,000.00, if the account has been opened for more than 30 days. For the temporary limit increase request, you have to share the timeframe and amount of the transfers, so we can forward the request to the higher management for further review and
Reply
Joined Nov 2010
L3: Novice
> bubble2 143 Posts
34 Reputation
billuverma
03-24-2023 at 04:59 PM.
03-24-2023 at 04:59 PM.
Why not create CD ladder with your stock broker?

They are giving about 5% interest rates on the CD.
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Joined May 2017
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n0t4u2c
03-24-2023 at 05:50 PM.
03-24-2023 at 05:50 PM.
Google reviews are about the worst I've seen, anyone with more than a few months of experience with these guys?
1
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