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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
Add Comment
Reply
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 Jan 2019
L3: Novice
> bubble2 115 Posts
18 Reputation
offcenter
03-25-2023 at 05:20 AM.
03-25-2023 at 05:20 AM.
Quote from Richard24 :
bought a low duration CD on schwab with a higher rate this morning, not sure why this is front page
what a great question!
1
Reply
Joined May 2010
Don't hate.
> bubble2 601 Posts
71 Reputation
dragon23
03-25-2023 at 09:01 AM.
03-25-2023 at 09:01 AM.
Quote from LD7 :
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
How do we get cashback? Do we just click through to UFB or do we need to first start with Axos Bank?
Reply
Joined Jan 2008
L5: Journeyman
> bubble2 734 Posts
115 Reputation
Diz
03-25-2023 at 10:23 AM.
03-25-2023 at 10:23 AM.
Quote from localHero :
Maybe they should have explained that. I created my UFB account and wired money in.
It's in plain English within their FAQ!
Reply
Joined Nov 2003
J316: Saved By Grace
> bubble2 1,390 Posts
199 Reputation
JesusFreak
03-25-2023 at 01:17 PM.
03-25-2023 at 01:17 PM.
Quote from Mick1135 :
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.

Ladder CDs.
Reply
Joined Jul 2008
L6: Expert
> bubble2 1,832 Posts
285 Reputation
localHero
03-25-2023 at 01:52 PM.
03-25-2023 at 01:52 PM.
Quote from Diz :
It's in plain English within their FAQ!

Why would they have two conflicting policies regarding withdraws and post them at two different places on their site? It seems that UFB does the same thing saying withdraws are limited but then telling me that wire withdraws are not. Why they don't put that info all together is beyond me. Once I read the bit I'd quoted above, I stopped reading and decided to go elsewhere.


My wire into UFB was quick and while it cost me $65 (UFB and Wells Fargo wire fees) I was wiring enough in that that will be more than made up in interest the first few days.
Reply
Joined Jul 2008
L6: Expert
> bubble2 1,832 Posts
285 Reputation
localHero
03-25-2023 at 01:54 PM.
03-25-2023 at 01:54 PM.
Quote from JesusFreak :
Ladder CDs.

You're still locked in to whatever the CD timeline is.
Reply
Joined Oct 2016
L6: Expert
> bubble2 1,454 Posts
324 Reputation
LaughinGass
03-25-2023 at 04:29 PM.
03-25-2023 at 04:29 PM.
Quote from offcenter :
what a great question!
1) this is a savings account, not a CD
2) There's a $100 bonus offer if you fund it with $50
3) Learn 2 read
1
Reply

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Joined Mar 2005
L8: Grand Teacher
> bubble2 3,336 Posts
1,780 Reputation
Pro
JL5
03-25-2023 at 06:39 PM.
03-25-2023 at 06:39 PM.
Quote from n0t4u2c :
Google reviews are about the worst I've seen, anyone with more than a few months of experience with these guys?
You should see these reviews - They're even worse! ---> https://www.depositaccounts.com/b...irect.html

UFB could pay 6% and I'd still stay away from that bank!

I can't believe SD's says they're a partner with this bank!!! Wow!
Reply
Joined May 2017
L2: Beginner
> bubble2 50 Posts
14 Reputation
n0t4u2c
03-25-2023 at 07:39 PM.
03-25-2023 at 07:39 PM.
Quote from JL5 :
You should see these reviews - They're even worse! ---> https://www.depositaccounts.com/b...irect.html

UFB could pay 6% and I'd still stay away from that bank!

I can't believe SD's says they're a partner with this bank!!! Wow!

Great point, I didn't see these! Yikes!
1
Reply
Joined Mar 2021
L3: Novice
> bubble2 103 Posts
14 Reputation
BlueTree317
03-25-2023 at 08:09 PM.
03-25-2023 at 08:09 PM.
This APY is going to be changed. Why not CD with call protection and 5year sure 5% APY?
Reply
Joined Dec 2017
L4: Apprentice
> bubble2 476 Posts
359 Reputation
Joedaddy123
03-25-2023 at 08:10 PM.
03-25-2023 at 08:10 PM.
Quote from BlueTree317 :
This APY is going to be changed. Why not CD with call protection and 5year sure 5% APY?
What if you buy the CD today and the rates go up tomorrow above the CD. Smilie
Reply
Joined Jul 2014
L3: Novice
> bubble2 207 Posts
132 Reputation
TMISCUS
03-25-2023 at 08:12 PM.
03-25-2023 at 08:12 PM.
Tried opening an account, and website said zip code is incorrect and wouldn't allow to click next. Frown
Reply
Joined Mar 2021
L3: Novice
> bubble2 103 Posts
14 Reputation
BlueTree317
03-25-2023 at 08:23 PM.
03-25-2023 at 08:23 PM.
Quote from Joedaddy123 :
What if you buy the CD today and the rates go up tomorrow above the CD.
That's true. What is expected CD rate ceiling?
Reply
Joined Mar 2005
L8: Grand Teacher
> bubble2 3,336 Posts
1,780 Reputation
Pro
JL5
03-25-2023 at 09:07 PM.
03-25-2023 at 09:07 PM.
Quote from BlueTree317 :
That's true. What is expected CD rate ceiling?
Great Question...

As long as the Fed keeps raising their rates...banks will keep raising theirs.
When the Fed stops raising rates...interest rates on CD's and savings accounts will slow...until the last few banks keep raising rates, to try and draw in the last bits of cash sitting on the sidelines.

Based upon last weeks Fed rate hike, at least one bank tweeted they'd be raising their savings rate next week. I'm sure higher CD rates will be coming out over the next two weeks - all those regional banks need to raise rates and get their depositors to bring their money back that everyone pulled out to put in BOA and Chase over the past few weeks!

These are interesting times. Only a few times during the past 50 years, banks are paying rates this high - If you are currently wallowing in debt, life sucks. Whereas if you have spare cash, your idle money can make money.
Reply
Last edited by JL5 March 25, 2023 at 09:13 PM.

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Joined Dec 2011
L7: Teacher
> bubble2 2,065 Posts
135 Reputation
nevergoodenough
03-25-2023 at 11:01 PM.
03-25-2023 at 11:01 PM.
Quote from LaughinGass :
1) this is a savings account, not a CD
2) There's a $100 bonus offer if you fund it with $50
3) Learn 2 read
where is the details about the $100 because I didn't get this and I deposited 15k
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