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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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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.
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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 2011
L7: Teacher
> bubble2 2,065 Posts
135 Reputation
nevergoodenough
03-26-2023 at 03:12 AM.
03-26-2023 at 03:12 AM.
I've only been a member for like 10 days. If anything goes too wrong though I'll just transfer all of my money back to capital one.

My interest earned amount has been the same for 2 days so that's suspect. Seems like I earned more at Capital One with a lower interest rate.

Putting money in or out in amazingly slow and their messaging time if you need a reply is about 2-4 days. At least this is a legit banking platform though and if my reflected earnings continues along this path with BOGO days of free interest for them I'll just transfer out next month. Of course this bank has so many negative reviews but everything does these days so I pay that no mind.

My accrued interest hasn't changed in days, this is def not 5.02
Reply
Last edited by nevergoodenough March 26, 2023 at 09:01 AM.
Joined Sep 2018
L3: Novice
> bubble2 117 Posts
31 Reputation
Belaybles
03-26-2023 at 10:31 AM.
03-26-2023 at 10:31 AM.
Quote from nevergoodenough :
I've only been a member for like 10 days. If anything goes too wrong though I'll just transfer all of my money back to capital one.

My interest earned amount has been the same for 2 days so that's suspect. Seems like I earned more at Capital One with a lower interest rate.

Putting money in or out in amazingly slow and their messaging time if you need a reply is about 2-4 days. At least this is a legit banking platform though and if my reflected earnings continues along this path with BOGO days of free interest for them I'll just transfer out next month. Of course this bank has so many negative reviews but everything does these days so I pay that no mind.

My accrued interest hasn't changed in days, this is def not 5.02
This bank reports to you your accrued but unpaid interest? I've never seen that with at least a dozen banks. Are you sure you're not misinterpreting?

I would expect your interest to be reported and paid monthly at the advertised rate.
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Joined Sep 2019
L5: Journeyman
> bubble2 588 Posts
146 Reputation
SlickMask6251
03-26-2023 at 10:45 AM.
03-26-2023 at 10:45 AM.
All of you please stay with Big banks. In these times of uncertainty, keep a watch on small regional banks. Again, Big banks are not immune either but less IMO. These social media Bank Runs are dangerous and get the entire banking industry down. Government needs to do something about social media's effects on Bank Runs.
2
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Joined Dec 2017
L4: Apprentice
> bubble2 476 Posts
359 Reputation
Joedaddy123
03-26-2023 at 10:50 AM.
03-26-2023 at 10:50 AM.
Quote from BlueTree317 :
That's true. What is expected CD rate ceiling?
Hell if I knew, I would be the richest man alive.

Only politicians would know
1
Reply
Joined Nov 2009
L9: Master
> bubble2 4,143 Posts
1,335 Reputation
helloha1
03-26-2023 at 11:02 AM.
03-26-2023 at 11:02 AM.
Can you get these rates through an axos bank account somehow?
Reply
Joined Mar 2005
L8: Grand Teacher
> bubble2 3,336 Posts
1,780 Reputation
Pro
JL5
03-26-2023 at 12:14 PM.
03-26-2023 at 12:14 PM.
Quote from Joedaddy123 :
Hell if I knew, I would be the richest man alive.

Only politicians would know
Ain't that the truth! It is interesting how "national" politicians (all parties) make more on their investments than their salaries!
Reply
Joined Mar 2005
L8: Grand Teacher
> bubble2 3,336 Posts
1,780 Reputation
Pro
JL5
03-26-2023 at 12:18 PM.
03-26-2023 at 12:18 PM.
Quote from SlickMask6251 :
All of you please stay with Big banks. In these times of uncertainty, keep a watch on small regional banks. Again, Big banks are not immune either but less IMO. These social media Bank Runs are dangerous and get the entire banking industry down. Government needs to do something about social media's effects on Bank Runs.
Watch out what you say there...Once gov't goes down that rabbit hole, there's no saying how far they'll go in controlling speech or social media!

I do foresee, the gov't at some point when they analyze the speed at which money was withdrawn from these recent failed institutions, that they will zero in on the ability of depositors to quickly remove money via an electronic transfer right through the banking institutions app.

I expect regulators to somehow look to limit a daily amount that can be withdrawn quickly through an app or wire transfer...similar to how the SEC and stock exchanges can put in halts on trades at their leisure.
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Joined Jul 2015
L3: Novice
> bubble2 263 Posts
35 Reputation
alfasub
03-26-2023 at 01:48 PM.
03-26-2023 at 01:48 PM.
Quote from Belaybles :
This bank reports to you your accrued but unpaid interest? I've never seen that with at least a dozen banks. Are you sure you're not misinterpreting?

I would expect your interest to be reported and paid monthly at the advertised rate.
Check out Bask
Reply
Joined Mar 2021
L3: Novice
> bubble2 103 Posts
14 Reputation
BlueTree317
03-26-2023 at 02:52 PM.
03-26-2023 at 02:52 PM.
Quote from Joedaddy123 :
Hell if I knew, I would be the richest man alive.

Only politicians would know
No one talking exact future. Just some rough predictions.
Reply
Joined Jul 2008
L6: Expert
> bubble2 1,832 Posts
285 Reputation
localHero
03-26-2023 at 05:42 PM.
03-26-2023 at 05:42 PM.
Quote from SlickMask6251 :
All of you please stay with Big banks. In these times of uncertainty, keep a watch on small regional banks. Again, Big banks are not immune either but less IMO. These social media Bank Runs are dangerous and get the entire banking industry down. Government needs to do something about social media's effects on Bank Runs.

Big or small, these type of accounts are FDIC insured to $250k. What risk do you see?
Reply
Joined Jul 2008
L6: Expert
> bubble2 1,832 Posts
285 Reputation
localHero
03-26-2023 at 05:49 PM.
03-26-2023 at 05:49 PM.
With UFB it says interest is accrued daily and paid out once a month. What day of the month is interest paid out? If I were to close my account mid-month, would I lose that first half of the month's interest?
Reply
Joined Apr 2016
L5: Journeyman
> bubble2 655 Posts
101 Reputation
Jimi542
03-26-2023 at 07:35 PM.
03-26-2023 at 07:35 PM.
Quote from localHero :
With UFB it says interest is accrued daily and paid out once a month. What day of the month is interest paid out? If I were to close my account mid-month, would I lose that first half of the month's interest?

From what I have read you would lose that interest.
Reply
Joined May 2013
L6: Expert
> bubble2 1,216 Posts
297 Reputation
TechManDad
03-26-2023 at 07:49 PM.
03-26-2023 at 07:49 PM.
Quote from localHero :
Big or small, these type of accounts are FDIC insured to $250k. What risk do you see?

That's my understanding as well. Except, of course, if you're abig swanky bank that caters to elites in California, in which case the FDIC will fork over whatever you would like.
1
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Joined Dec 2011
L7: Teacher
> bubble2 2,065 Posts
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nevergoodenough
03-27-2023 at 12:55 AM.
03-27-2023 at 12:55 AM.
my accrued interest amount has been the same for 4 days. Def not getting paid 5.02
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Joined Dec 2011
L7: Teacher
> bubble2 2,065 Posts
135 Reputation
nevergoodenough
03-27-2023 at 01:01 AM.
03-27-2023 at 01:01 AM.
Quote from Belaybles :
This bank reports to you your accrued but unpaid interest? I've never seen that with at least a dozen banks. Are you sure you're not misinterpreting?

I would expect your interest to be reported and paid monthly at the advertised rate.
are you sure you know how to read? i assume you're old. This isn't the days of paper statements but since you don't know how to use a computer.. under the account section there is a section that clearly says accrued interest and it should update each day. I have 3 bank accounts 1 being capital one in which it is listed as interest earned in Mar 2023 and one with a credit union where it says interest earned in March. The only account that does not increase in amount each day is UFB. Reading is fundamental all you have to do is click account details and the information is there.

I'm just supposed to blindly trust they will come up with the right figure at the end of each month? as I said in my original comment this bank is highly suspect. Anyone reading this put your money in here at your own risk. Transfered in 16k and the accrued interest has been 8.55 after several days.
1
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Last edited by nevergoodenough March 27, 2023 at 01:14 AM.
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