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UFB Preferred Savings: Earn Expired

up to 5.02% APY
+52 Deal Score
106,103 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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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
03-27-2023 at 01:43 AM.
03-27-2023 at 01:43 AM.
Opened the account 10 days ago. Money was taken from Capital One (16k) on 3/20). It was credited to my UFB on 3/23 and as of 5am on 3/27 it says my accrued interest is 8.55. a obviously had I left it in Capital One I would have made more than 8.55 but I guess I'm supposed to just hope UFB will eventually pay me 5.02 even though the accrued interest hasn't updated since Thursday (it's now Mon). Once I see how small their payment is I'll prob just transfer the funds back to Capital One..If 5.02 means they don't update your accrued interest at all then yes this is a scam. A way to hold your money for free for them
Reply
Last edited by nevergoodenough March 27, 2023 at 02:08 AM.
Joined Jul 2008
L6: Expert
> bubble2 1,832 Posts
285 Reputation
localHero
03-27-2023 at 04:53 AM.
03-27-2023 at 04:53 AM.
Quote from nevergoodenough :
Opened the account 10 days ago. Money was taken from Capital One (16k) on 3/20). It was credited to my UFB on 3/23 and as of 5am on 3/27 it says my accrued interest is 8.55. a obviously had I left it in Capital One I would have made more than 8.55 but I guess I'm supposed to just hope UFB will eventually pay me 5.02 even though the accrued interest hasn't updated since Thursday (it's now Mon). Once I see how small their payment is I'll prob just transfer the funds back to Capital One..If 5.02 means they don't update your accrued interest at all then yes this is a scam. A way to hold your money for free for them

The interest for the first 4 days (3/23 to 3/27) seems about right. Not sure how you would have made more at Cap One. However, now that it's Monday it would make sense to check again and if you don't see an updated interest amount then maybe chat with them and see what's happening. It could be something simple (like you need to refresh cache) or a glitch at their end but I doubt they're going to ruin their reputation by trying to steal a few dollars from a $16k account.


I deposited substantially more in on Friday afternoon via wire transfer. On Sunday my account showed 3 days worth of interest accrued which means they also counted Friday. I'll keep watching to make sure it's going smoothly and to see when the accrued interest is actually deposited into my account but it all seems right so far.


I'm also wondering how best to keep an eye on any rate increases they might come up with since I understand they don't automatically upgrade your account if they improve their rate.
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Joined May 2005
L2: Beginner
> bubble2 28 Posts
10 Reputation
manishv
03-27-2023 at 05:16 AM.
03-27-2023 at 05:16 AM.
Quote from nevergoodenough :
Opened the account 10 days ago. Money was taken from Capital One (16k) on 3/20). It was credited to my UFB on 3/23 and as of 5am on 3/27 it says my accrued interest is 8.55. a obviously had I left it in Capital One I would have made more than 8.55 but I guess I'm supposed to just hope UFB will eventually pay me 5.02 even though the accrued interest hasn't updated since Thursday (it's now Mon). Once I see how small their payment is I'll prob just transfer the funds back to Capital One..If 5.02 means they don't update your accrued interest at all then yes this is a scam. A way to hold your money for free for them
I think you will need to give little bit time and then see how 5.02 APY is calculated and applied. I also opened account 10 days ago. The only frustrating part here is... It is taking forever to get that transferred amount as Available Balance.I am sure we are supposed to lose some interest for the days when money was being transferred. (2-3 days). Also, I noticed the accrued interest calculation stops as you approach weekend. Same is true in Bask Bank too.
Reply
Joined May 2005
L2: Beginner
> bubble2 28 Posts
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manishv
03-27-2023 at 05:21 AM.
03-27-2023 at 05:21 AM.
Quote from localHero :
Big or small, these type of accounts are FDIC insured to $250k. What risk do you see?
Agreed. Big Banks won't give you this interest rate, and smaller banks will give you decent interest rate. FDIC Insurance is there for first 250K. So, don't put more than 250 K in any bank as excess amount is not covered by FDIC.

But Wealthfront etc are saying their money is 2-3 million insured as they used multiple banks in the backend. Please check that out.
Reply
Joined Dec 2011
L7: Teacher
> bubble2 2,065 Posts
135 Reputation
nevergoodenough
03-27-2023 at 07:12 AM.
03-27-2023 at 07:12 AM.
Quote from localHero :
The interest for the first 4 days (3/23 to 3/27) seems about right. Not sure how you would have made more at Cap One. However, now that it's Monday it would make sense to check again and if you don't see an updated interest amount then maybe chat with them and see what's happening. It could be something simple (like you need to refresh cache) or a glitch at their end but I doubt they're going to ruin their reputation by trying to steal a few dollars from a $16k account.


I deposited substantially more in on Friday afternoon via wire transfer. On Sunday my account showed 3 days worth of interest accrued which means they also counted Friday. I'll keep watching to make sure it's going smoothly and to see when the accrued interest is actually deposited into my account but it all seems right so far.


I'm also wondering how best to keep an eye on any rate increases they might come up with since I understand they don't automatically upgrade your account if they improve their rate.
The accrued interest amount has gained nothing since Thursday and it's now Monday. I tried to look at both the app and the website and there is no difference. I sent them a message regarding the fact my account is earning basically 0.00 APY right now and they responded with a super generic form letting and marked my concern as closed.
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Joined Dec 2011
L7: Teacher
> bubble2 2,065 Posts
135 Reputation
nevergoodenough
03-27-2023 at 07:31 AM.
03-27-2023 at 07:31 AM.
Transfered 16k out of my capital one on 3/20 and it was credited on 3/23. The accrued interest amount has been unchanged at 8.55 since Thursday.

To the person that asked how I would have gained more at Capital One.... because I would have had 8 days at (3.4apy) vs the same timeframe for earning 8.55 in accrued interest. Strange how this amount hasn't updated since Thursday. They have some horrible support if they can't get this resolved by next week I'll just transfer all my funds out where they actually generate $. This isn't close to 5.02APY.

They are just borrowing $ for free basically. They can't manage to update my accrued interest somehow but they can tell you exactly how much is in my capital one account up to the minute.
Reply
Last edited by nevergoodenough March 27, 2023 at 07:49 AM.
Joined Dec 2011
L7: Teacher
> bubble2 2,065 Posts
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nevergoodenough
03-27-2023 at 08:05 AM.
03-27-2023 at 08:05 AM.
Thank you for contacting UFB Direct. I hope your day is going well. I understand that you wish to know why did you earn 8.55 as an accrued interest when your funds has left Capital One on 03/20/2023 and credited in your UFB preferred Savings account . I will surely help you.



As checked, I would like to inform you that, you made external transfer on 03/17/2023 and the funds was credited in your UFB account on 03/23/2023. So, the interest starts from the day, funds has been credited in your UFB account which is from 03/23/2023 and till now you have accumulated the accrued interest of 8.55 %.



so they held my money from the 20th (8 days) and accrued interest is $8.55 on 16k. Not to mention this 8.55 hasn't been updated since Thursday but their support team claims it's accurate. Transfered all of my $ out at this point. This is not 5.02 APY.
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AnkitG8708
03-27-2023 at 08:22 AM.
03-27-2023 at 08:22 AM.
Quote from nevergoodenough :
Thank you for contacting UFB Direct. I hope your day is going well. I understand that you wish to know why did you earn 8.55 as an accrued interest when your funds has left Capital One on 03/20/2023 and credited in your UFB preferred Savings account . I will surely help you.



As checked, I would like to inform you that, you made external transfer on 03/17/2023 and the funds was credited in your UFB account on 03/23/2023. So, the interest starts from the day, funds has been credited in your UFB account which is from 03/23/2023 and till now you have accumulated the accrued interest of 8.55 %.



so they held my money from the 20th (8 days) and accrued interest is $8.55 on 16k. Not to mention this 8.55 hasn't been updated since Thursday but their support team claims it's accurate. Transfered all of my $ out at this point. This is not 5.02 APY.
Do you see the interest getting updated daily? I thought you would see that on a monthly basis. Where do you see this
Reply
Joined Jul 2008
L6: Expert
> bubble2 1,832 Posts
285 Reputation
localHero
03-27-2023 at 08:27 AM.
03-27-2023 at 08:27 AM.
Quote from AnkitG8708 :
Do you see the interest getting updated daily? I thought you would see that on a monthly basis. Where do you see this

After logging into your account, choose: see account/account details/show earnings and you'll see something like this:


Accrued Interest $98.68

Interest Earned YTD $0.00

Previous Year Interest Earned $0.00
Reply
Joined Dec 2011
L7: Teacher
> bubble2 2,065 Posts
135 Reputation
nevergoodenough
03-27-2023 at 08:49 AM.
03-27-2023 at 08:49 AM.
Quote from AnkitG8708 :
Do you see the interest getting updated daily? I thought you would see that on a monthly basis. Where do you see this
you have to click account details and then click show earnings.

Since they refuse to update my accrued interest amounts I have no choice but to transfer out. They are essentially holding my 16k for $8.55 but I wish everyone better luck. Since they can't answers why my accrued interest hasn't gone up in 4 days I just transferred all my funds out. Can't trust them when they appear to be borrowing my money for free.
Reply
Last edited by nevergoodenough March 27, 2023 at 09:42 AM.
Joined Aug 2006
L3: Novice
> bubble2 180 Posts
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ec.auction
03-27-2023 at 10:55 AM.
03-27-2023 at 10:55 AM.
how do you reach customer service? I tried a secure message and nobody read it yet after more than 1 week.
Tried the app chat asking for the live agent but it said no live agent is available at the moment.
Reply
Joined Aug 2009
Buy Now. Think Later.
> bubble2 17,474 Posts
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Pro
PocketsThick
03-27-2023 at 12:29 PM.
03-27-2023 at 12:29 PM.
Quote from nevergoodenough :
you have to click account details and then click show earnings.

Since they refuse to update my accrued interest amounts I have no choice but to transfer out. They are essentially holding my 16k for $8.55 but I wish everyone better luck. Since they can't answers why my accrued interest hasn't gone up in 4 days I just transferred all my funds out. Can't trust them when they appear to be borrowing my money for free.
You overreacted. I'm at several banks and none of them even show your daily accrued interest. Everything is ran by computers. By the end of the month everything will get calculated correctly when the payment is sent out. You can find bank interest rate calculators to double check how much you should get paid each month based on the APY of the bank.
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Joined Jun 2012
L2: Beginner
> bubble2 78 Posts
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polesnzeros
03-27-2023 at 08:34 PM.
03-27-2023 at 08:34 PM.
Quote from nevergoodenough :
you have to click account details and then click show earnings.

Since they refuse to update my accrued interest amounts I have no choice but to transfer out. They are essentially holding my 16k for $8.55 but I wish everyone better luck. Since they can't answers why my accrued interest hasn't gone up in 4 days I just transferred all my funds out. Can't trust them when they appear to be borrowing my money for free.
I have been at UFB for close to 4 months now. After the initial week long delay in crediting the account, the account details started updating to show the interest accrued correctly. Should have been patient, some of these higher interest banks (Popular/Comenity/UFB) are mostly automated and that is how they keep their costs low.
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Joined Dec 2011
L7: Teacher
> bubble2 2,065 Posts
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nevergoodenough
03-27-2023 at 10:00 PM.
03-27-2023 at 10:00 PM.
Quote from ec.auction :
how do you reach customer service? I tried a secure message and nobody read it yet after more than 1 week.
Tried the app chat asking for the live agent but it said no live agent is available at the moment.
I just sent them a message in the account drop-down menu. They only respond to what they want. I send them like 6 different messages and they respond to any subjects they feel like. Even those responses are just generic replies you could find on Google. They don't answer specific or detailed questions.
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Joined Dec 2011
L7: Teacher
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nevergoodenough
03-27-2023 at 10:02 PM.
03-27-2023 at 10:02 PM.
Quote from polesnzeros :
I have been at UFB for close to 4 months now. After the initial week long delay in crediting the account, the account details started updating to show the interest accrued correctly. Should have been patient, some of these higher interest banks (Popular/Comenity/UFB) are mostly automated and that is how they keep their costs low.
right and somehow my accrues interest say been the same since Thursday and upon messaging them they say it's correct..I pulled the money based on their response because it isn't updating daily.
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