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UFB Preferred Savings: Earn Expired

up to 5.02% APY
+52 Deal Score
112,494 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

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
Created 02-22-2023 at 11:46 AM by LD7 | Staff
in Finance Axos Bank
If you purchase something through a post on our site, Slickdeals may get a small share of the sale.
Deal
Score
+52
112,494 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.

408 Comments

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Featured Comments

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 Feb 2009
L3: Novice
> bubble2 264 Posts
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fxclm5
04-10-2023 at 05:57 PM.
04-10-2023 at 05:57 PM.
I could have swore they had 5.23 or 5.22, did they reduce to 5.02?
Reply
Joined Jul 2013
L4: Apprentice
> bubble2 479 Posts
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rhaug
04-10-2023 at 06:48 PM.
04-10-2023 at 06:48 PM.
Quote from fxclm5 View quoted comment :
I could have swore they had 5.23 or 5.22, did they reduce to 5.02?

It was definitely 5.02. It went from 4.55 straight to 5.02 before the last Fed rate hike
Reply
Joined Jan 2014
L6: Expert
> bubble2 1,650 Posts
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partyman66
04-10-2023 at 08:13 PM.
04-10-2023 at 08:13 PM.
FYI, you can't do ACH transfers with this bank.

I signed up for an account about a week ago but never funded it because their funding options are piss poor. I don't trust giving my login credentials for my other bank to this bank in order to facilitate a transfer. That should never be necessary.

Typical protocol is for them to verify that the primary account holder's name matches on both the incoming and outgoing accounts, and then they deposit 2 small deposits into your account of around 3 to 20 cents and have you verify the amounts of the deposits, so that they can make sure they aren't transferring money to or from the wrong account.

I am closing my account without even funding it because of their poor support for secure transfer mechanisms.
5
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Joined Nov 2010
L5: Journeyman
> bubble2 564 Posts
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catbert
04-10-2023 at 08:20 PM.
04-10-2023 at 08:20 PM.
Quote from scgt1 View quoted comment :
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
I signed up with them and deposited 5 days (ACH) before the end of the month, and they posted the 5 days of 5% APY interests before the principal (initial funding) was posted (turned into available balance). In other words, the interests are immediately available for withdrawal and they didn't cheat you on the interests while the funds are in limbo. It was a pleasant surprise.
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Joined Jul 2008
L6: Expert
> bubble2 1,902 Posts
289 Reputation
localHero
04-10-2023 at 08:21 PM.
04-10-2023 at 08:21 PM.
Quote from partyman66 View quoted comment :
FYI, you can't do ACH transfers with this bank.

I signed up for an account about a week ago but never funded it because their funding options are piss poor. I don't trust giving my login credentials for my other bank to this bank in order to facilitate a transfer. That should never be necessary.

Typical protocol is for them to verify that the primary account holder's name matches on both the incoming and outgoing accounts, and then they deposit 2 small deposits into your account of around 3 to 20 cents and have you verify the amounts of the deposits, so that they can make sure they aren't transferring money to or from the wrong account.

I am closing my account without even funding it because of their poor support for secure transfer mechanisms.

??? I wired money into my account and it went very smoothly. I linked my Wells Fargo account to my UFB account with no trouble though it took a few days. I initiated this link from Wells Fargo who made two deposits and one withdrawal which I then verified. I then transferred $10 just to test it. No problems.
I'll add that although UFB said they would charge me $35 to wire into the account, I haven't been charged that fee yet and it's been a couple of weeks. WF charged me $30.
1
Reply
Joined May 2010
L6: Expert
> bubble2 1,589 Posts
198 Reputation
cndealking
04-10-2023 at 11:30 PM.
04-10-2023 at 11:30 PM.
Quote from partyman66 View quoted comment :
FYI, you can't do ACH transfers with this bank.

I signed up for an account about a week ago but never funded it because their funding options are piss poor. I don't trust giving my login credentials for my other bank to this bank in order to facilitate a transfer. That should never be necessary.

Typical protocol is for them to verify that the primary account holder's name matches on both the incoming and outgoing accounts, and then they deposit 2 small deposits into your account of around 3 to 20 cents and have you verify the amounts of the deposits, so that they can make sure they aren't transferring money to or from the wrong account.

I am closing my account without even funding it because of their poor support for secure transfer mechanisms.

Absolutely not true.
Reply
Joined May 2010
L6: Expert
> bubble2 1,589 Posts
198 Reputation
cndealking
04-10-2023 at 11:31 PM.
04-10-2023 at 11:31 PM.
Quote from catbert View quoted comment :
I signed up with them and deposited 5 days (ACH) before the end of the month, and they posted the 5 days of 5% APY interests before the principal (initial funding) was posted (turned into available balance). In other words, the interests are immediately available for withdrawal and they didn't cheat you on the interests while the funds are in limbo. It was a pleasant surprise.

Same experience. I was really surprised that they gave interesting even before the fund was settled.
Reply

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Joined Jan 2014
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> bubble2 1,650 Posts
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partyman66
04-11-2023 at 12:13 AM.
04-11-2023 at 12:13 AM.
Quote from cndealking View quoted comment :
Absolutely not true.
The only options I have are:
1) using an external app called Yodlee where you give them your other Bank's login credentials (not happening)
2) Wire (fees)
3) Deposit a Check (pictures of front and back of a paper check, limited to $50k per transfer)
4) Mail a Physical Check


How exactly are you getting the option to do an ACH transfer?
Reply
Joined May 2010
L6: Expert
> bubble2 1,589 Posts
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cndealking
04-11-2023 at 12:16 AM.
04-11-2023 at 12:16 AM.
I liked my non-UFB account on UFB webpage. Refreshed. And I was given the option to make a transfer. It took almost 8 days to settle though. But I was given interest for the 8 or 7 days. Kinda interesting.
Reply
Joined Dec 2017
L5: Journeyman
> bubble2 508 Posts
363 Reputation
Joedaddy123
04-11-2023 at 12:23 AM.
04-11-2023 at 12:23 AM.
Quote from partyman66 View quoted comment :
FYI, you can't do ACH transfers with this bank.

I signed up for an account about a week ago but never funded it because their funding options are piss poor. I don't trust giving my login credentials for my other bank to this bank in order to facilitate a transfer. That should never be necessary.

Typical protocol is for them to verify that the primary account holder's name matches on both the incoming and outgoing accounts, and then they deposit 2 small deposits into your account of around 3 to 20 cents and have you verify the amounts of the deposits, so that they can make sure they aren't transferring money to or from the wrong account.

I am closing my account without even funding it because of their poor support for secure transfer mechanisms.
It's not 2001 anymore.. the bank to bank connection/verification is instant.

ACH transfers worked fine for me. Incoming and outgoing.

Basically, if you need a no frills bank and don't expect any average service, this bank is for you. Big Grin
1
Reply
Joined Dec 2017
L5: Journeyman
> bubble2 508 Posts
363 Reputation
Joedaddy123
04-11-2023 at 12:26 AM.
04-11-2023 at 12:26 AM.
Quote from partyman66 View quoted comment :
The only options I have are:
1) using an external app called Yodlee where you give them your other Bank's login credentials (not happening)
2) Wire (fees)
3) Deposit a Check (pictures of front and back of a paper check, limited to $50k per transfer)
4) Mail a Physical Check


How exactly are you getting the option to do an ACH transfer?
After you link a bank account to your UFB account.

Whether you use the instant option or manual verification…
Reply
Joined Nov 2010
L5: Journeyman
> bubble2 564 Posts
156 Reputation
catbert
04-11-2023 at 12:37 AM.
04-11-2023 at 12:37 AM.
Quote from partyman66 View quoted comment :
The only options I have are:
1) using an external app called Yodlee where you give them your other Bank's login credentials (not happening)
2) Wire (fees)
3) Deposit a Check (pictures of front and back of a paper check, limited to $50k per transfer)
4) Mail a Physical Check


How exactly are you getting the option to do an ACH transfer?
I did it through the website (not app) by adding an EXTERNAL account then transfer between accounts.
Reply
Joined Jan 2014
L6: Expert
> bubble2 1,650 Posts
324 Reputation
partyman66
04-11-2023 at 01:26 AM.
04-11-2023 at 01:26 AM.
Quote from catbert View quoted comment :
I did it through the website (not app) by adding an EXTERNAL account then transfer between accounts.
That still goes through Yodlee though where you're providing an external site with the login credentials to your other bank.
Reply
Joined Aug 2010
L6: Expert
> bubble2 1,867 Posts
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RickRupps
04-11-2023 at 07:12 AM.
04-11-2023 at 07:12 AM.
good interest rate
right now iam in robinhood which is is 4.4 right now
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Joined Jan 2014
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partyman66
04-11-2023 at 07:30 AM.
04-11-2023 at 07:30 AM.
Quote from Immortalsolitude View quoted comment :
Its probably wire but its better to confirm with them before making the transfer. I usually refrain from entering my bank account credentials on a third party app or bank site. I opened one with Marcus and all i had to do was provide account and routing number.
How do you like using Marcus? I opened an account with them the other day but haven't funded it yet.
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