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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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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?
Go to your external bank's website and add your UFB account there. Initiate ACH transfer from your external bank. Done and done, no data sharing with random apps. I got the small verification deposits done basically same day, and my actual money transfer took 3 total business days.
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
My experience as a customer of theirs since February mirrors the poster you were replying to. I just added more funds last week. It took a week to show in my available balance. It did show in about four days in my "balance" though
Go to your external bank's website and add your UFB account there. Initiate ACH transfer from your external bank. Done and done, no data sharing with random apps. I got the small verification deposits done basically same day, and my actual money transfer took 3 total business days.
Go to your external bank's website and add your UFB account there. Initiate ACH transfer from your external bank. Done and done, no data sharing with random apps. I got the small verification deposits done basically same day, and my actual money transfer took 3 total business days.
I did once my accounts were linked. It was only $10 but I was just checking on the process.
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from Immortalsolitude
:
Its good they don't offer higher rates as compared to UFB but no fees and lets you transfer upto 100K the same day. I got multiple Cd's with them
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from jjl212
:
Isn't the max transfer amount low at UFB?
Fwiw, I had UFB rep tell me (via chat) that there was no limit if withdrawing via wire. Maybe a pita but at least possible. I have not tested their information.
Quote
from cgigate
:
Very short history for a Bank, that is big risk point
I haven't, but I recall reading on this thread that you can indeed initiate a transfer from UFB to your external bank through the external bank's online portal. I don't know if the same transfer limits apply if you go this route.
This is a good discussion. Nice to see everyone else's experience with these different banking products, especially given the uncertainty with the banking industry lately.
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?
Not sure if someone mentioned this earlier. On UFBdirect website, after you search for your bank for the account to link, there is an option above the "Back" button that is labeled as "Don't see your financial institution? Add Manually".
Once you click on add manually, you can just provide the routing number, account number etc. I just put in my Bank of America info and it worked.
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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.
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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?
Look at this post for more: https://slickdeals.net/f/16467199-ufb-preferred-savings-earn-up-to-5-02-apy?p=162595237
Look at this post for more: https://slickdeals.net/f/16467199-ufb-preferred-savings-earn-up-to-5-02-apy?p=162595237
Sign up for a Slickdeals account to remove this ad.
Very short history for a Bank, that is big risk point
Look at this post for more: https://slickdeals.net/f/16467199-ufb-preferred-savings-earn-up-to-5-02-apy?p=162595237
I did once my accounts were linked. It was only $10 but I was just checking on the process.
Fwiw, I had UFB rep tell me (via chat) that there was no limit if withdrawing via wire. Maybe a pita but at least possible. I have not tested their information.
FDIC insured up to $250k. Where's the risk?
They do have an app. I haven't tried it.
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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?
Once you click on add manually, you can just provide the routing number, account number etc. I just put in my Bank of America info and it worked.
No need to go through Yodlee at all!