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UFB Preferred Savings: Earn Expired

up to 5.02% APY
+52 Deal Score
112,385 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
112,385 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 Oct 2011
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> bubble2 259 Posts
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sevengroove
04-11-2023 at 08:09 AM.
04-11-2023 at 08:09 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?
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.

Look at this post for more: https://slickdeals.net/f/16467199-ufb-preferred-savings-earn-up-to-5-02-apy?p=162595237#post162595237
1
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KnightedIbis
04-11-2023 at 08:18 AM.
04-11-2023 at 08:18 AM.
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
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
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Joined Nov 2018
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Gt7737
04-11-2023 at 10:17 AM.
04-11-2023 at 10:17 AM.
Can I transfer straight from webull to this bank ?
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Joined Jan 2014
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partyman66
04-11-2023 at 10:26 AM.
04-11-2023 at 10:26 AM.
Quote from sevengroove View quoted comment :
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.

Look at this post for more: https://slickdeals.net/f/16467199-ufb-preferred-savings-earn-up-to-5-02-apy?p=162595237#post162595237
Have you tried pulling money out yet though?
Reply
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Immortalsolitude
04-11-2023 at 10:44 AM.
04-11-2023 at 10:44 AM.
Quote from partyman66 View quoted comment :
How do you like using Marcus? I opened an account with them the other day but haven't funded it yet.
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
Reply
Joined Jul 2007
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> bubble2 1,532 Posts
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Meowmixes98
04-11-2023 at 10:56 AM.
04-11-2023 at 10:56 AM.
Is there an app of theirs I can use?
Reply
Joined Nov 2010
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catbert
04-11-2023 at 11:54 AM.
04-11-2023 at 11:54 AM.
Quote from partyman66 View quoted comment :
That still goes through Yodlee though where you're providing an external site with the login credentials to your other bank.
I see. They don't provide the test deposit mechanism for linking banks. Might as well just mail them checks for deposit for information safety.
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Joined Dec 2011
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jjl212
04-11-2023 at 12:05 PM.
04-11-2023 at 12:05 PM.
Isn't the max transfer amount low at UFB?
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Joined Jan 2007
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cgigate
04-11-2023 at 12:18 PM.
04-11-2023 at 12:18 PM.
Quote from offcenter View quoted comment :
You need to get out more. UFB Direct is part of Axos Bank. in business since 2000.

Very short history for a Bank, that is big risk point
1
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Joined Jul 2008
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localHero
04-11-2023 at 12:30 PM.
04-11-2023 at 12:30 PM.
Quote from sevengroove View quoted comment :
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.

Look at this post for more: https://slickdeals.net/f/16467199-ufb-preferred-savings-earn-up-to-5-02-apy?p=162595237#post162595237
This



Quote from partyman66 View quoted comment :
Have you tried pulling money out yet though?

I did once my accounts were linked. It was only $10 but I was just checking on the process.

Quote from Immortalsolitude View quoted comment :
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
Quote from jjl212 View quoted comment :
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 View quoted comment :
Very short history for a Bank, that is big risk point


FDIC insured up to $250k. Where's the risk?
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localHero
04-11-2023 at 12:32 PM.
04-11-2023 at 12:32 PM.
Quote from Meowmixes98 View quoted comment :
Is there an app of theirs I can use?

They do have an app. I haven't tried it.
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Joined Oct 2011
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sevengroove
04-11-2023 at 12:36 PM.
04-11-2023 at 12:36 PM.
Quote from partyman66 View quoted comment :
Have you tried pulling money out yet though?
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.
1
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Joined Jan 2014
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partyman66
04-11-2023 at 01:03 PM.
04-11-2023 at 01:03 PM.
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.
Reply
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RacerxxLP
04-11-2023 at 01:10 PM.
04-11-2023 at 01:10 PM.
Quote from localHero View quoted comment :
They do have an app. I haven't tried it.
I've tried it and it works just fine. Applause
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Joined Nov 2006
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ywchang
04-11-2023 at 05:10 PM.
04-11-2023 at 05:10 PM.
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?
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.

No need to go through Yodlee at all!
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