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UFB Preferred Savings: Earn Expired

up to 5.02% APY
+52 Deal Score
112,611 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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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
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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
112,611 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 Feb 2016
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> bubble2 110 Posts
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legendml
04-11-2023 at 05:32 PM.
04-11-2023 at 05:32 PM.
Quote from eiamf23 View quoted comment :
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.

They are not the first. I see at least 3 other banks offering 5+% APR on savings for $100 minimum deposit or less.
Reply
Joined Jan 2014
L6: Expert
> bubble2 1,650 Posts
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partyman66
04-11-2023 at 05:55 PM.
04-11-2023 at 05:55 PM.
Quote from ywchang View quoted comment :
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!
Nice... That's probably the way to go then. Thanks.

Do they do the whole micro-deposit thing?
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Joined Nov 2006
L3: Novice
> bubble2 119 Posts
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ywchang
04-11-2023 at 06:17 PM.
04-11-2023 at 06:17 PM.
Quote from partyman66 View quoted comment :
Nice... That's probably the way to go then. Thanks.

Do they do the whole micro-deposit thing?
Yes they do. I am still waiting on the micro-deposits (I just tried to link my account not long before my reply.
Reply
Joined Sep 2008
Fan
> bubble2 34 Posts
25 Reputation
davido2
04-11-2023 at 07:18 PM.
04-11-2023 at 07:18 PM.
After reading many of the comments, I have been looking around still at different banks.

Does anyone have any experience with Newtek Bank? They are offering 5.0%.

Thanks
Reply
Joined Oct 2005
L5: Journeyman
> bubble2 926 Posts
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dtdfusion
04-11-2023 at 07:22 PM.
04-11-2023 at 07:22 PM.
What's the daily and monthly withdrawal limit? I need to withdraw money if there's a house in my budget.
Reply
Joined Oct 2016
L6: Expert
> bubble2 1,579 Posts
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LaughinGass
04-11-2023 at 10:10 PM.
04-11-2023 at 10:10 PM.
Quote from Joedaddy123 View quoted comment :
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.
Bank verification is *not* instant, unless you provide your credentials to a 3rd party, e.g. Plaid. Not happening. It also violates the terms for most banks, and if someone were to use those credentials to steal your money you'd be SOL (bank is not liable if you provide your credentials to a 3rd party).
3
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Joined Jun 2011
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tunabreath
04-12-2023 at 02:43 AM.
04-12-2023 at 02:43 AM.
I just opened a Salem Five Direct at 4.61% APY, wondering if this is a better option. Salem 5 was quick and pretty painless.
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Joined Apr 2011
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uRwhatUr
04-12-2023 at 04:34 AM.
04-12-2023 at 04:34 AM.
Quote from davido2 View quoted comment :
After reading many of the comments, I have been looking around still at different banks.

Does anyone have any experience with Newtek Bank? They are offering 5.0%.

Thanks

Applied for a business savings account last week after a few emails answered by a VP of Commercial Banking.

Application failed and Just a vague email stating so. Followed up by email to VP but no reply till yesterday with an apology and apparent glitch from the business owner portion of the application . Will call today as supposedly my wife as part owner needs to sign some sort of form for verification.

Opened one at Live Oak Bank with no issue and process was the same as Newtek.
1
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Joined Jul 2018
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abhayss
04-12-2023 at 08:54 AM.
04-12-2023 at 08:54 AM.
Quote from Phegotgame View quoted comment :
Im def staying away from these banks ive never even heard of
Don't we have FDIC to be assured about our money below 250K? Anyway big banks are not even giving penny on your savings at this time.
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Joined Apr 2015
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logophile
04-12-2023 at 12:01 PM.
04-12-2023 at 12:01 PM.
Seems like a shady company.

https://www.youtube.com/watch?v=ipjRDD0FVFQ
Reply
Joined Jun 2009
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NSTar
04-12-2023 at 02:04 PM.
04-12-2023 at 02:04 PM.
You can earn and trade when opportunities come using account like Robinhood- plus, they cover in the millions..2.5 million I believe
1
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Joined Dec 2005
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ms2000
04-12-2023 at 10:06 PM.
04-12-2023 at 10:06 PM.
Quote from legendml View quoted comment :
They are not the first. I see at least 3 other banks offering 5+% APR on savings for $100 minimum deposit or less.
Who are they?
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Joined Jul 2008
L6: Expert
> bubble2 1,902 Posts
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localHero
04-13-2023 at 02:44 AM.
04-13-2023 at 02:44 AM.
Quote from legendml View quoted comment :
They are not the first. I see at least 3 other banks offering 5+% APR on savings for $100 minimum deposit or less.
Quote from ms2000 View quoted comment :
Who are they?


Yeah, I'd like to know that too.
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Joined Feb 2016
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legendml
04-13-2023 at 03:58 AM.
04-13-2023 at 03:58 AM.
Quote from localHero View quoted comment :
Yeah, I'd like to know that too.

I got a fact wrong, should have said 4%, not 5%. https://www.nerdwallet.com/best/b...s-accounts

My wife just opened the 4.5% bread savings, and I have the UFB accounts. Too many numbers in my head this week Stick Out Tongue
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Joined Oct 2014
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viperaktive
04-13-2023 at 08:53 AM.
04-13-2023 at 08:53 AM.
I believe this promo will be ending today...or at least the preferred savings
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