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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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Newtek Bank Personal High Yield Savings - 5%
CIT Bank Platinum Savings - 4.75%
Upgrade Premier Savings - 4.56%
I am current using UFB, but I have used CIT Bank in the past. CIT Bank is part of First Citizens. First Citizens also acquired SVB assets, which now makes First Citizens assets jump to $219 billion.
I moved much of my savings to UFB from Marcus a couple of weeks ago when their rate increased. It's true UFB can be slow to let the funds hit your available balance, even with an incoming wire transfer, so be mindful if you anticipate an urgent need from liquidity. I haven't tried to transfer out of UFB yet.
Side note - Marcus blocked all of my attempts to transfer (ACH and wire) to UFB. They immediately locked my account and wanted me to be on the phone with them while they attempted to verify the account by calling UFB. I spent 10+ hours on the phone with Marcus trying to unlock my account and hold with them while UFB picked up. UFB never answered or Marcus failed to actually call them, resulting in Marcus locking my account and funds for over a week. My Marcus account was finally unlocked, but all ACH and wire transfers were then blocked for a few more days due to a "technical issue that had to be resolved on the backend". Even their phone agents could not initiate a transfer to a verified account (Capital One and Citi) due to the issue. After the issue was resolved, I had to transfer to Capital One, wait for the funds to become available there, and then wire to UFB. I blame the entire experience on Marcus trying to keep me as a customer and think their actions were contrary to our deposit agreement. I filed a CFPB complaint against Marcus and closed all of my Marcus accounts (savings, joint investment, and trust investment).
I moved much of my savings to UFB from Marcus a couple of weeks ago when their rate increased. It's true UFB can be slow to let the funds hit your available balance, even with an incoming wire transfer, so be mindful if you anticipate an urgent need from liquidity. I haven't tried to transfer out of UFB yet.
Side note - Marcus blocked all of my attempts to transfer (ACH and wire) to UFB. They immediately locked my account and wanted me to be on the phone with them while they attempted to verify the account by calling UFB. I spent 10+ hours on the phone with Marcus trying to unlock my account and hold with them while UFB picked up. UFB never answered or Marcus failed to actually call them, resulting in Marcus locking my account and funds for over a week. My Marcus account was finally unlocked, but all ACH and wire transfers were then blocked for a few more days due to a "technical issue that had to be resolved on the backend". Even their phone agents could not initiate a transfer to a verified account (Capital One and Citi) due to the issue. After the issue was resolved, I had to transfer to Capital One, wait for the funds to become available there, and then wire to UFB. I blame the entire experience on Marcus trying to keep me as a customer and think their actions were contrary to our deposit agreement. I filed a CFPB complaint against Marcus and closed all of my Marcus accounts (savings, joint investment, and trust investment).
Damn... that freaking stinks. Sorry to hear that happened to you.
I just opened an account with Marcus last week and am testing them out with a small $5k account for a month or so. I'm going to the transfer a bunch of that out to my other account and make sure it goes smoothly before putting a much more significant amount into it.
I was pleasantly surprised with how quickly my money transferred into their account compared to other alternatives and they immediately made the new funds interest-earning. So far so good for me, but we'll see again in a month.
Damn... that freaking stinks. Sorry to hear that happened to you.
I just opened an account with Marcus last week and am testing them out with a small $5k account for a month or so. I'm going to the transfer a bunch of that out to my other account and make sure it goes smoothly before putting a much more significant amount into it.
I was pleasantly surprised with how quickly my money transferred into their account compared to other alternatives and they immediately made the new funds interest-earning. So far so good for me, but we'll see again in a month.
I recommend planning ahead before transferring out of Marcus. Perhaps call them to ensure your external account is verified in advance. Once they lock your account, it can take hours of work to access your money. I recall experiencing similar external account verification issues when I added my personal accounts with USAA, Citi, and Capital One a year or two ago. Each time, I followed Marcus' online verification/account linking processes (via Plaid), which should be enough to authorize/verify the accounts in my opinion, but Marcus would immediately call me to ask whether I made the change. My attempt to link Marcus with UFB was the first time Marcus forced me to try to wait for the external bank to answer, so I could verbally verify the account with both Marcus and the external bank. I am unsure whether they changed their external account verification process, are trying to retain customers, or have issues with UFB.
I am surprised we get to keep our high rates. They could have easily reduced ours too. Just like Primus, you snooze you lose! I guess the long game would be to put money into a CD soon. I doubt they can keep 5.02% for too much longer.
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!
They will do $1 deposit to your BoA right? How long it took for you to see those deposit? Thanks
They will do $1 deposit to your BoA right? How long it took for you to see those deposit? Thanks
I got 2 deposits that were both less than $1. I linked on 4/11 and saw the deposit on 4/13. I was able to verify my BoA account on UFBdirect app right after the deposits.
How long did it take for them to respond to your opening of an account?
I opened on this week on Monday and haven't heard anything back yet.
I applied for a CD last night at 10pm PST and was already approved by noon PST today. I don't recall how long it took for the money market account approval to take place, but it was definitely not more than a couple of business days.
Any recommendations for one of these online banks that doesn't have extremely restrictive withdrawal limits for high yield savings accounts or money markets?
I recently opened accounts with a few different online banks but haven't really funded any of them yet and am now concerned due to their withdrawal limits. It shouldn't take months to get all of your money back from savings accounts.
Ahhhh damn! I was going to wait until my next paycheck to start up one of these ufb 5.02% accounts. What is the highest APY bank now at the moment? So far with a quick search I found upgrade bank at 4.56%, which is a possibility. I currently have mysavings direct at 4.35% and the 4.75% ally no penalty CD. However, I am looking for another bank with the highest APY. Edit: I just found the new UFB 4.81% savings account. Is this currently the highest one? Does anyone use the Newtek Bank Personal High Yield Savings 5% account??
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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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CIT Bank Platinum Savings - 4.75%
Upgrade Premier Savings - 4.56%
I am current using UFB, but I have used CIT Bank in the past. CIT Bank is part of First Citizens. First Citizens also acquired SVB assets, which now makes First Citizens assets jump to $219 billion.
Side note - Marcus blocked all of my attempts to transfer (ACH and wire) to UFB. They immediately locked my account and wanted me to be on the phone with them while they attempted to verify the account by calling UFB. I spent 10+ hours on the phone with Marcus trying to unlock my account and hold with them while UFB picked up. UFB never answered or Marcus failed to actually call them, resulting in Marcus locking my account and funds for over a week. My Marcus account was finally unlocked, but all ACH and wire transfers were then blocked for a few more days due to a "technical issue that had to be resolved on the backend". Even their phone agents could not initiate a transfer to a verified account (Capital One and Citi) due to the issue. After the issue was resolved, I had to transfer to Capital One, wait for the funds to become available there, and then wire to UFB. I blame the entire experience on Marcus trying to keep me as a customer and think their actions were contrary to our deposit agreement. I filed a CFPB complaint against Marcus and closed all of my Marcus accounts (savings, joint investment, and trust investment).
Side note - Marcus blocked all of my attempts to transfer (ACH and wire) to UFB. They immediately locked my account and wanted me to be on the phone with them while they attempted to verify the account by calling UFB. I spent 10+ hours on the phone with Marcus trying to unlock my account and hold with them while UFB picked up. UFB never answered or Marcus failed to actually call them, resulting in Marcus locking my account and funds for over a week. My Marcus account was finally unlocked, but all ACH and wire transfers were then blocked for a few more days due to a "technical issue that had to be resolved on the backend". Even their phone agents could not initiate a transfer to a verified account (Capital One and Citi) due to the issue. After the issue was resolved, I had to transfer to Capital One, wait for the funds to become available there, and then wire to UFB. I blame the entire experience on Marcus trying to keep me as a customer and think their actions were contrary to our deposit agreement. I filed a CFPB complaint against Marcus and closed all of my Marcus accounts (savings, joint investment, and trust investment).
I just opened an account with Marcus last week and am testing them out with a small $5k account for a month or so. I'm going to the transfer a bunch of that out to my other account and make sure it goes smoothly before putting a much more significant amount into it.
I was pleasantly surprised with how quickly my money transferred into their account compared to other alternatives and they immediately made the new funds interest-earning. So far so good for me, but we'll see again in a month.
I just opened an account with Marcus last week and am testing them out with a small $5k account for a month or so. I'm going to the transfer a bunch of that out to my other account and make sure it goes smoothly before putting a much more significant amount into it.
I was pleasantly surprised with how quickly my money transferred into their account compared to other alternatives and they immediately made the new funds interest-earning. So far so good for me, but we'll see again in a month.
Thank you for being a UFB Direct preferred customer. We hope you're enjoying your leading rate on your Preferred Savings account!
As one of our valued customers, we wanted to let you know that starting 4/13/2023, UFB Direct will no longer offer Preferred Savings to new customers.
This will not affect your account in any way. Sit back, relax, and continue to enjoy 5.02% APY* – no action needed on your part!
As always, if you have questions or concerns, Send us a secure message in online banking. We're here to help!
Your Team @ UFB Direct
Thank you for being a UFB Direct preferred customer. We hope you're enjoying your leading rate on your Preferred Savings account!
As one of our valued customers, we wanted to let you know that starting 4/13/2023, UFB Direct will no longer offer Preferred Savings to new customers.
This will not affect your account in any way. Sit back, relax, and continue to enjoy 5.02% APY* – no action needed on your part!
As always, if you have questions or concerns, Send us a secure message in online banking. We're here to help!
Your Team @ UFB Direct
Very tru I got the same email!
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https://www.cfg.bank/personal-ban...osit-rates
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!
They will do $1 deposit to your BoA right? How long it took for you to see those deposit? Thanks
https://www.cfg.bank/personal-ban...osit-rates
I opened on this week on Monday and haven't heard anything back yet.
I opened on this week on Monday and haven't heard anything back yet.
I recently opened accounts with a few different online banks but haven't really funded any of them yet and am now concerned due to their withdrawal limits. It shouldn't take months to get all of your money back from savings accounts.
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