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UFB Preferred Savings: Earn Expired
up to 5.02% APY
UFB Direct, our partner, offers the following benefits with their Preferred Savings account:
Slickdeals may be compensated by UFB Direct
- 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
Original Post
Written by
Edited April 13, 2023
at 01:57 PM
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
Created 02-22-2023
at 11:46 AM
by LD7 | Staff
in
Finance
Axos Bank
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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 thresholdā¦But I bet you already knew that if you have that much cash sitting around.
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Hello (my name),
Thank you for contacting UFB Direct. We are sorry to hear you wish to close your account, but we are here to help!
The current balance of the account ending in [my acct #] will not cover the $10.00 Official Check fee. We request you transfer your funds out through online banking by ACH transfer or withdraw the funds by using your other bank's online banking system to draw the funds out of your Axos account, as both options are free of charge.
We apologize for the inconvenience.
Questions? Chat with Evo, your virtual financial assistant, from within online banking.
Sincerely,
Deposit Operations
UFB Direct
To be clear, I did not try to withdraw any money out of my account. The balance still shows the correct amount including accrued interest. The message I got via email came from [email protected]. and this message was waiting for me so I don't think the email was a fishing attempt but I'm thinking someone tried to access my account.
I ended up just pulling money from my BofA account using UFB's deposit service and after a week I see the funds are now available, but I was charged a $10 service fee. I don't recall seeing this called out anywhere in their app. Pretty frustrating as I was planning on sending any excess money to UFB multiple times per month but not if it's going to eat into my savings every time.
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I'm thinking you guys are not calculating APY properly. The interest I'm getting seems correct. Try this calculator:
https://www.thecalculat
I'm in a long messaging thread with their reps right now. The last one that replied showed a formula that actually used simple daily interest per month. And they're using 4.9 rate even though they're saying my rate is 5.02 APY. So yes, I'm getting closer to 4% if daily compounding is used, which is what they are claiming.
When I use APY calculators it always seems to come out to the right number at 5.02% for me. There's a little slop because I didn't start at the beginning of a month but it's very close to correct.
I didn't come here to argue the rate calculation though, rather to say that the rate has risen to 5.06%. I chatted with a rep and had them upgrade my acct to the new rate.
I *think* so but not sure. I think with two accounts, both will be insured separately up to $250k each. Check to be sure.
There is also Milli Bank apparently a subsidiary of First National Bank of Omaha. They are currently offering 5.25% APY. I didn't look into them though it looked like you had to download an app to have an account.
There is also Milli Bank apparently a subsidiary of First National Bank of Omaha. They are currently offering 5.25% APY. I didn't look into them though it looked like you had to download an app to have an account.
"I would like to inform you that yes, you can have any number of Savings accounts at the same time."
"I would like to inform you that yes, you can have any number of Savings accounts at the same time."
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I always save the chat transcript in case it's needed down the line.
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