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UFB Portfolio Savings: Earn Expired

up to 5.15% APY
+115 Deal Score
261,167 Views
UFB Direct, our partner, offers the following benefits with their UFB Portfolio Savings account:
  • Earn up to 5.25% -> now $5.15% 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 EfficientGame645 for finding this deal.

Slickdeals may be compensated by UFB Direct
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Edited September 19, 2024 at 10:43 AM by
UFB Direct our partner, offers the following benefits with their UFB Secure Savings account:
  • Earn up to 5.25% 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 08-11-2023 at 02:49 PM by EfficientGame645
in Finance Axos Bank
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Deal
Score +115
261,167 Views
up to 5.15% 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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I have this account, started a few months ago. Only drawback I've found is that if/when they increase the interest rate on their accounts, you have to manually request an increase each time. I started at 5.03%, now requested an increase to 5.25%. I messaged them in the app at 4:53pm, they responded and updated my rate at 5:03pm (exactly 10 min). I'm ok doing a couple minutes worth of work a couple/few times a year to maintain the highest percentage. Works exactly as promised otherwise, great rates.
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As per their website FAQ...

The dollar limits at funding are:

Maximum to transfer in: $250,000.00

The dollar limits after your account is funded are:

Maximum per day in or out $30,000.00 

Maximum per month $60,000.00

You may not make funds transfers in excess of limits described on the External Bank Transfer service.

We reserve the right to change from time to time the dollar amount of funds transfers you are permitted to make using our service.

https://www.ufbdirect.com/Support/faqs
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I had the same experience today. Happened to check my account and found that my 5.09% rate had been downgraded to 4.5%. I spoke to CS on the phone and they raised my rate to 5.25%. I asked what the deal was with lowering my interest rate when rates are rising -- including the rates they offer new customers. He said that I just have to check my account every week or so to see if they do it again!

So basically, this is a great account for folks willing to call them on their BS. Apparently enough customers don't do that to make it worthwhile for them to play games like this.
·

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CleverDolphin241
08-18-2023 at 11:52 PM.

Our community has rated this post as helpful. If you agree, why not thank CleverDolphin241

08-18-2023 at 11:52 PM.
I had the same experience today. Happened to check my account and found that my 5.09% rate had been downgraded to 4.5%. I spoke to CS on the phone and they raised my rate to 5.25%. I asked what the deal was with lowering my interest rate when rates are rising -- including the rates they offer new customers. He said that I just have to check my account every week or so to see if they do it again!

So basically, this is a great account for folks willing to call them on their BS. Apparently enough customers don't do that to make it worthwhile for them to play games like this.
Quote from PutaBirdOnIt :
I opened my UFB account a few months ago when they had the 5.09% promo. Everything's been fine since then except this morning I went into my account to request to be upgraded to the new 5.25% rate only to find out that they had dropped me to 4.5% unannounced! Talked to their CS via chat and was able to upgrade but did not like the random downgrade, especially when interest rates are only going up! The rep explained that their exec board determines rates of products and can change any any given moment. I'm happy with the product, but was hoping this was more of a "set it and forget it" account at least while rates remain competitively high.
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Joined Oct 2016
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LaughinGass
08-20-2023 at 11:09 PM.
08-20-2023 at 11:09 PM.
Quote from CleverDolphin241 :
I had the same experience today. Happened to check my account and found that my 5.09% rate had been downgraded to 4.5%. I spoke to CS on the phone and they raised my rate to 5.25%. I asked what the deal was with lowering my interest rate when rates are rising -- including the rates they offer new customers. He said that I just have to check my account every week or so to see if they do it again!

So basically, this is a great account for folks willing to call them on their BS. Apparently enough customers don't do that to make it worthwhile for them to play games like this.
Ugh, cringe @ top post.

I had them pull the same stunt. Switching banks, not looking back.
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HIDDENlittle083108-21-2023 at 09:27 AM.
Joined Oct 2016
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> bubble2 1,441 Posts
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LaughinGass
08-21-2023 at 10:21 AM.
08-21-2023 at 10:21 AM.
Quote from little0831 :
Yeah, you do realize that savings and checking account rates are not guaranteed at ALL.... want something guaranteed put it in a CD. I would rather get an extra 0.75% - 1.5% over what all the other banks are doing. UFB has the highest rates I've seen, never had mine downgraded, and they are very quick to upgrade, without calling.... secure message takes about 2 days max, chatting takes minutes. You do you though.
You have to admit it's scammy to advertise a rate while downgrading the rate of existing accounts. They don't advertise the rate as "new accounts only", they hide this practice and capitalize on the fact that many people won't notice, or even if they do they have profited on the time gap where it went unnoticed.
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Joined Nov 2017
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crisplyvague
08-21-2023 at 10:27 AM.
08-21-2023 at 10:27 AM.
No problems with UFB and I've gotten use to checking a couple of times a week and messaging within their website to get the latest, higher rate. While it's easy to complain about they are also paying just about the highest around so that's the trade off. If you live in a high tax state you may be better returns from treasuries but those are a bit more complicated to work with.

I've pushed and pulled as much as I want from an outside account so their transfer limits aren't a problem.

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HIDDENlittle083108-21-2023 at 11:59 AM.
Joined Oct 2016
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LaughinGass
08-21-2023 at 10:45 PM.
08-21-2023 at 10:45 PM.
Quote from little0831 :
It would be scammy if it wasn't clearly in the terms and an industry standard that they can change the rates anytime. First time I noticed a higher advertised rate, I called and wanted to know if I too could get the higher rate, and the guy said "anytime it happens just send us a secure message to upgrade" I've been doing just that and haven't had any issues.
Nothing "industry standard" about it. This is the only bank I've ever encountered that regularly lowers rates for existing customers, while simultaneously offering higher rates to new accounts.

They literally change the name of each "new" account slightly to claim it's somehow a different account.

You are making pathetic excuses for this scam tactic.
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HIDDENlittle083108-22-2023 at 07:21 AM.
Joined Oct 2016
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LaughinGass
08-22-2023 at 08:00 AM.
08-22-2023 at 08:00 AM.
Quote from little0831 :
There isn't anything to excuse, it is an industry standard... every single bank will let you know that their checking and savings account yields can and will change without notice. You can disagree with it all you want, but don't call it a scam when its not. Out of all of the savings accounts I do have, UFB has the highest rate and (as long as you ask) continues to increase at a far quicker rate. Feel free to name a "non-scammy" bank that has a rate even close to UFB and automatically increases them.
It is *not* an industry standard. I have had accounts with many banks spanning decades, this is the *only one* that has ever done this. Full stop.
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Bombercules
08-22-2023 at 08:02 AM.
08-22-2023 at 08:02 AM.
I had to try chat/messages about four times before it finally took the "update" to the new rate, though I think they were having troubles because the site was down briefly one of the days I tried and when they finally fixed it they credited me a few bucks out of pity I guess. It did not take up much of my time admittedly, just a little annoying. If it's a thing they don't want to automate, why not just let users click a button with a captcha?
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BaudLord
09-07-2023 at 05:38 AM.
09-07-2023 at 05:38 AM.
I just caught that they lowered me down to 4.5 last month. Had to contact them for them to change me back… I don't really enjoy having to expend the effort in keeping them in check. I have money parked at other high yields and never this issue.
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Crazymex923
09-07-2023 at 12:46 PM.
09-07-2023 at 12:46 PM.
Seems like the way they can offer the great new rate is by calculating that a good portion (majority is my guess) will not notice for some time that their rate has dropped and that supplements the "sugar" they can offer to new customers and the folks that catch it. It appears to be a shell game at best but I guess if you have the time to check every day then you'll maintain the best rate offered. My money is moving and I'll sacrifice 0.2% for a bank that doesn't play this game.
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UNCalum95
09-08-2023 at 09:30 AM.
09-08-2023 at 09:30 AM.
I just noticed today that they lowered my rate as well and agree with others that this is NOT appropriate as the bank never communicated this change in rate to me! I've never experienced this with any other bank and this experience is prompting me to look elsewhere to park my money. I don't have the patience to monitor them weekly (as one poster mentioned the agent telling them). What a horrible practice!
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ms2000
09-13-2023 at 12:58 PM.
09-13-2023 at 12:58 PM.
Are there any competing banks than UFB Direct?
It seems that you need to change product to get higher rates with time!
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ramblers
09-16-2023 at 03:17 PM.
09-16-2023 at 03:17 PM.
I logged into my UFB to see what my APY was when I saw this promo for the 5.25. Turns out they had dropped my APY from 5.02 when I opened it in March to 4.5 now. I called and had them convert me to the 5.25 which took only a minute. Pretty sad they they are dropping existing customer's rates when the Fed rate has not gone down. Also sad that the rep told me they do not email customers when their rates are dropped!
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