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UFB Portfolio Savings: Earn Expired

up to 5.15% APY
+115 Deal Score
261,279 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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Original Post

Written by
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
261,279 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.
·
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
·
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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Joined Jun 2010
L5: Journeyman
> bubble2 549 Posts
68 Reputation
ramblers
09-18-2023 at 07:32 AM.
09-18-2023 at 07:32 AM.
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.
It's not "scammy" that they drop your rates without even notifying you? And that they are offering new customers even higher rates than the 5.02 I got in March while dropping my rate as an existing customer? My other online accounts sure aren't dropping my rates while the fed rate is still going up.
2
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Joined Jan 2020
L3: Novice
> bubble2 176 Posts
29 Reputation
little0831
09-18-2023 at 08:01 AM.
09-18-2023 at 08:01 AM.
Quote from ms2000 :
Are there any competing banks than UFB Direct?
It seems that you need to change product to get higher rates with time!
https://www.newtekbank.com/person...d-savings/

Just opened an account the other day, seems just as slow as UFB and I don't know about rate changes, but they are competitive currently.
1
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Joined Dec 2005
L8: Grand Teacher
> bubble2 3,820 Posts
115 Reputation
ms2000
09-18-2023 at 10:55 AM.
09-18-2023 at 10:55 AM.
Quote from little0831 :
https://www.newtekbank.com/person...d-savings/

Just opened an account the other day, seems just as slow as UFB and I don't know about rate changes, but they are competitive currently.
They are not in Bankrate - likely they are new.
Their parent company is not a bank so they are also not in Bankrate.
3
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Joined Jan 2020
L3: Novice
> bubble2 176 Posts
29 Reputation
little0831
09-18-2023 at 11:33 AM.
09-18-2023 at 11:33 AM.
Quote from ms2000 :
They are not in Bankrate - likely they are new.
Their parent company is not a bank so they are also not in Bankrate.
What does it mean to be on Bankrate? According to this they have been around since 1963....

https://www.depositaccounts.com/b...-bank.html

Bankrate is an advertising-supported service that allows you to compare offers for mortgages, credit cards and other financial products and services. Companies pay Bankrate for placement of their products and services and when you click on specific links on the Bankrate website.

Sounds like all it means is they paid to have a review if they exist on Bankrate....?
1
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Last edited by little0831 September 18, 2023 at 11:36 AM.
Joined Dec 2005
L8: Grand Teacher
> bubble2 3,820 Posts
115 Reputation
ms2000
09-18-2023 at 02:28 PM.
09-18-2023 at 02:28 PM.
Quote from little0831 :
What does it mean to be on Bankrate? According to this they have been around since 1963....

https://www.depositaccounts.com/b...-bank.html

Bankrate is an advertising-supported service that allows you to compare offers for mortgages, credit cards and other financial products and services. Companies pay Bankrate for placement of their products and services and when you click on specific links on the Bankrate website.

Sounds like all it means is they paid to have a review if they exist on Bankrate....?
BankRate.com have reviews on other banks not this one

NewTek bought National Bank of New York City bank's charter (all those branches will be closed by end of this year) hence entitled to such rating on www.depositaccounts.com - I am guessing
1
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Joined Nov 2018
L3: Novice
> bubble2 158 Posts
108 Reputation
Pro
sa4567
09-18-2023 at 04:14 PM.
09-18-2023 at 04:14 PM.
Any thoughts about Vio Bank's similar offer (https://slickdeals.net/share/iphone_app/t/16883678)? Seems like Vio Bank requires $100 minimum, but other than that - are they also in the "we will drop rates, but don't tell you" nonsense?
1
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Joined Apr 2023
New User
> bubble2 1 Posts
10 Reputation
UniquePolice8139
09-21-2023 at 05:44 PM.
09-21-2023 at 05:44 PM.
Quote from madrascaldavid :
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.
I have this UFB account, and it is still at the lower interest rate. Not automatically increasing customers' rate is quite shady for a bank IMO.
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Joined Apr 2017
L2: Beginner
> bubble2 54 Posts
22 Reputation
MoneyManSC
09-21-2023 at 08:22 PM.
09-21-2023 at 08:22 PM.
It takes around 5 days for a transferred deposit, about 3 days for a withdrawal.

All banks are going to sit on your money as long as they can, as they are designed to make $$ off of you.

I always recommend a Credit Union for debit banking and mortgages.

Only at this bank for the good rate. It does take about 10 minutes to get the latest rate increase.
2
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Joined Jun 2019
L5: Journeyman
> bubble2 638 Posts
70 Reputation
UniqueAlpaca719
09-21-2023 at 09:09 PM.
09-21-2023 at 09:09 PM.
Quote from oharag1 :
they have a hy savings and a hy money market. It seems like hy MM allows check writing. But no info on limits for transaction on MM. I wonder what is difference between savings and MM. I click on compare differences but there really not much info.

Money market isn't guaranteed by the Fed. Savings account is.
3
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Joined Feb 2017
L4: Apprentice
> bubble2 483 Posts
130 Reputation
nellenbu
09-22-2023 at 06:57 AM.
09-22-2023 at 06:57 AM.
I opened an account based on this post. Both the app and browser banking are essentially non-functional. Doesn't inspire confidence at all.
1
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Joined Nov 2021
New User
> bubble2 1 Posts
10 Reputation
AmusedHill4317
09-22-2023 at 07:33 AM.
09-22-2023 at 07:33 AM.
Wealthfront cash 5.30% for 3 months for first 250k with referral
The rest is 4.80%- insured fdic for $1m.

No transactions limit per month. 250k per transfers
1
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Joined Jan 2015
Mike S
> bubble2 64 Posts
19 Reputation
mikesthree16
09-22-2023 at 12:19 PM.
09-22-2023 at 12:19 PM.
I opened an account and realized they do not connect to Synchrony for transfers or my local bank. Synchrony raised their rate to 4.75, which was nice, but still not as nice as 5.25
1
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Joined Jul 2010
L6: Expert
> bubble2 1,174 Posts
218 Reputation
Shqype
09-22-2023 at 02:25 PM.
09-22-2023 at 02:25 PM.
What other safe, high yield banks/accounts are recommended? Any with a high yield plus a funding bonus?
1
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Joined Dec 2005
L5: Journeyman
> bubble2 525 Posts
375 Reputation
mithun2005
09-22-2023 at 08:17 PM.

Our community has rated this post as helpful. If you agree, why not thank mithun2005

09-22-2023 at 08:17 PM.
Some of these banks. Here is my ufb experience. They asked me to message when I talked to them on phone and they don't respond to any of my messages. Somehow my account from major bank got delinked. They couldn't fix it over the phone. They asked me to message them a screenshot. I did that. They still didn't fix anything. I can't transfer money directly between my main bank and ufb. Ufb won't even respond.
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Last edited by mithun2005 September 22, 2023 at 08:20 PM.

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Joined Jun 2014
L4: Apprentice
> bubble2 310 Posts
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thomas_coker
09-22-2023 at 08:28 PM.
09-22-2023 at 08:28 PM.
I never got the $100 gift card sign up bonus from over 6 months ago....
1
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