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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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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
If you purchase something through a post on our site, Slickdeals may get a small share of the sale.
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.
·
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 Aug 2010
L9: Master
> bubble2 5,567 Posts
332 Reputation
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gamingdroid
10-04-2023 at 11:14 AM.
10-04-2023 at 11:14 AM.
Quote from ramblers :
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.
I don't know, but the rate on my account out of nowhere went down to 4.25% from 5.02%. I had to open a new account, transfer the funds over, and then close the existing account. Then I got the 5.25%, but I wonder for how long.
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Joined Sep 2017
L3: Novice
> bubble2 163 Posts
20 Reputation
TreyY69
10-04-2023 at 11:16 AM.
10-04-2023 at 11:16 AM.
Looking at reviews watch out they get you in and change your rate next month is it true IDK but FYI

https://www.depositaccounts.com/b...ml#reviews
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Joined Nov 2006
L99: Touchpad Grandmaster
> bubble2 2,266 Posts
487 Reputation
ozmotes
10-04-2023 at 11:17 AM.
10-04-2023 at 11:17 AM.
Quote from cgigate :
5.25% is bigger than 5.2%.
Math has the power.
The brain is a good thing if you can use it correctly 😜

Differences in return can be explained by factors measured outside of yield.

I'm not one to return an insult with another, but you might be due a reminder to follow your own advice.
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Joined Nov 2011
L3: Novice
> bubble2 227 Posts
18 Reputation
mikemir121
10-05-2023 at 04:23 AM.
10-05-2023 at 04:23 AM.
Quote from ultraconsumer :
I posted this in another UFB thread but I'll post this here again as well:

Tried this last year. WAS. NOT. WORTH. IT.

There are hidden limits on how much you can transfer out at a time that do not align with their documentation, which prevented me from getting my money out. Tried contacting support at least 10 times and they were completely unhelpful. I asked them over and over to close my account, they said they couldn't until I withdrew all my money, but the whole reason for closing my account is because they wouldn't let me withdraw my money. Felt like a total scam. Switched to cash/savings account at Wealthfront, couldn't be happier.

It's easy to open a bank account, but then banks never really close your account - never. It has to do with some kind of regulatory law to keep a history.
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Joined Jun 2010
L5: Journeyman
> bubble2 549 Posts
68 Reputation
ramblers
10-05-2023 at 06:05 AM.
10-05-2023 at 06:05 AM.
Quote from gamingdroid :
I don't know, but the rate on my account out of nowhere went down to 4.25% from 5.02%. I had to open a new account, transfer the funds over, and then close the existing account. Then I got the 5.25%, but I wonder for how long.
You shouldn't have had to do that. They upgraded mine to the 5.25 in a matter a minutes on the phone. But I agree... who knows for how long.
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Joined Jun 2013
L3: Novice
> bubble2 110 Posts
50 Reputation
DRA91820
10-05-2023 at 06:14 AM.
10-05-2023 at 06:14 AM.
Quote from mikemir121 :
It's easy to open a bank account, but then banks never really close your account - never. It has to do with some kind of regulatory law to keep a history.
They keep records of what accounts they've opened yes, but that doesn't mean that your account isn't closed. Those records likely also get purged after they're beyond the legal retention period. Banks are only required by law to keep most records of checking and savings accounts for five years.
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Joined Nov 2015
L5: Journeyman
> bubble2 568 Posts
65 Reputation
Theyrhemtrades
10-05-2023 at 09:16 AM.
10-05-2023 at 09:16 AM.
Redneck bank is higher %
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Joined Jun 2009
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> bubble2 295 Posts
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ultraconsumer
10-05-2023 at 10:15 AM.
10-05-2023 at 10:15 AM.
Quote from mikemir121 :
It's easy to open a bank account, but then banks never really close your account - never. It has to do with some kind of regulatory law to keep a history.
My account is closed now (I can still log in to their system, but no open account). Glad I can still log in though, I can still review the outrageously unhelpful chat logs of me trying to withdraw my money and get the account closed. Took over a month.
Reply
Joined Jul 2015
L4: Apprentice
> bubble2 407 Posts
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LevitLame
10-05-2023 at 10:30 AM.
10-05-2023 at 10:30 AM.
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.
Thanks for the comment. Had them update mine as well. Was easy, but I see I'll have to keep an eye out.
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Joined Oct 2009
L2: Beginner
> bubble2 42 Posts
17 Reputation
travis17
10-05-2023 at 01:10 PM.
10-05-2023 at 01:10 PM.
There are Slick Deals or Great Deals or whatever to be had at your "local" credit unions and small banks in your area. Interest rates are soaring and you can find any product to fit your needs LOCALLY. Stop with the BANK interest posts on slickdeals, its not a "deal". It's everywhere. Banks are FOR PROFIT, they aren't slickdealing on anything.
2
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Joined May 2011
L3: Novice
> bubble2 247 Posts
210 Reputation
vtec26
10-06-2023 at 01:32 PM.
10-06-2023 at 01:32 PM.
Quote from BullittEV :
Doesnt work for people like me where I want access to all of my cash immediately (house down payment). Still using PNC @ 4.65% for that reason.
Check out CIT bank. They have 5.05% savings and you can transfer out $250K/day or or $500K/day in. They are a bit slow though, transfers take about a week to show up and be available in another bank.
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Joined Oct 2016
L2: Beginner
> bubble2 75 Posts
35 Reputation
Climber44
10-06-2023 at 10:16 PM.
10-06-2023 at 10:16 PM.
Quote from UniquePolice8139 :
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.

Totally agree. Just closed my account for that reason. Shouldn't have to continually monitor a savings account to see if I have to call and transfer to a different account with higher interest rate. Went with Raisin...and could not be happier.
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Joined Sep 2008
L5: Journeyman
> bubble2 647 Posts
36 Reputation
eIplbe
10-07-2023 at 06:06 AM.
10-07-2023 at 06:06 AM.
Under account details now shows interest rate of 4.5% for me when in the past I had to message them to get this bumped to the advertised %. This is shady and I shouldn't have to keep checking on them. Going to probably take my $ somewhere else after this
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Joined May 2017
L1: Learner
> bubble2 97 Posts
26 Reputation
Silverbat
10-07-2023 at 06:35 AM.
10-07-2023 at 06:35 AM.
Quote from Sm0kin_Ace :
You have to manually request an increase to rate? What a PITA. Most people won't remember to check if rate goes up. like do are we suppose to check monthly? If rate goes down, I bet they automatically lowered the rate. What a shady practice. Thanks for the heads up.
Not monthly. You check two rates daily. The advertised rate for new customers, and also the rate that is currently on your account.
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Joined Jan 2008
King of Deals!
> bubble2 2,907 Posts
5,396 Reputation
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Tinkleondabeach
10-07-2023 at 12:15 PM.
10-07-2023 at 12:15 PM.
Quote from freshsqueezed :
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
That's horrible, makes me think some FTX type shenanigans are at play, discover allows 250k outgoing per month
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