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UFB Portfolio Savings: Earn Expired

up to 5.15% APY
+115 Deal Score
261,294 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
261,294 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 Jan 2007
EEEEZZZZZ
> bubble2 8,152 Posts
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dadab
10-07-2023 at 05:01 PM.
1
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Joined Nov 2010
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> bubble2 492 Posts
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grayguru
10-08-2023 at 07:02 AM.
10-08-2023 at 07:02 AM.
Quote from bhanson :
Do you also have to request that they update the interest rate when they lower it? 🤣
Nope! They gladly lower it automatically without bothering you by telling you about the new (lower) rate.
3
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Joined Nov 2010
L4: Apprentice
> bubble2 492 Posts
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grayguru
10-08-2023 at 07:18 AM.
10-08-2023 at 07:18 AM.
Quote from ComradeSeven :
Thanks for the tip! I messaged them and asked to upgrade my account to the latest rates and it was no problem. They said upgrades are always available when new rates come out.
I wound up with 4 accounts with UFB, they kept coming out with new account names with higher rates so I opened the new account and transferred most of the money from the old one to the new one.

Finally I messaged them and asked why they kept doing this, it was annoying. Got a reply next day, he said he upgraded all my accounts to the new higher rate. Now I just message them and they upgrade my rate in-place. So now I have 3 accounts with $0.00 and one with $everything.
1
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Joined Jun 2016
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> bubble2 79 Posts
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Ivan.A
10-08-2023 at 09:30 AM.
10-08-2023 at 09:30 AM.
Milli Bank has High Yield Savings Account 5.25%

I've been with them for about 6 months,
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Joined Feb 2016
L4: Apprentice
> bubble2 464 Posts
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dabomb156
10-08-2023 at 10:46 AM.
10-08-2023 at 10:46 AM.
Do they have electronic ACH now? My friend said they didn't and had to write a check which he didn't want to deal with. If they have electronic ACH, I'll sign up, my Wealthfront is giving me 4.8% but I'll def take the 5.25% if I can.
Reply
Joined Nov 2015
L2: Beginner
> bubble2 83 Posts
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bmh22slk
10-10-2023 at 09:12 AM.
10-10-2023 at 09:12 AM.
Quote from MaroonPicture5268 :
I signed up and was hesitant because of the bad reviews but it has been working great for me. I did have my rate dropped and had to do a quick chat to get it increased.

I have chase private client (free wires - can maintain status by keeping $100k in treasury bills with chase), same/next day e-deposit availability.

I ordered checks for the account from walmart.

So if I get a check I want to earn interest on ASAP, I will e-deposit it in chase and wire the funds to UFB. I then setup all my expenses to come out of UFB. And I write all my checks out of UFB.

If I need to withdraw funds ASAP, I just write a check to myself and e-deposit it at chase - ideally on a thurs/fri so I earn interest over the weekend. Also, I did a few withdrawals for 50k via check before I even realized they have a 30k/day policy and no issues. I think this limit only applies for transfers initiated from UFB
Isn't there a monthly transaction limit, since this is a saving acc (typical 6 transaction/mo)?
And just to confirm, the check book you made from Walmart was for UFB's High yield savings acc?
Thanks
Reply
Joined Dec 2008
L4: Apprentice
> bubble2 327 Posts
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RacerxxLP
10-12-2023 at 11:35 AM.
10-12-2023 at 11:35 AM.
Quote from dabomb156 :
Do they have electronic ACH now? My friend said they didn't and had to write a check which he didn't want to deal with. If they have electronic ACH, I'll sign up, my Wealthfront is giving me 4.8% but I'll def take the 5.25% if I can.
They have it. I've easily transfered money between my linked accounts.
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Joined Oct 2023
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MaroonPicture5268
10-12-2023 at 11:39 AM.
10-12-2023 at 11:39 AM.
Quote from bmh22slk :
Isn't there a monthly transaction limit, since this is a saving acc (typical 6 transaction/mo)?
And just to confirm, the check book you made from Walmart was for UFB's High yield savings acc?
Thanks
There is no transaction limit. That rule was suspend by the feds during covid. Many banks still enforce it because it benefits them greatly to pay 0% on "checking".
My account type is "UFB High Yield Money Market" I purchased checks from walmart for and it works fine.
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Joined Jun 2019
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UniqueAlpaca719
10-13-2023 at 07:45 AM.
10-13-2023 at 07:45 AM.
Quote from Ivan.A :
Milli Bank has High Yield Savings Account 5.25%

I've been with them for about 6 months,

Milli Bank is not FDIC insured, even thought they claim they are on their website. Check the FDIC website, not their website.

edit: looking further, they are insured but using a different bank name.
1
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Last edited by UniqueAlpaca719 October 13, 2023 at 07:53 AM.
Joined Jun 2019
L5: Journeyman
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UniqueAlpaca719
10-13-2023 at 07:52 AM.
10-13-2023 at 07:52 AM.
Quote from Climber44 :
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.

That's the entire point of it. Unless it's illegal, they will bend the rules and not notify or upgrade rates just because the feds upped the rates. They will maximize their earning while minimizing their cost which is just business 101.
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Joined Nov 2008
L3: Novice
> bubble2 147 Posts
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kingtechie
10-14-2023 at 07:10 PM.
10-14-2023 at 07:10 PM.
I just requested an increase via a message and they responded within a few mins and updated to reflect the increase.
Reply
Joined Jun 2005
L5: Journeyman
> bubble2 739 Posts
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sonoma03
10-14-2023 at 09:48 PM.
10-14-2023 at 09:48 PM.
Quote from ozmotes :
Do you buy them through Treasury Direct? I find the whole process of using that site very tedious. Not only does the reinvestment option only repurchase the original note and amount (instead of also reinvesting interest), but theres a ~2 yr limit on the duration of the automatic renewal, which is probably easy to forget about. This is all on top of using a government website, which has its expected quirks.

Is there a better way? Probably worth the 0.14% expense ratio on a T-bill-tracking ETF, right? Anything else I'm missing?
If you have a brokerage account, try using that to buy Treasury Bills. I've used both Fidelity and Schwab to buy T-bills and it's pretty easy. There is no added cost for any of the purchases that I've done so far. I find them easier to use than Treasury Direct. Just logging into Treasury Direct is a big hassle.
1
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Joined Jun 2016
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> bubble2 79 Posts
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Ivan.A
10-15-2023 at 08:33 AM.
10-15-2023 at 08:33 AM.
Quote from UniqueAlpaca719 :
Milli Bank is not FDIC insured, even thought they claim they are on their website. Check the FDIC website, not their website.

edit: looking further, they are insured but using a different bank name.
For those doing research:
Milli is an online banking division of First National Bank of Omaha (FNBO) [milli.bank]

First National Bank of Omaha is FDIC Insured [fdic.gov]
1
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Joined Oct 2003
L5: Journeyman
> bubble2 882 Posts
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Tank
10-15-2023 at 09:09 AM.
10-15-2023 at 09:09 AM.
Quote from JollyReward108 :
Staying with treasury bills for now, tax advantage and equal yield.

What's the tax advantage?
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kingfisher1111
10-15-2023 at 09:14 AM.
10-15-2023 at 09:14 AM.
Quote from Ivan.A :
For those doing research:
Milli is an online banking division of First National Bank of Omaha (FNBO) [milli.bank]

First National Bank of Omaha is FDIC Insured [fdic.gov]
Milli has the worst ratings and ACH transfers takes up to 10 days as per wife.
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