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UFB Portfolio Savings: Earn Expired

up to 5.15% APY
+115 Deal Score
261,229 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
261,229 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 2005
L5: Journeyman
> bubble2 645 Posts
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Pro
PeakSummit
10-15-2023 at 09:47 AM.
10-15-2023 at 09:47 AM.
Quote from Tank :
What's the tax advantage?
No state or local tax.

So it depends on your situation. But for me I pay 4.4 State tax. This calculator says a 5.5% Tbill = 6% CD. That's not insignificant if you have a decent amount to invest.

https://digital.fidelity.com/prgw...yieldcalc/
1
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Joined May 2021
L5: Journeyman
> bubble2 952 Posts
54 Reputation
JollyReward108
10-15-2023 at 11:54 AM.
10-15-2023 at 11:54 AM.
Quote from Tank :
What's the tax advantage?
Treasuries are state tax exempt.
Reply
Joined Jan 2008
L5: Journeyman
> bubble2 726 Posts
115 Reputation
Diz
10-15-2023 at 01:07 PM.
10-15-2023 at 01:07 PM.
Quote from UniqueAlpaca719 :
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.
LOL, this is not "business 101". It's bullsh*t and there are better options out there, such as CFG Bank which is up to 5.25% APY and doesn't play these stupid games.
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Joined Dec 2011
L3: Novice
> bubble2 259 Posts
112 Reputation
Turncoatin
10-16-2023 at 05:10 AM.
10-16-2023 at 05:10 AM.
Quote from Diz :
LOL, this is not "business 101". It's bullsh*t and there are better options out there, such as CFG Bank which is up to 5.25% APY and doesn't play these stupid games.

Capitalism 101, absolutely.
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Joined Oct 2012
L3: Novice
> bubble2 194 Posts
209 Reputation
TeletraanUno
10-16-2023 at 08:41 AM.
10-16-2023 at 08:41 AM.
Quote from Shqype :
What other safe, high yield banks/accounts are recommended? Any with a high yield plus a funding bonus?

Give PNC a look.
Reply
Joined Oct 2023
New User
> bubble2 4 Posts
10 Reputation
MaroonPicture5268
10-16-2023 at 10:26 PM.
10-16-2023 at 10:26 PM.
Quote from ozmotes :
Why not just get a Treasury bill ETF?

BIL has 5.2% yield right now (net after expenses), and it just tracks the market so you won't be in for any nasty surprises.
Because you can't write checks against a treasury bill ETF. That's the whole benefit here. You can use this account as a checking account.
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Joined Nov 2006
L99: Touchpad Grandmaster
> bubble2 2,266 Posts
487 Reputation
ozmotes
10-16-2023 at 11:14 PM.
10-16-2023 at 11:14 PM.
Quote from MaroonPicture5268 :
Because you can't write checks against a treasury bill ETF. That's the whole benefit here. You can use this account as a checking account.

If you consider afterhours, it's really only the weekend and 8pm-4am that you can't quickly move into checking. Surely some use cases exist, but it seems like a lot less hassle than having to babysit the savings account trying to pull a fast one on you.
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Joined Jun 2013
L2: Beginner
> bubble2 53 Posts
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DaveDray
10-17-2023 at 01:11 AM.
10-17-2023 at 01:11 AM.
How does one see what interest rate there getting in their account?
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Joined Feb 2018
L3: Novice
> bubble2 102 Posts
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manfredkwg
10-17-2023 at 09:04 PM.
10-17-2023 at 09:04 PM.
Popular Direct offering 5.4%

https://www.investopedia.com/best...ts-4770633
Reply
Joined Jul 2005
L9000: Broke Member
> bubble2 3,727 Posts
584 Reputation
EffinAhole
10-17-2023 at 09:16 PM.
10-17-2023 at 09:16 PM.
Funny reading some of the comments from experiences here...

What a joke of a bank. Who on earth has the time or wants to try to remember to keep on calling/chatting to CSRs to get the current rates on an account... How absurd. Never even heard of that.
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Joined Apr 2020
L10: Grand Master
> bubble2 8,565 Posts
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SlickCrowd6832
10-18-2023 at 03:37 PM.
10-18-2023 at 03:37 PM.
While an amazing rate.... I prefer Merrill Edge. When I transfer my money from Bank of America to Merrill Edge, it is instant. Through Merrill Edge I buy 3 month CD's, currently at 5.45%. At the end of my 3 months the money plus interest gets deposited into our account and then I decide if I want to invest again or not.
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Joined Apr 2020
L10: Grand Master
> bubble2 8,565 Posts
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SlickCrowd6832
10-18-2023 at 03:39 PM.
10-18-2023 at 03:39 PM.
Quote from DaveDray :
How does one see what interest rate there getting in their account?
If you don't know... it is probably lower then 0.001%
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Joined Dec 2008
L4: Apprentice
> bubble2 327 Posts
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RacerxxLP
10-19-2023 at 07:58 AM.
10-19-2023 at 07:58 AM.
Quote from DaveDray :
How does one see what interest rate there getting in their account?
Click on account>>account details>>show earnings
Reply
Joined Jan 2008
L5: Journeyman
> bubble2 726 Posts
115 Reputation
Diz
10-19-2023 at 11:57 AM.
10-19-2023 at 11:57 AM.
Quote from Turncoatin :
Capitalism 101, absolutely.
Yes, Capitalism 101 I can get on board with. It's not illegal, but it's borderline unethical and I cannot believe how many people are actually okay continuing to give this bank any business.
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Joined Dec 2005
L8: Grand Teacher
> bubble2 3,818 Posts
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ms2000
10-20-2023 at 08:48 AM.
10-20-2023 at 08:48 AM.
Quote from manfredkwg :
Popular Direct offering 5.4%

https://www.investopedia.com/best...ts-4770633
I applied online and received one email acknowledgement. Then nothing for 3 wks.
When I called they told me IT glitch caused issues on my app. Asked me to reapply. I won't do biz with them.
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