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UFB Portfolio Savings: Earn Expired
up to 5.15% APY
UFB Direct, our partner, offers the following benefits with their UFB Portfolio Savings account:
Slickdeals may be compensated by UFB Direct
- 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
Slickdeals may be compensated by UFB Direct
Original Post
Written by
Edited September 19, 2024
at 10:43 AM
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
Created 08-11-2023
at 02:49 PM
by EfficientGame645
in
Finance
Axos Bank
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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.c
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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nightmare of initial setup, had to call in because my password was locked out
then realized you can only have 1 bank account linked to all of raisin services???? what and that bank is locked down where you can only change it every 60 days.....
tried to talk to them in chat, went through their chatbot, said I would like to talk to live agent, they said sure, let me get your email and name, and then forwarded the entire chat to a email chain, i guess when asking to talk to live agent means email because they cant connect immediately to chat??
I am trying to contact them to ask for clarification about this 1 bank 60 day rule, do they really think ppl have all their $ in 1 single account???
I am so confused about this rule
UFB has never done me wrong, all the hate about them dropping your rate, again I wonder if you guys have like 250k in there, and complaining about the $20 you potentially lost, and ignore the other 1k you guys took in for the month
then realized you can only have 1 bank account linked to all of raisin services???? what and that bank is locked down where you can only change it every 60 days.....
I am trying to contact them to ask for clarification about this 1 bank 60 day rule, do they really think ppl have all their $ in 1 single account???
The limit of 1 is not that big of a deal. For people with lots of accounts, use a checking account at Merrill or Etrade as your "central clearing house". Link that account to all of your various bank & CU accounts. Raisin to Etrade to UFBDirect only adds 1 day to the money transfer.
Currently, Raisin has a 16 month no penalty CD yielding 5.40%. Also several savings accounts at 5.28%. You can open several NPCDs, for example open 5 at $1000 each instead of 1 at $5000. Gives you more flexibility when you want to withdraw money.
No limit on the number of transactions.
They have checking on the money market account that pays the same rate
The limit of 1 is not that big of a deal. For people with lots of accounts, use a checking account at Merrill or Etrade as your "central clearing house". Link that account to all of your various bank & CU accounts. Raisin to Etrade to UFBDirect only adds 1 day to the money transfer.
Currently, Raisin has a 16 month no penalty CD yielding 5.40%. Also several savings accounts at 5.28%. You can open several NPCDs, for example open 5 at $1000 each instead of 1 at $5000. Gives you more flexibility when you want to withdraw money.
Especially right now where interest rates are so high and ppl are moving money into multiple banks, I know I have for past 2+ years. I have like 3x CDs and plethora of MMA accounts, I seriously have 10+ banking apps. Opening and funding all those accounts. - I never was locked down to only use 1 account and that account locks down for 60 days.
Everyone else I could either just add in wire information or link through plaid and just add in more accounts to move money in, Raisin nope, kinda hidden only found out after opening account and trying to fund more $
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You just open an account at Raisin and then have the ability to direct your money to a wide choice of banks.
Over the years I have opened accounts at a dozen+ banks & CUs, shifting money around to run after yields. Its a PITA to cross-link the banks to one another so you can ACH money around. And a couple of them would only let you link one (1) external account, so Raisin is not unique in that restriction.
Anyway....it became easier to have one "central" checking account (at Etrade) and use that as the center of a hub-and-spoke network. Transfer money from Discover (3.60%) to Etrade, then next day transfer money from Etrade to CIT (4.20%). Then recently CIT (4.65%) to Etrade and next day from Etrade to VIO (5.25%).
I was gravitating to the "central hub" model even before I heard about raisin. I have 22 (twenty-two!) banks checking and savings accounts---that was becoming a big hassle to monitor and manage. It isn't possible or feasible to have every bank have all the other banks as external accounts, so it was often the case that I could not directly transfer money from the source bank to the new destination bank.
After I discovered Raisin, transferred money from various banks to Etrade, and next day transferred money to Raisin ( no penalty CD @5.40%), and 5 mo CD @5.60%, and savings account @5.28%. All at different institutions, without having to apply to open an account or installing a new app or having to wait 2-5 days to verify external account.
I did open an account at VIObank (5.25%, same as UFB) a normal online bank, just in case Raisin doesn't work out.
BlackRock Liquid Environmentally Aware Fund --- Institutional Class5, 6, *** LEFXX 5.31%
BlackRock Liquid Federal Trust Fund --- Institutional Class5, 6, ** TFFXX 5.25%
BlackRock Liquidity Funds: FedFund --- Cash Reserve Class7, ** BFRXX 4.84%
BlackRock Liquidity Funds: FedFund --- Institutional Class5, 6, ** TFDXX 5.24%
BlackRock Liquidity Funds: FedFund --- Premier Class5, 6, 8, ** BUPXX 5.24%
BlackRock Liquidity Funds: TempCash Fund --- Institutional Class5, 6, *** TMCXX 5.39%
BlackRock Liquidity Funds: T-Fund --- Institutional Class5, 6, ** TSTXX 5.24%
BlackRock Liquidity Funds: T-Fund --- Premier Class5, 6, 8, ** BEMXX 5.24%
BlackRock Liquidity Funds: Treasury Trust --- Cash Reserve Class7, ** BTFXX 4.88%
BlackRock Liquidity Funds: Treasury Trust --- Institutional Class5, 6, ** TTTXX 5.28%
But there are many other safe ways to invest. I posted a bunch of Money Market account with rates... but I use Merill Edge through Bank of Ameria.
I just highly recommend a bank that is integrated with a stock brokerage firm. If I have over $100k I can call them up and open a 5.02% money market account but instead I purchased 3 month CD's at 5.45% (rate on Friday) and I have money invested in one of the funds I posted. I also still have $30K in the Ibond which is paying at 5.37% for the next six months (But ibonds are no longer a good purchase... I was once getting over 9%).
TIA
You just open an account at Raisin and then have the ability to direct your money to a wide choice of banks.
Over the years I have opened accounts at a dozen+ banks & CUs, shifting money around to run after yields. Its a PITA to cross-link the banks to one another so you can ACH money around. And a couple of them would only let you link one (1) external account, so Raisin is not unique in that restriction.
Anyway....it became easier to have one "central" checking account (at Etrade) and use that as the center of a hub-and-spoke network. Transfer money from Discover (3.60%) to Etrade, then next day transfer money from Etrade to CIT (4.20%). Then recently CIT (4.65%) to Etrade and next day from Etrade to VIO (5.25%).
I was gravitating to the "central hub" model even before I heard about raisin. I have 22 (twenty-two!) banks checking and savings accounts---that was becoming a big hassle to monitor and manage. It isn't possible or feasible to have every bank have all the other banks as external accounts, so it was often the case that I could not directly transfer money from the source bank to the new destination bank.
After I discovered Raisin, transferred money from various banks to Etrade, and next day transferred money to Raisin ( no penalty CD @5.40%), and 5 mo CD @5.60%, and savings account @5.28%. All at different institutions, without having to apply to open an account or installing a new app or having to wait 2-5 days to verify external account.
I did open an account at VIObank (5.25%, same as UFB) a normal online bank, just in case Raisin doesn't work out.
Also you may confuse withdrawal limits vs deposit, alot of the banks do limit withdrawals to 1 bank transaction or xyz dollar amount per day or week or monthly.
Only Raisin so far, literally blocks me for deposits to 1 bank for 60 days on initial account opening.
I wanted to move money in so I dont have to manage all the other banking apps, but now its gonna take 60 days after initial account opening to change\link another bank account, and who knows what new policy will come with after that, still only 1 bank can be linked and can only be changed every 60 days or something? I tried to find info on their website but failed.
I again checked their website right now, absolutely nothing tells the consumer the initial fund deposit is linked to 1 account locked for 60 days.
It says mma, select - register - fund in 3-5 mins.
If you google how to fund raisin, the #1 search result is
raisin.com
https://www.raisin.com ' en-us ' faq
Joint Accounts. 1. Why can't I deposit funds into my Raisin ...
Safe to say, more people are confused about this then me
TIA
R u talking about ibonds? Which do not make sense to buy but if you have it, like me... it does not make sense to sell.
With CDs.... you buy them... currently at 5.45% at Merrill 3 month term.... at the end of the three months the money and interest is deposited in your account.
With money market mutual funds... they follow market trend, last week it paid 5.38% and this week it is paying 5.39%
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Also you may confuse withdrawal limits vs deposit, alot of the banks do limit withdrawals to 1 bank transaction or xyz dollar amount per day or week or monthly.
Only Raisin so far, literally blocks me for deposits to 1 bank for 60 days on initial account opening.
I wanted to move money in so I dont have to manage all the other banking apps, but now its gonna take 60 days after initial account opening to change\link another bank account, and who knows what new policy will come with after that, still only 1 bank can be linked and can only be changed every 60 days or something? I tried to find info on their website but failed.
I again checked their website right now, absolutely nothing tells the consumer the initial fund deposit is linked to 1 account locked for 60 days.
It says mma, select - register - fund in 3-5 mins.
If you google how to fund raisin, the #1 search result is
You click on the link and it goes to their FAQ page which literally has that question removed from their FAQ now
Safe to say, more people are confused about this then me
It's actually a bit more complex. You cannot change your external bank for 60 days after each deposit from the external bank.
I agree they should be more explicit about this in the FAQs and "How to get started with Raisin" page.
I guess I was not surprised because before opening the Raisin account I did some google research. The Raisin UK FAQ says "You can only fund your [Raisin] Account from your Nominated Account [your ONE & ONLY external account]. Any pay-ins from another account will be automatically returned... This is a security feature to make sure the payments come from your verified Nominated Account only."
I would not have touched Raisin if it wasn't that they've been doing business (in Europe) since 2012. Even so, it was only worth starting with a small amount to see how things worked out.
Back to the topic of this slickdeal....I got tired of UFB screwing around by making new account types with the new higher yields while keeping your existing accounts at the old lower yield. Only by accident did I find out that you could get the new rate by messaging them. But you had to ask. Every other bank I have just adjusts your rate when they change their rate.