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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.
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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for which product are you referring too?
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%
He was talking about UFB HYSA, everyone else is now off topic talking about something completely different.
Just be aware, they will quietly lower your rate in a few months, come up with a new name and advertise higher rate. Did it thrice on me already. Sneak and slick indeed!
Just be aware, they will quietly lower your rate in a few months, come up with a new name and advertise higher rate. Did it thrice on me already. Sneak and slick indeed!
okkk and loose the $20 and ignore the 1k you gained
Seems like the way they can offer the great new rate is by calculating that a good portion (majority is my guess) will not notice for some time that their rate has dropped and that supplements the "sugar" they can offer to new customers and the folks that catch it. It appears to be a shell game at best but I guess if you have the time to check every day then you'll maintain the best rate offered. My money is moving and I'll sacrifice 0.2% for a bank that doesn't play this game.
marcus funds interface is so easy and they provide 5.30% Annual Interest CD's now.
Marcus is scam. I had the worst posible experience with them and they cost me a lot of money in damages when they refused to let me withdraw my own money. Just read through the complains against them on BBB. Avoid Marcus like the plague. It took me 30+ calls, hours on the phone, multiple BBB complaints, inquiries through CFPB and DM through Twitter for them to even provide modicum of customer service.
Marcus is scam. I had the worst posible experience with them and they cost me a lot of money in damages when they refused to let me withdraw my own money. Just read through the complains against them on BBB. Avoid Marcus like the plague. It took me 30+ calls, hours on the phone, multiple BBB complaints, inquiries through CFPB and DM through Twitter for them to even provide modicum of customer service.
Interesting , i withdrew my money with them before within the 15 days grace period and I had no problems getting my money into my bank. But I will keep what you said in mind.
I've had them for 8 months. They've lowered my rate ONCE months ago, I caught it because I check my accounts. It took less than a 5 minute chat for them to fix it and it's been fine ever since
Had some issues getting the account to work and setup, even had to call CSR twice. Very cumbersome old school bank and procedures. Nothing like modern banking. Each and everyone of their transactions is slow as $&@).
Every money in takes 4-7 business days. You submit today so they will process it the day after the next bus day so that would be Monday as of now and then 5-7 days until the money is available. Ridiculous. $2000 transaction limits for new accounts every day.
Keeping it for now as the money is in now and gets a high rate but this is nothing like SoFi or anything modern. I recently opened the Amex checking for the promo and boy was that a pleasure everything online and instead and easy. These guys are even slower than USBank.
BMO to compare offers a 5.1% online savings and is much easier to deal with any modern and fast.
Keeping it for now but if you need more frequent transactions then BMO might be better.
Sofi is a pleasure to have but is only 4.6% but that is the fastest checking I ever had. Gives me access to incoming deposits as soon as they see it when work starts sending faster than any other account I tested. Us bank, for example gives it only on the exact target posting date. Anyway, for UFB they really need to offer more as it is an accommodation for dealing with their super slow system.
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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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I've been with them for about 6 months,
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%
He was talking about UFB HYSA, everyone else is now off topic talking about something completely different.
Which bank do you have? At 5.05%?
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Marcus is scam. I had the worst posible experience with them and they cost me a lot of money in damages when they refused to let me withdraw my own money. Just read through the complains against them on BBB. Avoid Marcus like the plague. It took me 30+ calls, hours on the phone, multiple BBB complaints, inquiries through CFPB and DM through Twitter for them to even provide modicum of customer service.
Sign up for a Slickdeals account to remove this ad.
Every money in takes 4-7 business days. You submit today so they will process it the day after the next bus day so that would be Monday as of now and then 5-7 days until the money is available. Ridiculous. $2000 transaction limits for new accounts every day.
Keeping it for now as the money is in now and gets a high rate but this is nothing like SoFi or anything modern. I recently opened the Amex checking for the promo and boy was that a pleasure everything online and instead and easy. These guys are even slower than USBank.
BMO to compare offers a 5.1% online savings and is much easier to deal with any modern and fast.
Keeping it for now but if you need more frequent transactions then BMO might be better.
Sofi is a pleasure to have but is only 4.6% but that is the fastest checking I ever had. Gives me access to incoming deposits as soon as they see it when work starts sending faster than any other account I tested. Us bank, for example gives it only on the exact target posting date. Anyway, for UFB they really need to offer more as it is an accommodation for dealing with their super slow system.