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UFB Portfolio Savings: Earn Expired

up to 5.15% APY
+115 Deal Score
265,077 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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Edited September 19, 2024 at 11:43 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 03:49 PM by EfficientGame645
in Finance Axos Bank
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Deal
Score +115
265,077 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 2008
L5: Journeyman
> bubble2 770 Posts
119 Reputation
Diz
02-15-2024 at 02:29 PM.
02-15-2024 at 02:29 PM.
Quote from TMA-1 :
I just got my 1099/1098 for 2023 and I think you're correct - the stock must be held for 60 days prior to the dividend for the dividend to be considered qualified - upon sale you will pay short term cap gains (straight income tax) if the stock (including dividend reinvestment) is held for less than a year - which gives you the same exposure as having a high yield savings account - so all told I think high yield treasury ETFs are the better play because you avoid income tax on the interest if you hold more than a year and at worst you pay income tax on the interest if you need to liquidate
I just received my 1099 consolidated as well and 100% of my XHLF dividends are showing as non-qualified even though I didn't touch them at all in 2023 (started buying in May 2023). This didn't make any sense based on the definition of qualified dividend we've mentioned, so I called my brokerage. It took them about 5 minutes to figure it out, but apparently, dividends acquired via XHLF and SGOV will *not* be considered qualified regardless of the holding timeframe. The payment characterization of "Qualified Dividend" is determined by the issuer, and in the instances of both XHLF and SGOV, they are not characterized as such. I need to dig into the "why" behind this more, but I'm moving my money back to my HYSA that's at 5.25% APY ASAP.

Edited to add:
I found this about SGOV:
https://www.bogleheads.org/forum/...0qualified.

And then this:
https://www.ishares.com/us/litera...tamped.pdf

Bottom line, these are both Treasury ETFs and as such, the dividends will always be non-qualified. I'm sure glad I realized this after only a couple of days post transfer from my HYSA into SGOV!!
Reply
Last edited by Diz February 15, 2024 at 04:18 PM.
Joined Dec 2010
L5: Journeyman
> bubble2 786 Posts
74 Reputation
TMA-1
02-15-2024 at 04:37 PM.
02-15-2024 at 04:37 PM.
Quote from Diz :
I just received my 1099 consolidated as well and 100% of my XHLF dividends are showing as non-qualified even though I didn't touch them at all in 2023 (started buying in May 2023). This didn't make any sense based on the definition of qualified dividend we've mentioned, so I called my brokerage. It took them about 5 minutes to figure it out, but apparently, dividends acquired via XHLF and SGOV will *not* be considered qualified regardless of the holding timeframe. The payment characterization of "Qualified Dividend" is determined by the issuer, and in the instances of both XHLF and SGOV, they are not characterized as such. I need to dig into the "why" behind this more, but I'm moving my money back to my HYSA that's at 5.25% APY ASAP.

Edited to add:
I found this about SGOV:
https://www.bogleheads.org/forum/...0qualified [bogleheads.org].

And then this:
https://www.ishares.com/us/litera...tamped.pdf [ishares.com]

Bottom line, these are both Treasury ETFs and as such, the dividends will always be non-qualified. I'm sure glad I realized this after only a couple of days post transfer from my HYSA into SGOV!!
thank you!
Reply
Joined Jan 2008
L5: Journeyman
> bubble2 770 Posts
119 Reputation
Diz
02-16-2024 at 08:05 AM.
02-16-2024 at 08:05 AM.
Quote from TMA-1 :
thank you!
Sure thing. That was definitely a learning process for me. And the forward dividend yield for 2024CY for SGOV is trending to be 5.50%, so I'm actually holding my newly procured SGOV funds for now instead of selling them and transferring the funds back into my HYSA. I'll see how the yield vs interest rate trend continues over the course of the next few months and go from there with my allocations. Good luck!
Reply
Last edited by Diz February 16, 2024 at 08:25 AM.
Joined Oct 2009
Shemomedjamo
> bubble2 11,898 Posts
5,595 Reputation
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This user is an Expert in Computers
TekkenLord
03-01-2024 at 09:21 AM.
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Joined May 2019
L4: Apprentice
> bubble2 382 Posts
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upx
03-07-2024 at 03:55 PM.
03-07-2024 at 03:55 PM.
Quote from BullittEV :
Do they have any limitations to withdrawing?
I will Never let UFB control any of my money again.
They are a bunch of nickel and dime, make it as hard as possible to close your account, scumbags!
They just ignore and ignore you. And it's impossible to speak or secure message a supervisor.

Fk them all.
Reply
Joined Dec 2022
L1: Learner
> bubble2 20 Posts
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MagneticMushroom
03-08-2024 at 08:49 AM.
03-08-2024 at 08:49 AM.
Am I missing something about Bonds and accounts that pay out after 3 months or so? Wouldn't it make more sense to put your money into a HYSA that pays out monthly so the interest accrues? For example 3 month bond that pays out 5.4% interest after the 3 months is worse than a HYSA at 5.25% paying out monthly so that at the end of 3 months you have essentially a 5.8% increase because of accrual? Genuinely interested in a response because I think I might be missing something
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Joined May 2008
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> bubble2 3,080 Posts
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pur | Staff
03-10-2024 at 08:59 AM.
03-10-2024 at 08:59 AM.
Quote from MagneticMushroom :
Am I missing something about Bonds and accounts that pay out after 3 months or so? Wouldn't it make more sense to put your money into a HYSA that pays out monthly so the interest accrues? For example 3 month bond that pays out 5.4% interest after the 3 months is worse than a HYSA at 5.25% paying out monthly so that at the end of 3 months you have essentially a 5.8% increase because of accrual? Genuinely interested in a response because I think I might be missing something
APY includes compounding, in a year you'd have a 5.25% gain, no more no less.
1
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Joined Apr 2019
L5: Journeyman
> bubble2 588 Posts
76 Reputation
Min13
03-11-2024 at 02:38 AM.
03-11-2024 at 02:38 AM.
There is a bank that does not have a limit on how much you can deposit with a good rate? I need to do a large deposit and all these high yield savings have some kind of limit per day or per month.
Reply
Joined Nov 2015
Slicker than deal
> bubble2 1,612 Posts
267 Reputation
Playstation4
03-11-2024 at 12:46 PM.
03-11-2024 at 12:46 PM.
I dont get why this is popular. Any savings account will lower rate as rates go down. It's 5.25 now but it will just ebb and flow with the market.

Any reasons for holding money here?
Reply
Joined Feb 2009
L3: Novice
> bubble2 263 Posts
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fxclm5
03-11-2024 at 09:09 PM.
03-11-2024 at 09:09 PM.
I moved 70k out in 1 transaction, not sure if they actually enforce a withdrawal limit? Whoever wrote that 60k monthly
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Joined Dec 2017
L4: Apprentice
> bubble2 484 Posts
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Joedaddy123
03-11-2024 at 09:11 PM.
03-11-2024 at 09:11 PM.
Quote from Playstation4 :
I dont get why this is popular. Any savings account will lower rate as rates go down. It's 5.25 now but it will just ebb and flow with the market.

Any reasons for holding money here?
U mean like every single bank on the planet?
Reply
Joined Nov 2015
Slicker than deal
> bubble2 1,612 Posts
267 Reputation
Playstation4
03-11-2024 at 09:12 PM.
03-11-2024 at 09:12 PM.
Quote from Joedaddy123 :
U mean like every single bank on the planet?

Yes. So do no penalty CD or just CD?
Reply
Joined May 2015
New User
> bubble2 3 Posts
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PrudhviG
03-18-2024 at 01:27 AM.
03-18-2024 at 01:27 AM.
Open Schwab account and their FD's or Money Market accounts should yield between 5.2 - 5.4 %. Most of them are FDIC insured.
Reply
Joined Dec 2011
L6: Expert
> bubble2 1,097 Posts
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shaolinwookie
03-18-2024 at 07:18 AM.
03-18-2024 at 07:18 AM.
Quote from PrudhviG :
Open Schwab account and their FD's or Money Market accounts should yield between 5.2 - 5.4 %. Most of them are FDIC insured.
is this the best rate available at the moment? and is it an apples to apple comparison with no fees, atm card etc
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Joined Dec 2017
L4: Apprentice
> bubble2 424 Posts
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btrig
03-20-2024 at 05:57 AM.
03-20-2024 at 05:57 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.

So if they lower the rate, do you have to request the rate be lowered? 🙄
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