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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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trying to learn a bit. Would this be a good account option for a 13 yo that has about $1000 cash to setup first account? Not planning to withdraw, mostly to deposit?
trying to learn a bit. Would this be a good account option for a 13 yo that has about $1000 cash to setup first account? Not planning to withdraw, mostly to deposit?
I would get one at a bigger bank with good online presence like Fidelity, Capital Ond, Charles Schwab, etc. make sure they have decent rates.
I say this because young people would probably like a little more fancy websites and charts to see their money growing. They can figure it out on their own if that means nothing and will chase rates like us fools.
I would get one at a bigger bank with good online presence like Fidelity, Capital Ond, Charles Schwab, etc. make sure they have decent rates.
I say this because young people would probably like a little more fancy websites and charts to see their money growing. They can figure it out on their own if that means nothing and will chase rates like us fools.
Thanks for the advice! I'll look through forums to see if there is one a bit more familiar to get him started.
You can always do a pull from a linked account that is only limited by the puller bank. I was able to pull $150k in 1-2 days from UFB to Ally when initiated from Ally for example. Their limit is $500,000 in inward transfers per day, at least for an established account.
I like USFR ETF, which is 5.37% at of today, and holds 100% short term treasuries. There is no state/local income tax on these holdings. It will take 2 days to settle when sold if you need to convert to cash but otherwise is as good as cash.
I just spoke with one of their reps. They can approve higher limits for certain accounts on a temporary or permanent basis. There's also no limit on wiring money out ($30 fee).
You can always do a pull from a linked account that is only limited by the puller bank. I was able to pull $150k in 1-2 days from UFB to Ally when initiated from Ally for example. Their limit is $500,000 in inward transfers per day, at least for an established account.
Ah. I had thought that the limit is absolute and doesn't depend on push vs pull.
Thanks.
This an option as well but I prefer the ETFs that keep that automatically roll treasuries such as USFR, BIL, or SGOV. One pays a small expense ratio of around .07-.15%
USFR pays 5.37% today. (Yield after expense ratio.)
This an option as well but I prefer the ETFs that keep that automatically roll treasuries such as USFR, BIL, or SGOV. One pays a small expense ratio of around .07-.15%
USFR pays 5.37% today. (Yield after expense ratio.)
I would get one at a bigger bank with good online presence like Fidelity, Capital Ond, Charles Schwab, etc. make sure they have decent rates.
I say this because young people would probably like a little more fancy websites and charts to see their money growing. They can figure it out on their own if that means nothing and will chase rates like us fools.
I would just put it in VOO on a platform like Robinhood.
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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 say this because young people would probably like a little more fancy websites and charts to see their money growing. They can figure it out on their own if that means nothing and will chase rates like us fools.
I say this because young people would probably like a little more fancy websites and charts to see their money growing. They can figure it out on their own if that means nothing and will chase rates like us fools.
Thanks for the advice! I'll look through forums to see if there is one a bit more familiar to get him started.
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It costs $30 to take money out?
Thanks.
USFR pays 5.37% today. (Yield after expense ratio.)
USFR pays 5.37% today. (Yield after expense ratio.)
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I say this because young people would probably like a little more fancy websites and charts to see their money growing. They can figure it out on their own if that means nothing and will chase rates like us fools.
I would just put it in VOO on a platform like Robinhood.