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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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A low-cost ETF in the S&P 500 is fine for diversification, but the funds I mentioned don't have that risk. And if things keep trending to where the Fed won't actually wind up cutting rates for many more months (which should be the case, IMHO), then funds like these are superior to anything in the stock market. That's why it's pulled back significantly the past few weeks.
Which do you suggest? Looks like USFR has a slightly higher performance but it's expense ratio is a little higher. Wasn't sure if that was reflected in the performance chart. How do they compare to SWVXX?
Which do you suggest? Looks like USFR has a slightly higher performance but it's expense ratio is a little higher. Wasn't sure if that was reflected in the performance chart. How do they compare to SWVXX?
The ERs are accounted for with the APYs quoted. I bounced from XHLF to SGOV to USFR after doing a lot of reading/research. Treasury funds are surely where it's at, especially now with the latest inflation data and Iran attacking Israel. I do still have some regular market holdings in large scale blue chips. It's all about diversification/risk-reward tolerance.
I'm not familiar with SWVXX, but as it's another treasury fund, it seems like a solid choice as well. USFR does seem to be performing better than it at the moment. This has become my go to site for comparison purposes. I've verified their data multiple times.
According to deposit accounts, the parent bank Flagstar has a "A" HEALTH rating. https://www.depositaccounts.com/b...-bank.html
Interestingly, Citi, Chase, PNC, Key has "B+" rating? Does it make sense?
I am thinking of opening an account at either MybankingDirect (parent bank: Flagstar) or UfbDirect (parent bank: Axos). It looks like both are FDIC-insured. And both have an "A" health rating on depositaccounts.com. Is this health rating by deposit accounts bogus? They gave a "B+" health rating to Chase, Citi, etc.
I know I will get my money back in case of bank failure since both are FDIC-insured. But I do not want to go through that problem. I normally prefer lower rates at Discover, Amex, and CapitalOne (or Ally) because they are relatively stable banks.
Another question is: why did Flagstar Bank or Axos Bank create a new "SEPARATE" product rather than offering a simple savings account under their own name, such as Flagstar Savings or Axos Savings? There must be a very solid reason for doing this. Any idea?
I am thinking of opening an account at either MybankingDirect (parent bank: Flagstar) or UfbDirect (parent bank: Axos). It looks like both are FDIC-insured. And both have an "A" health rating on depositaccounts.com. Is this health rating by deposit accounts bogus? They gave a "B+" health rating to Chase, Citi, etc.
I know I will get my money back in case of bank failure since both are FDIC-insured. But I do not want to go through that problem. I normally prefer lower rates at Discover, Amex, and CapitalOne (or Ally) because they are relatively stable banks.
Another question is: why did Flagstar Bank or Axos Bank create a new "SEPARATE" product rather than offering a simple savings account under their own name, such as Flagstar Savings or Axos Savings? There must be a very solid reason for doing this. Any idea?
I just opened, painless and easy. Just moved $ from Ally and CiT, linked the checking account to get the debit card (probably wont use it). Money from CiT Cds was a pain can't do online had to call to cancel the no penalty cd, Ally cancelled and sent. In all this was a 3 day process with this past weekend involved. We'll see...... Seems to have better ratings than UFB. UFB seems like CiT, although I had no problems just feel I don't have to waste 45 min on a phone call to cancel accounts and move to a current account. Why I loved Ally!!!
The ERs are accounted for with the APYs quoted. I bounced from XHLF to SGOV to USFR after doing a lot of reading/research. Treasury funds are surely where it's at, especially now with the latest inflation data and Iran attacking Israel. I do still have some regular market holdings in large scale blue chips. It's all about diversification/risk-reward tolerance.
I'm not familiar with SWVXX, but as it's another treasury fund, it seems like a solid choice as well. USFR does seem to be performing better than it at the moment. This has become my go to site for comparison purposes. I've verified their data multiple times.
Just read the news: this UFBdirect is AXOS BANK, which is associated with Trump's 154 million bond for the fraud case. I hate to deal politics https://apnews.com/article/trump-...105e51e045
Thanks. Any idea if any of the three (SGOV, USFR, SWVXX) are state tax exempt?
They all are to a certain extent. Your brokerage should send you the final percentages along with your 1099-B. Personally, I've just put a massive amount of money in USFR and will monitor it along with all of the inflation numbers amongst the geopolitical turmoil and worst impending presidential election situation in history. This world is a disaster...but, it's how you roll with it that matters.
According to deposit accounts, the parent bank Flagstar has a "A" HEALTH rating. https://www.depositaccounts.com/b...-bank.html
Interestingly, Citi, Chase, PNC, Key has "B+" rating? Does it make sense?
Flagstar's parent is NYCB, one of the near failing banks that got a rescue package last month I think. Not sure I'd be running to give them my money.
I have no idea why people have an issue with UFB. I opened an account back in March and haven't had any issues. I get paid every month and I have called axos bank quite a few times regarding my account and got English speaking professional help. Also never had an issue with large money transfers initiated from an external account. Transfered 25k in one day.
This account makes more money than my capital one CD and that money is tied up for like 8 months to go.
I have no idea why people use a regular bank for this. A money market fund has zero restrictions and the same rates.
what about limit on transactions per month. My Discovey Money Market account limits transactions to just 6. Supposedly these rules for MM were suspended during Covid. Though Discovery still will penalize you for more than 6.
does Ufb also offer check writing? I do have check writing with Discovery.
Thanks for the info on check writing with Discovery. I'm looking for a HYS or good MM with check writing.
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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.
Sign up for a Slickdeals account to remove this ad.
https://portfolioslab.c
A low-cost ETF in the S&P 500 is fine for diversification, but the funds I mentioned don't have that risk. And if things keep trending to where the Fed won't actually wind up cutting rates for many more months (which should be the case, IMHO), then funds like these are superior to anything in the stock market. That's why it's pulled back significantly the past few weeks.
Which do you suggest? Looks like USFR has a slightly higher performance but it's expense ratio is a little higher. Wasn't sure if that was reflected in the performance chart. How do they compare to SWVXX?
I'm not familiar with SWVXX, but as it's another treasury fund, it seems like a solid choice as well. USFR does seem to be performing better than it at the moment. This has become my go to site for comparison purposes. I've verified their data multiple times.
https://portfolioslab.c
https://www.mybankingdi
Not the best reviews though: https://www.depositacco
or here: https://slickdeals.net/f/17416683-my-banking-direct-has-5-55-apy1-when-you-open-a-high-yield-savings-account?v=1&src
https://www.depositacco
Interestingly, Citi, Chase, PNC, Key has "B+" rating? Does it make sense?
I know I will get my money back in case of bank failure since both are FDIC-insured. But I do not want to go through that problem. I normally prefer lower rates at Discover, Amex, and CapitalOne (or Ally) because they are relatively stable banks.
Another question is: why did Flagstar Bank or Axos Bank create a new "SEPARATE" product rather than offering a simple savings account under their own name, such as Flagstar Savings or Axos Savings? There must be a very solid reason for doing this. Any idea?
Sign up for a Slickdeals account to remove this ad.
I know I will get my money back in case of bank failure since both are FDIC-insured. But I do not want to go through that problem. I normally prefer lower rates at Discover, Amex, and CapitalOne (or Ally) because they are relatively stable banks.
Another question is: why did Flagstar Bank or Axos Bank create a new "SEPARATE" product rather than offering a simple savings account under their own name, such as Flagstar Savings or Axos Savings? There must be a very solid reason for doing this. Any idea?
I'm not familiar with SWVXX, but as it's another treasury fund, it seems like a solid choice as well. USFR does seem to be performing better than it at the moment. This has become my go to site for comparison purposes. I've verified their data multiple times.
https://portfolioslab.c
Thanks. Any idea if any of the three (SGOV, USFR, SWVXX) are state tax exempt?
https://apnews.com/article/trump-...105e51e045
https://www.depositacco
Interestingly, Citi, Chase, PNC, Key has "B+" rating? Does it make sense?
This account makes more money than my capital one CD and that money is tied up for like 8 months to go.
I have no idea why people use a regular bank for this. A money market fund has zero restrictions and the same rates.
Sign up for a Slickdeals account to remove this ad.
does Ufb also offer check writing? I do have check writing with Discovery.
Thanks for the info on check writing with Discovery. I'm looking for a HYS or good MM with check writing.