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UFB Direct High Yield Savings Bank
Posted on 3/14/23 at 6:34 am
Posted on 3/14/23 at 6:34 am
I put my money in UFB Direct 2 months ago to take advantage of their high yield savings. Yesterday I noticed that the APY on savings was raised to a whopping 5.02%. Before it was 4.55%. Just wondering why the big jump? Was it the fed raising rates (hasn't happened just yet, don't think), or was it them getting ahead of all of this contagion stuff and trying to keep the run on banks away? In any case, I'll take the bump. Not sure if money is really safe anywhere anymore.
3
Posted on 3/14/23 at 3:54 pm to Topisawtiger
That's an insanely high guaranteed return. So high, in fact, that in today's market this might actually be worth more than the stock market unless you get lucky with a particular sector or particular stock. I'm stupid with this stuff though so I could be wrong. 
Posted on 3/14/23 at 5:34 pm to Topisawtiger
What’s the word on this bank? That’s a great rate.
This post was edited on 3/14/23 at 5:35 pm
Posted on 3/14/23 at 7:28 pm to Topisawtiger
quote:
Just wondering why the big jump?
I am always fearful it is risk
Posted on 3/15/23 at 4:31 am to Tigerholic
They are the online division of Axos Bank. They are only into savings, money market, and mortgage loans in this division. FDIC insured. I researched them as much as I could although I am no finance expert and couldn't find any flags. Many such places as Nerdwallet, Bankrate, etc. rate them around 4.5 to 5.0 stars. Deposits can take a week or so to show (picture of a check to deposit) but interest starts to accrue when deposited. My time with them is short but no issues so far. Btw, if they change the rate sometimes they also change the name of the account. If this happens you have to call customer service to get your account switched over and get the higher rate, they'll do it then and it happens in 24 to 48 hours. A little bit of a pain I guess and kind of silly to require this.
Posted on 3/15/23 at 7:14 am to Topisawtiger
quote:
Btw, if they change the rate sometimes they also change the name of the account. If this happens you have to call customer service to get your account switched over and get the higher rate, they'll do it then and it happens in 24 to 48 hours.
Yea, not doing that.
Posted on 3/23/23 at 2:44 pm to Topisawtiger
Do you know if the account is liquid? Can you write checks out of it?
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