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I see UFB direct saving giving 1.25% AP,  any hidden clause to worry about ? I am currently parked my money at another bank at .90% APY

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mkha said:   I see UFB direct saving giving 1.25% AP,  any hidden clause to worry about ? I am currently parked my money at another bank at .90% APY
  no this is a good deal but rate could change at any time keep watching it on https://www.ufbdirect.com/Personal-Banking/banking-rates and report immediately if it changes!

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If I didn't have two other banks with the same rate, I'd jump on it. Probably a minimum balance requirement is all.

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atikovi said:   If I didn't have two other banks with the same rate, I'd jump on it. Probably a minimum balance requirement is all.
  what are the other 2 banks?

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AugustFour said:   
atikovi said:   If I didn't have two other banks with the same rate, I'd jump on it. Probably a minimum balance requirement is all.
  what are the other 2 banks?

  
Trying to avoid the Fatwallet effect by naming names but one of them was mentioned on the previous page and the other one is a major bank that shouldn't be hard to figure out.

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I do not think that it worths the trouble to open an acct with them..unless you have more than 50K to deposit..

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I used to have a UFB account and had no problem with them, but they dropped their rate precipitously and forced me to move. I'm tempted to transfer my funds for Alliant CU, a former darling of this forum, since they have been really dragging with their APR, but I just don't trust UFB not to pull the rug out from under me again.

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Anyone know how to sort the list? It is out of order since some lower rates have been updated to higher rates.

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AugustFour said:   
mkha said:   I see UFB direct saving giving 1.25% AP,  any hidden clause to worry about ? I am currently parked my money at another bank at .90% APY
  no this is a good deal but rate could change at any time keep watching it on https://www.ufbdirect.com/Personal-Banking/banking-rates and report immediately if it changes!

  NOT TRUE!  There is a hidden clause in their T&C.

If you read their FAQ and google UFB reviews, you will see that they limit outgoing transfers to $5k per month.  This account is more like a CD than a savings account.  If you have $25k on deposit and want to withdrawal $10K, you cannot do so without closing your account.  You also will lose your last month's interest when you close your account.
 

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cantstop said:   
  NOT TRUE!  There is a hidden clause in their T&C.

If you read their FAQ and google UFB reviews, you will see that they limit outgoing transfers to $5k per month.  This account is more like a CD than a savings account.  If you have $25k on deposit and want to withdrawal $10K, you cannot do so without closing your account.  You also will lose your last month's interest when you close your account.
 

  You can always use another bank to pull that $10K out. My Capital One account limits outgoing transfers to $5k per month but have no problem pulling $50K out with an AmTrust account.

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With Fidelity you can withdraw up to $100K per day.

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The same with Alliant CU, $100K per day. I'm using UFB as long as they keep their savings rate 1.25%.

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BBVA has a guaranteed 1% MM until 12/2015.
http://www.bbvacompass.com/special/201404/money-market/

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Jim1504 said:   BBVA has a guaranteed 1% MM until 12/2015.
http://www.bbvacompass.com/special/201404/money-market/

  I believe BBVA 1% offer has been around for a few months. I wonder if this has been discussed separately in other threads?

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A huge disappointment with UFB Direct. I opened a account last weekend and still not funded yet. They made the ACH trial deposits but didn't send out a email with the link to verify the same. I had to call and now they send me the link but I get a error message even though my values are correct. They are closed over the weekend.

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I made my ACH deposits out of Alliant CU into UFB Direct. You need to go through another establishment and they will make the 1/2 small deposits into UFB Direct.
Then you follow up at the outside establishment and verify the amount of the small deposits & manage the account. It takes a couple days to complete the process. With Alliant CU the ACH deposit into UFB takes only 2 days.

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If you have a large amount parked, then you can always request a wire transfer out for the full amount the same day the interest rate is dropped.

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1.25% is pretty darn good compared to the alternatives out there...how come only 1 bank offers such a (relatively) high rate? What's the catch? Just that they limit outgoing transfers from their end? And interest is not compounded daily?

I applied online and got a message stating "they will review the application" and get back to me...they are closed over the weekend

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hbasavar said:   They are closed over the weekend.
 

  
A bank? Who'd a thunk?

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Looks like Synchrony Bank (formerly "GE Capital Retail Bank"/"MetLife Bank") interest rate increased to 1%.

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Jim1504 said:   BBVA has a guaranteed 1% MM until 12/2015.
http://www.bbvacompass.com/special/201404/money-market/

  Requires BBVA checking account.  Offer good until 12/31/14.  Requires "new" money (money not already on deposit with BBVA).

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atikovi said:   
hbasavar said:   They are closed over the weekend.
  
A bank? Who'd a thunk?

  I wouldn't have have "thunk" considering it's an internet bank.

FYI - Ally, BarclaysUS, CITBank, Discover Bank are all open on weekends. Almost all "internet only" banks are open on weekends (and 24x7).

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I submitted my application with UFB direct with all the details and after 2 days they are asking for my driving license copy to mail or fax them, I was thinking to move all my parked money from Barclays and use ACH pull if they reduce the interest from 1.25% but after reading their reviews I am thinking to turn this down now. 

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I had a large CD that just matured. I'm putting most of the returns into a 2% 15mo CD.(Service CU)
The remaider will go into UFB Direct Savings. Can't beat 1.25% for liquid funds.

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