UFB Direct 4.60% Jumbo Money Market Account

The yield on UFB Direct's Jumbo Money Market Account went up from 4.50% to 4.60% this week. It had been at 4.50% since around the end of January, and 4.35% previous to this. Thanks to the commenter who noted this latest change!

I would consider this as a mini-Jumbo money market account. The minimum balance required to get this rate is $50K. Many jumbo accounts typically require $100K balance. UFB Direct also has a no-minimum high yield savings account with an APY of 4.00%. This savings account hasn't kept up as well as HSBC or EmigrantDirect, but it has done better than ING Direct.

As I mentioned in my post last month, UFB Direct lacks an ACH transfer system. Its parent (Union Federal Bank of Indianapolis) has improved slightly on its Bankrate.com financial strength rating. It's back up to 2 out of 5 stars. When I reported on it last month it had only one star. Also according to Bankrate.com, it had about $3.5 billion in total assets as of September 30, 2005.