UFB Direct No-Min Savings Account: 4.50%, Jumbo: 4.73%
Feb 28, 2006 - 7:54 PM by Ken Tumin
UFB Direct has raised rates on both its no-minimum High Yield Money Market Savings account and its Jumbo Money Market Account. The no-min savings account increased from 4.30% to 4.50% APY. The Jumbo MMA increased from 4.65% to 4.73% APY.
UFB Direct has been busy this month in raising rates. In early February the Jumbo MMA rate was increased from 4.50% to 4.60% APY, and it went up to 4.65% last Thursday. On February 15th, the no-min Savings account increased from 4.00% to 4.30% APY.
The last quarter of last year UFB Direct's no-min savings account had been stuck at 3.80% APY. It was finally raised to 4.00% APY at the start of this year.
A few positives about UFB Direct include:
Some negatives include:
Last year UFB Direct even offered a $25 signup bonus. Perhaps it'll offer a new sign-up bonus sometime this year. So if it's not quite good enough to join now, you may want to keep an eye on it.
UFB Direct has been busy this month in raising rates. In early February the Jumbo MMA rate was increased from 4.50% to 4.60% APY, and it went up to 4.65% last Thursday. On February 15th, the no-min Savings account increased from 4.00% to 4.30% APY.
The last quarter of last year UFB Direct's no-min savings account had been stuck at 3.80% APY. It was finally raised to 4.00% APY at the start of this year.
A few positives about UFB Direct include:
- An ATM card comes with both of these money market accounts and UFB Direct will reimburse you up to $4.50 per statement for ATM charges by other banks.
- UFB Direct offers a Free Checking account.
Some negatives include:
- No ACH transfer system for bank-to-bank transfers (see ways to make deposits).
- Bankrate.com rating of only 2 out of 5 stars (below industry average in financial condition).
Last year UFB Direct even offered a $25 signup bonus. Perhaps it'll offer a new sign-up bonus sometime this year. So if it's not quite good enough to join now, you may want to keep an eye on it.
Featured Accounts
Useful Resources
Nationwide Savings Accounts
Finance Junkie (anonymous) - #1, Tuesday, February 28, 2006 - 8:27 PM
This bodes well. I see a floor being put in at this interest rate. Increasingly more likely that HSBC and ING Direct will not lower rates significantly below 4.73% when promotional periods end... Maybe dropping down to in line w/ GMAC Bank, but not much lower... Fingers crossed.
Finance Junkie
kat (anonymous) - #2, Wednesday, March 1, 2006 - 12:52 AM
I would love that. You can always move your money around to catch the best rate, but it's been 11 days & I'm still waiting for Everbank to send me their setup paper work.
Banking Guy (anonymous) - #3, Wednesday, March 1, 2006 - 6:43 PM
I do think it's a good bet that HSBC's new rate after April 30th will likely be around 4.75%. They have had a good record in the last year of keeping their rates near the Fed Funds rate and the savings rate leaders. I'm not sure about ING Direct, however. I doubt their savings account rate will be over 4.25%.
Add Your Comment
Post a Comment