UFB Direct: The Top No-Min Savings Account at 5.32%
Dec 7, 2006 - 7:57 AM by Ken Tumin
UFB Direct appears intent to remain the rate leader for a no-minimum savings account. Yesterday they raised the rate of their High Yield Money Market Savings Account from 5.28% to 5.32% APY. This just beats out newcomer, iGobanking.com which launched its no-min online savings account last week with a rate of 5.30% APY (see post). For more info on UFB Direct and this savings account, please refer to this previous post. I hope more online banks will want to compete for this title.
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Anonymous - #1, Friday, December 8, 2006 - 4:27 PM
The BAD thing about this bank is that they do not link to other banks. You have to make deposits by direct deposit or by mailing a check to the bank. The only way you can withdraw is by wire transfer or the ATM card they will mail to you after 7 to 10 days of opening your account. THIS you can do on-line....hmmmmm
Banking Guy (anonymous) - #2, Saturday, December 9, 2006 - 4:34 PM
Yes, UFB's lack of a bank-to-bank ACH transfer system is a major negative. I discuss this more in this post. You should be able to link it through another online bank like GMAC and use that bank to move money in or out. But that is a hassle.
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