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POSTED
ON BY Ken Tumin
UFB Direct finally raised the rate of its no-minimum High Yield Money Market Savings Account to 4.00% APY. It had been at 3.80% since late September. It also raised the rate of its Jumbo Money Market Account from 4.08% to 4.35% APY. This jumbo account requires a minimum balance of $50K. Credit for this find goes to this anonymous comment.
I forgot about UFB Direct when I put together the list of no-minimum savings accounts. One drawback about UFB Direct accounts is the lack of an ACH transfer system. Another drawback is its low bankrate safe and sound rating. Bankrate.com now rates the parent of UFB Direct (Union Federal Bank of Indianapolis) with only 1 out of 5 stars (weak). The last time I checked it had 2 stars (below average). If UFB Direct is serious about getting more deposits, it's going to have to raise rates more than this or bring back its $25 sign-up bonus that it had back in August.
I forgot about UFB Direct when I put together the list of no-minimum savings accounts. One drawback about UFB Direct accounts is the lack of an ACH transfer system. Another drawback is its low bankrate safe and sound rating. Bankrate.com now rates the parent of UFB Direct (Union Federal Bank of Indianapolis) with only 1 out of 5 stars (weak). The last time I checked it had 2 stars (below average). If UFB Direct is serious about getting more deposits, it's going to have to raise rates more than this or bring back its $25 sign-up bonus that it had back in August.