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Banking 101: What is the Fed Beige Book and Why Does it Matter For the Economy?UFB Direct Closes No-Min Savings and Starts New Tiered Savings Account
POSTED ON BY Ken Tumin
UFB Direct is closing their no-minimum High Yield Money Market Savings Account. On its webpage in small print, it states that:
It appears UFB is replacing this with the new tiered savings account account called the Absolute Savings. To receive the 5.31% APY a balance of over $10K is required. Balances from $5K to $10K earn 5.21% APY and all smaller balances earn 5.11% APY.The minimum opening deposit is $1. There are no monthly minimum balance fees.
Except for the tiered rates, the features of the Absolute Savings Account look the same as the old High Yield Money Market Savings. It comes with an ATM card. UFB will reimburse up to $4.50 per statement period for ATM fees charged when using other banks' ATMs.
Note, several readers have reported that UFB Direct does a hard credit inquiry when you open an account.
UFB Direct is now part of Sky Bank. Sky Bank is FDIC insured (FDIC Certificate # 5982).
Please see this UFB Direct post for more info on this bank.
Product not available to new customers and access restricted to customers with existing High Yield Money Market Savings accounts after 06/21/2007.
It appears UFB is replacing this with the new tiered savings account account called the Absolute Savings. To receive the 5.31% APY a balance of over $10K is required. Balances from $5K to $10K earn 5.21% APY and all smaller balances earn 5.11% APY.The minimum opening deposit is $1. There are no monthly minimum balance fees.
Except for the tiered rates, the features of the Absolute Savings Account look the same as the old High Yield Money Market Savings. It comes with an ATM card. UFB will reimburse up to $4.50 per statement period for ATM fees charged when using other banks' ATMs.
Note, several readers have reported that UFB Direct does a hard credit inquiry when you open an account.
UFB Direct is now part of Sky Bank. Sky Bank is FDIC insured (FDIC Certificate # 5982).
Please see this UFB Direct post for more info on this bank.
which also offers their Direct Huntington online savings account. I wonder how long this is going to last.
Thank you for contacting the Banking Center. Yes, the rates for the High Yield Money Market Savings account changed last week and were reflected on the website. We have created a new account titled “Absolute Savings”, which has rates on par with the old High Yield Money Market Savings account. We are encouraging existing customers to send a secure email (Bank Mail) or send a fax authorizing us to transfer into the new Absolute Savings account. Everything will stay the same in terms of your account number, ATM card and PIN, log in information, etc. If you have an existing Free Checking Account linked to the HYMMS that link will then exist with the new Absolute Savings Account. Your business is important to us and we hope you continue to be a UFB customer.