UFB Direct's New 2% US Savings Account - How Long Will This Last?

I have a checking account w/ Waterfield Bank. It used to be called American Partners Bank.The savings account rate is tiered, with a maximum APY of 1.50%, so I agree; I can't see UFB's 2% rate holding up for more than a month or two.

One reason I have kept my UFB account aive (with a low balance) is because the refund some of your ATM fees charged by other institutions. Also, if you travel internationally like I do, they don't charge a currency conversion fee on their ATM usage over there.

The main caveat, as you mentioned, is you have to make sure they aren't putting your money into a bank you have already maxed out the FDIC insurance on.

They will opt out of any bank you choose if you tell them.

It looks to me as if you can now link up to 3 accounts and get free incoming transfers (without using the moneyhq). Outgoing I think is $2. I just mailed their bankmail, because on their fee schedule they do list free outgoing ach's, but I see no way to do such a transaction, from them, I bet they mean by initiating at an external place then it's free. I have only stuck with them for so long because since I haven't got much in savings now, and not in the mood to switch to another bank for an extra measily 1%.

I opened 8 savings accounts since new year, and every single one went down a week or two after opening.
I give up chasing rates, it is a just a waist of time. UBS is not exemption to the rule, I bet FDIC will make a phone call to UBS's CEO in a week time.

2% is nothing to write home about. It's getting very crowded at the bottom, so even if they lowered their rate in the near future, they can't lower it too much anyway.

UFB dreamed up another savings account last fall which no one has even mentioned, probably because it was so short-lived. It was called the Traveler's Savings Account, and the rate dropped from 4% to 1% in a matter of months. Banking Guy wrote a review of the account. This bank, if you want to call it a bank, should face disciplinary action for its endless bait-and-switch tactics.

I agree with ichaelm, that this "bank" is ethically challenged, so to speak. I'd call the men running the "bank" a bunch of thieves because they took away my remaining balance as fees and then, in the middle of my secure mail correspondence with them, removed my online access! The moral of the story: Stay away from this so-called "bank."

I've been doing business with this bank for about 3-4 years. Started out as UFBDirect(owned as a division by Waterfield bank), then banking was managed by Huntington Bank, then most recently by the main bank Waterfield. Its true that they keep dropping rates and launching new accounts with better rates. But its super easy to open the New better rate account. I had a High Yield Savings, then rate dropped, so I move $ into their Absolute Savings, rate dropped, then moved $ into Traveler Savings, then rate dropped, now US Savings. I think Waterfield is managing their bottom line much tighter, since they lowered deposit rates and started minimum $ levels necessary in order have fees waived. Its not a bad bank. They mail free statements w/postage paid envelopes for future deposits, refund ATM fees. I actually recently closed my Traveler savings since it dropped to 1%, but would have moved it to Direct savings if I knew it was available. I kept my free checking, because their user interface is simple. So not a great bank, not a bad bank, you just have to watch your rate levels like a hawk. Hope this is helpful to anyone looking into this bank.

I just wanted to update on both outgoing and ingoing ach's so long as you use the standard 3 day transfer, it is free to your linked external banks. There is a fee if you want next day. Don't go through money HQ, go through transfers, and then there is a tab for external transfers, set up to 3 external accounts and your good to go.

Waterfield Bank received a cease-and-desist order from the FDIC recently according to the Baltimore Sun. They may be in danger of failing:

News article

The FDIC just shut down Waterfield Bank.

Link