Review Time
I deposited an amount in a UFB Savings account a few months ago that had a good rate, but just this week it dropped nearly 3/4's of a percent. I am feeling the initial rate was a teaser rate and not conducive to what the market bares.
What’s not to love about 5.25% interest on a savings account? While it’s annoying to have to switch products every time they lower the rate on the existing account only to offer a higher rate on a different savings account product, it’s easy to do. Just keep an eye on your rate!
It's not yet been 6 months and this is my first experience with an online bank so I have nothing to compare it with. So far, my experience has been very good-excellent. It was relatively easy to open my account, maybe taking only minutes. My inquiries were addressed satisfactorily within 24-48 hours. They provided me with a debit card that allows for a maximum withdrawal of about $330 per day. The app has been fine. I have linked my checking and savings accounts from my brick and mortar bank and can deposit checks, schedule cash transfers, check my balances, select and receive alerts, find ATMs and download my monthly statements. The only drawback is that is takes 3-5 days to move cash either in or out. But in my case, that is more than offset by the 5% interest rate and a checking and savings account in a brick and mortar bank. So far, so good.
Depositing funds electronically from an outside bank account is SLOW. It usually takes 5 business days, during which the funds DISAPPEAR completely for about 3 days before showing up as a deposit into the UFB account. I have online bank accounts at Alliant, where transfers to/from my Wells Fargo account are OVERNIGHT. You need to use a more efficient transfer service. Wiring funds is expensive.
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