Hello everyone! If you're a parent, beginner in personal finance, who's working to get your finances in order and need help with your financial planning, so you can build your wealth, and achieve financial security, stability, and freedom, message me on IG @thealexisidro (I'm currently doing research and would love to know how I could help you/challenges you are dealing with, and in exchange for your input, I will answer any questions you have). instagram.com/thealexisidro/
it is very shady of them to not automatically give you the new higher rate. This comment is from another HYSA member. "Be aware if rates go up, they won’t automatically bump up your rate. I started the 1st HYSA acct then noticed a higher rate advertised later but my rate stayed the same. They simply renamed the newly rated product available to new customers/accts. So I just opened a new account with the higher rate and transferred the balance. Then it happened a second time. So I have 3 accounts, 2 empty and the newest. But if I didn’t happen to check periodically my money would have been sitting earning about a percent lower this whole time."
@@SteveSabbaiuh oh, lol. For 11 years, I've had a checking and a savings account with Ally Bank and I can't imagine them not automatically updating the interest rate.
Most of the competing banks offering bonuses, do so with conditions like, setting up direct deposit, or making a minimum number of transactions, etc. If you're only looking for a high yield savings, then there is no need to jump through hoops just to get a one time payment. These promos are usually designed in a manner that they can be recaptured over time, like not getting the bonus for 3 months, or 1 year, as way to hopefully make that money back from you through transaction fees, or other means.
I haven’t had an issue. And I just wanted to correct that they do offer a checking account. With a debit card as well, and if you link both accounts you get an extra .2%
@@sofiajimenez8359 yes..found that out after. You can still link both accounts using the “sweep” feature. But to get the extra APY, there are certain things you need to do I believe the 5k is one of them.
UFB Direct HYSA is 5.15% APY -Maintain 10k and get extra .20% -10 debit card approved purchases a month is extra .05% - open their checking account with direct deposit of 5k a month is extra .05%
Good review. So, given your conclusion, what's the best HY savings account you've come across that has the highest APY, solid customer service, and the "warm and fuzzy feeling" premium that you are looking for? Was hoping you'd give some other options at the end, but didn't hear any. Do you have a top 5 list?
Great question, and thanks for asking. Personally, I like the one I use, which is Marcus. I haven't had a problem with them and their APY is high. Additionally, if you refer other people, they bump your APY 1% for three months, up to 15 months. Other good options I would consider are SoFi, Ally, AMEX, Capital One 360, CIT. Some that come to mind. I've shared my thoughts on these accounts here in the channel.
I’m open UFB account and made some deposit from my external account to my UFB account but now I just see note show on my dashboard said my UFB account is stricter status limited transaction Any one know how resolve this problem
Thank you for the video. I wish i could watched this before opening acct with Ufb. Read few bad reviews this morning just 2 days after my big amount transfer in. Kinda panic now. Probably gonna stop transferring $ in & go back with Capital 1 😢
Nothing to worry about. I've been with them for over a year now and interest is applied daily to your account. I've been with BofA and Wells Fargo for nearly 40 years and 'm still with them for checking, but UFB/AXOS savings - is super legit!
I was looking for more insight for this one. I was reading comments which are usually really bad or hey it works for me. The biggest red flag for me was that their customer service sounded to be inexperienced and in another country where English is not their first language. This also feels like their verification steps are also with these same people and I was reading problems with verifications to access their accounts. And since i have not heard of their parent bank Axos, I think I will choose one of the more known ones like Marcus from GS, Cap one, Barclays, or BMO.
Thank you for the review. I had looked into opening an account with UFB direct and started the application but did NOT finish it as I wanted to learn more about High Yield Savings (HYS). I received an email encouraging me to finish my application to take advantage of the 5.25% APY however it also mentioned the need to maintain a $5000 balance or else suffer the $10/month fee. Is this common to all HYS?
Glad it's helpful! Not all HYSAs are the same. In this video, I go over the best ones, explaining the features, and different banks offering their products. I think it will help you understand HYSAs better, and get a more detailed answer to your question (more than I can write here :)) ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-eQKHkyIHJSo.html
@@alexisidro the pros and cons breakdown. I was originally just looking at numbers. But because of your video I went ahead and opened a capital one high yield savings account today instead of this one!
That sofi 325 is only if you get 5000 direct deposited in 25 days. Which is essentially bull crap, because if get paid bi-weekly and make that, you still can't get it because you need 28 days
@alexisidro yeah you'd have to sign up for sofi, hope that your company processes your new change in direct deposit that day. Get paid then wait 14 more days to get paid, while also making more than roughly 75k a year before taxes.
For the majority of people the high FDIC is irrelevant, they probably just use multiple partner banks spreading your money in different accounts to get the high FDIC. One thing to be careful with these structure is if you have another savings account along with it, and it happens to be the same as one of their partners then for the amount over those two accounts you probably do not have more than 250k insured. The new vanguard hysa is like that, you have to be careful if you have more than 250k in these structures
@@alexisidro I don’t have the vanguard savings but I read about it. I use Vanguard for just about everything else, they have awesome low expense ratios on their mutual funds.
Hello! Any reputable bank with history and familiarity. What are you looking for exactly? If you're looking for a raw savings account with high interest and no minimum balance, Marcus, Capital One 360, and Ally are good high yield savings account options for a 13 year old.
Synchrony is great. I have their high yield savings account, and the Apy is 4.75%. In addition to a number of their CDs. Customer service is good, and I have no complaints at all. Sometimes, it's best to get a little less of an Apy (under 5%) if you have a history with the banking institutions, CD terms, money market accounts, etc. If the Apy are higher on CD terms you are looking for, you can funnel that money back into your high yield savings account. Lending club is good as well, and the apy is at 5.%. Transfers can be slow for it to be in account. However, it's posted, but it's not available until the delivery date. Customer service is good, and their loan options as well.
Who owns UFB Direct? You want to check their CRE exposure. There is a reason why they are offering high yields. Not recommending blindly based on the surface. If CRE explodes, you think FDIC will be able to pay you with their $125B in reserve?
I have Marcus, but not for long. I changed my PHONE NUMBER... let them know.. updated the account.. answered all my security questions... and now my accounts have still been locked for a month because they can't identify me?!!! I answered all the questions correctly. WILD. Once I figure it out, I am going to move my money elsewhere.
