ufb DIRECT High Yield Savings Review: Pros Cons 😨 Best High Yield Savings Accounts 2024
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- čas přidán 24. 07. 2024
- We review the ufb DIRECT bank high yield savings account (HYSA). Worth it?
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A few notes: Today, we dive deep into the features, benefits, and considerations of the ufb DIRECT High Yield Savings Account in this comprehensive review. Learn why this high-yield savings account may be the perfect place for your money, from its impressive interest rates to its user-friendly platform. With insights on my experience and features, this video provides valuable information for anyone looking to boost their savings. Don't miss out on our ufb DIRECT review for the inside scoop on high-yield savings accounts, which can help you improve your personal finance.
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Thank you for watching, and I hope you have a wonderful rest of your day!
- Alex
Times:
0:00 ufb DIRECT HYSA
0:44 Context
1:40 Steal this!
2:11 Best features
10:04 Pros and Cons
11:56 Would I recommend it to my mom?! Well...
*********************
New to the channel? Hello! My name is Alex. Welcome.
I’m a father, husband, engineering professional and online entrepreneur/content creator based in the Washington, DC area.
I have 11+ years of professional experience, four years+ of social media (15,000+ subscribers in the channels I own), and I’ve been a career consultant and mentor for the last four years. I’ve helped clients get jobs in different industries and get them into high profile organizations like Amazon, Northrop Grumman, and Government.
I have a passion for helping people achieve their goals and dreams, and as someone who never had a mentor, it is my goal to be that person for you. I share content to help people improve their mindset, and make better career, financial, online business, and life decisions.
Every piece of content I share is based on experience, insight, research, and/or observations.
My mission is simple: leave this world better than when I arrived. LFGO!
DISCLAIMER:
I am not a financial advisor. The ideas presented in this video are for entertainment purposes only. You (and only you) are responsible for the financial decisions that you make.
AFFILIATE DISCLAIMER:
Some of the card or bank links and other products that appear on this website may be from companies for which Alex Isidro will earn an affiliate commission or referral bonus. This means that if you click on one of the product links, I may receive a commission. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). The content in this video is accurate as of the posting date. Some of the offers mentioned may no longer be available.
My opinions and reviews are my own personal views and are not influenced by whether or not I earn a commission. I only recommend products I've used or which I would recommend to my mom! :)
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/
Over a year with UFB, not one issue , the biggest hassle was calling to get the latest rate when it went up.
That's great! Yes, I've heard some reviews from customers mentioning the same thing. Glad it's working out for you.
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.
@@SteveSabbai
@Amazingkaddycaps Hi - your comments are really helpful. Thanks for this info about having to call for the higher 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 love that “would I recommend it to my mom”! As a Hispanic person, that hit the core of my being! Loved the video man!
Haha yes! Thanks for the support
Hi, thank you for your review! Have you reviewed Jenius Bank HYSA yet?
Glad it helps! Not yet, what questions do you have about it?
@@alexisidro Their rate is 5.25 but I haven't heard much about them. Just interested if they were a good option
Thank you for this! Very helpful!
Glad it was helpful! What did you find the most helpful?
@@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!
Sounds great! Let me know how you like it. I'd love to know.
@@alexisidro will do!
This video is actually good. I’m glad I watched it bc I don’t think I want ufb savings anymore
Thanks for the feedback. What was the most helpful?
Why?
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 😢
No problem, glad the video was helpful! Why did you move by the way? Just curious.
Why?
I mean if it's there already why don't you try them out for a while? It's not like it's not a legit place or anything right?
do you have any suggestions for HYSA for 13 yr olds?
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.
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%
Thanks for the insight!
You have to have direct deposit of 5k/mo thou right?
@@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.
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.
@@alexisidro Awesome, thanks!
I got ufb direct everything going smooth
That’s great! Thanks a lot for sharing your experience 👍
Could you do a video comparing the most common HYSA ?
Thanks for the suggestion, will look into it! Which banks are most interest to you and what challenges do you face?
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 :)) czcams.com/video/eQKHkyIHJSo/video.html
I just sign up couple week ago you do not need $5000 you can still earn 5.25% what you talking is money market buy High yield saving account is not
That's if you want to open a checking about.
Upgrade vs wealthfront?
I haven't looked into Upgrade yet! I'll look into it.
I have Wealthfront but can you also checkout Upgrade ?
@@alexisidro my man. He’s for the people
What do you think of VIO?
Haven’t looked into it too much yet. What questions do you have?
Do you recommend the Apple savings account?
I haven't looked into it that much yet.
You don't present anything that would deter avergae Jo from opening an account tho. Thank you anyway.
It told me in order to get that 5.25% it required 5k deposit.
Who said that, ufb? That’s not what’s on their website.
My bad, sorry!@@alexisidro
That $5k is for their money market account, not the savings account.
@@logicalmisery3737 you do not need 5k to get 5.25 I already gave them a call
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
Thanks for the info! How do you like the new vanguard savings account?
@@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.
Can you do a video on Synchrony HYSA?
Will look into it! Thanks for the suggestion 🔥. Any other questions or challenges I can help with?
Been with Synchrony bank for 2 years. Good customer service service no issues.
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.
@@getprepared4life I have to agree with you on that one. I have it myself. I don't know why people knock it.
I dont like how they can lock your account either i was about to sign up and withdrew after reading that
Could you elaborate on that? Why would they lock your account?
I was on my way to sign but something told me to not submit ...lol
Good call IMO
I ended up signing up with Wealthfront and also looking at Synchrony.
Did something happen recently?
What happen can you explain ?
@@AndersonChao-vs3zf i think it's gonna be one of those mysteries
Can I link my business account ?
I would see no problem with it!
have had them for a few months no complimants
That's great! Hope things keep going well.
Is that a mix of compliments and complaints?
@jonathanwelsh81 ? No, I have had no issues
is it easy to withdraw money and does it compound daily ?
Yes @@jhonhani1488
i move my money from capital one to UFB direct
How are you liking it?
@@alexisidro So far I has no issue
is it easy to withdraw money and does it compound daily ?
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
If you get paid every two weeks, that means you will get a check every 16 days or so...
@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.
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?
If you watched the video, I didn't "recommend it."
What's CRE?
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.