UFB Direct Absolute Savings
Rates and Account Review
Last Update: August 13, 2008
UFB Direct, now part of Huntington Bancshares Incorporated, is an online bank that consistently offers one of the highest savings account rates available.
The current high yield account at UFB Direct is the Absolute Savings account. The account has a three-tier structure where higher balances could potentially earn a higher rate, but currently all amounts earn the same rate.
| | Balance | APY | Interest Rate | $1.00 - $4,999 | 2.85% | 2.81% | $5,000 - $9,999 | 2.85% | 2.81% | $10,000 + | 2.85% | 2.81% |
| www.ufbdirect.com
(888) 580-0049
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Minimum Deposit
$1 | Monthly Fee
None | Minimum Balance
None | Compounding
Monthly |
The Absolute Savings account comes equipped with the same features as the older High Yield Money Market Savings account it replaced. It comes with a free ATM card, and ATM fees other banks charge for using their ATM machines are reimbursed up to $4.50 each statement period. There is no monthly maintenance fee and it takes $1 initial deposit to open the account.
A few negatives to note about UFB Direct concern electronic funds transfers and credit pulls.
No Free ACH Transfers From UFB Direct
Unlike the majority of online banks, UFB Direct does not offer free ACH transfers (the main way that people electronically transfer their funds from their online savings account to their checking account). Customers can use UFB Direct's Money HQ Services to move funds, but they will incur a charge of $2 for each transfer made outside the bank.
UFB Direct does not charge a fee for ACH transfers that have been initiated from another bank to push funds into or pull funds out of UFB Direct.
The main way to move funds into UFB appears to be by sending deposits through the mail using pre-stamped envelopes provided by UFB Direct. Withdrawals can be made using the ATM card.
Hard Credit Pull
As for credit pulls, it is possible that UFB Direct will pull a hard credit report when you open an account. This could adversely affect your credit score.
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