UFB Direct dropped its 5.31% APY saving account rate to 5.12% APY and is still considered as the best offer since the amount of minimum deposit is $1 only. The drop in Saving Account Rates is still spawning investors as the bank’s rates are consistent; no introductory rates like Umbrella Bank’s. Moreover, UFB Direct’s Absolute Saving Account which replaced the old HYMMSA, has gained popularity among the investors due to its unique features.
The Absolute Saving Account requires no minimum opening deposit balance. The fact that the bank provides efficient online banking and has no account service charges is very convenient for investors. The most attractive feature is the free ATM card use with every account only for $4.50 per month in ATM reimbursements. Moreover, the bank allows custodial accounts and beneficiaries. One of the salient features of Absolute Saving Account is the wire transfers with free incoming and $20 outgoing. Its other features include postage paid envelopes for mailing deposits, statements sent by default and the ability to write unlimited cheques through a free checking account.
However, the account does not offer free ACH transfer. It charges $2 for deposits and withdrawls through their MoneyHQ service. This service allow user to initiate electronic fund transfer. Plus, few customers are not satisfied with its online banking services and its customer services. A person commented:
“I just opened an account on UFB. They don’t allow you to change the ATM pin number. When you call them, the cs ask your full SSN. Their online server asks only one password. Most updated online banks have rotated security questions.”
UFB Direct, previously owned by SkyBank, is now owned and operated by Huntington National Bank. This bank is FDIC insured through Huntington Bank (Certificate Number: 6560).
So if you want to open their Absolute Saving Accounts, apply here.
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