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UFB Direct

Category: Uncategorized- fhuff- 6:05 pm/ August 26, 2009

UFB Direct has an online savings account with an annual percentage yield (APY) of 2% (as of Aug. 26). You can open a savings account with as little as $1, so it is affordable for people who don’t have a lot of money already stashed away. Details of the offer include:

  • No account minimums
  • No monthly maintenance fees
  • Insured by the Federal Deposit Insurance Corp. (FDIC) up to $250,000 per person
  • ATM fees charged by other banks reimbursed up to $4.50

Interest on UFB Direct savings accounts is accrued daily and is compounded monthly. Savings rates can change at any time so check with UFB Direct for the most recent APY. Statements are sent electronically, but you can request paper statements. However, there is a fee for paper statements beginning with the third billing cycle.

Savings accounts are allowed six pre-authorized transfers per cycle period. Although ATM cards are available for savings accounts, bill pay and debit cards are not. Also, account holders who have a negative balance for more than five days are charged a daily fee until enough money is deposited to bring the account back to a positive balance.

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