bank rates

UFB Direct Cuts Savings Rates A 3rd Time

This is no longer the best nationally available deal.For the third time in less than a month, UFB Direct has cut rates on its savings account.

The latest rate cut pushed its Airline Rewards Savings Account (www.ufbdirect.com) down to 0.95% APY.

UFB Direct no longer offers the best nationally available deal, and the multiple reductions from this online division of BofI Federal Bank in San Diego makes this a difficult account to recommend.

We should also note the rate cut makes the top nationally available money market accounts even more attractive.

The cut makes the savings account from SFGI Direct (www.sfgidirect.com) the top nationally available deal at a lowly 1.01% APY.

It’s now one of just two banks that pay at least 1.00% APY for a nationally available savings account.

To open an account with SFGI Direct, you need a $500 minimum deposit, but you don’t need to maintain that balance to earn interest.

SFGI Direct is the online division of Summit Community Bank in Moorefield, W.Va., which has 15 branches in West Virginia and Virginia.

Salem Five Direct (www.salemfivedirect.com) is the only other option if you want to earn at least 1.00% APY. The bank recently raised its rate from 0.85% APY to 1.00% APY — defying the rate-cutting trend.

Salem Five guarantees the rate on its eOne Savings Account until August. You need a $100 deposit to open an account. The rate is good on balances up to $500,000. Anything above that earns 0.10% APY.

The bank is the online division of Salem Five Bank in Salem, Mass. The bank has nearly two dozen branches in the Boston area.

You can see how these rates compare to the best savings and money market account rates from scores of banks in our database.

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Comments (2)
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  1. San Diego Brian said:
    on February 10th at 12:54 pm

    They really have no choice. Federal law (FDIC) requires that banks cannot pay more than .75% over the national average which is around a paltry .18%. So there ya have it.

  2. jayo taylo said:
    on February 13th at 05:47 pm

    greece is toast opa how does a web site stay open with no comments scotty j is a clown