Axos Bank Increases Rates On UFB Preferred Savings And Money Market Accounts (February 2023)
N
Summary:
Axos Bank has increased the maximum APY for its UFB Direct Preferred savings and money market accounts CD accounts to 4.55% APY.
The February increase in the federal funds rate has nudged financial institutions, such as Axos, Barclays, and Discover to increase the interest rates they pay savers on deposit accounts.
Compare Savings Accounts
Compare savings accounts. Discover your best option.
UFB Preferred Savings offers a 4.55% APY
UFB Direct Preferred Savings provides a maximum APY of 4.55%, which is an increase of 34 percentage points from the previous maximum APY (4.21%).
A 4.55% APY is very high compared to the average rate on savings accounts (0.33% APY as of January 17, 2023). However, note that in order to earn 4.55% APY on the UFB Direct Preferred Savings account you need a minimum balance of $10,000. If you can’t meet the minimum balance requirements, there are plenty of other savings accounts that don’t require such a high balance.
UFB Preferred Money Market account
Axos Bank also raised the interest rate of its UFB Direct Preferred Money Market account from 4.21% APY to 4.55% APY.
UFB Direct’s rate of 4.55% APY is currently the highest of the money market accounts we track. However, you can get higher rates if you invest in CD accounts. The trade-off is you will lose liquidity since you will need to agree to keep the money for the duration of the CD’s term.
Key takeaways
- The February federal funds rate increase has nudged multiple financial institutions, such as Axos, to provide savers with a higher return on their money.
- Axos Bank increased its rates on UFB Preferred savings and money market accounts to 4.55% APY.
- You can get higher rates on deposit accounts, but you will probably need to get a certificate deposit.
Pro Tip
A good saving account provides competitive annual percentage yields (APYs) and doesn't charge fees. SuperMoney reviewed hundreds of savings accounts and these are our top picks of the best savings accounts on the market
Share this post: