UFBDirect.com is offering a 12-month CD for a competitive rate of 2.90% APY. This is currently the top 12-month CD rate on the BestCashCow rate tables.
Accounts can be opened nationally via an online application. The account can be opened instantly online as long as all of the information can be verified. Once that happens, you'll be able to transfer money via ACH, which takes between 2-3 days, or by wire, which takes 24 hours. The rate for CDs locked when UFBDirect receives the funds.
UFBDirect is run by Waterfield Financial Services (WFSI) who contracts with its affiliate bank Waterfield Bank to provide deposit products and services. Deposits are either kept at View Waterfield Bank FDIC Certificate #34976, The Huntington National Bank, FDIC Certificate #6560 , or Countrywide Bank, FDIC Certificate #33143.
It's unclear which bank will receive the money but all three are FDIC insured. UFBDirect seems to act as a deposit broker for these three banks. As long as you are under FDIC limits this doesn't represent a problem.
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