UFB Direct Review 2020

Published March 2020 by Matthew Goldberg

AT A GLANCE
4.1
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Bankrate Score

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High APYs

UFB Direct offers the opportunity to get competitive APYs via its High Yield Savings account and UFB Premium Money Market account.

  • Savings
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    4.6
  • MMAs
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    3.7
  • MORE HIGH-YIELD OPTIONS
    MORE HIGH-YIELD OPTIONS
    CIT Bank

    Member FDIC

    MMA

    1.80 % APY

    $ 100

    Min. balance for APY

    Goldman Sachs Bank USA

    Member FDIC

    Savings account

    1.70 % APY

    $ 0

    Min. balance for APY

    Goldman Sachs Bank USA

    Member FDIC

    CD

    1.85 % APY

    1 yr

    Term

    $ 500

    Min. deposit

    Overall

    4.1

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    Bankrate Score

    UFB Direct is a division of Axos Bank. UFB Direct was established in 1999. The bank is a direct bank and doesn’t have any branches.

    What we like

    • Money market and savings accounts offer highly competitive APYs.

    • The bank offers 24/7 phone support.

    • You can view all accounts, not just your UFB Direct accounts, with FinanceWorks.

    What we don't

    • Money market account requires $25,000 balance to get the top APY.

    • Higher APYs available elsewhere if you can't reach the minimum balance.

    Savings accounts

    4.6

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    Bankrate Score

    OTHER SAVINGS OFFERS YOU MAY LIKE
    Goldman Sachs Bank USA

    Member FDIC

    Savings account

    1.70 % APY

    $ 0

    Min. balance for APY

    The UFB High Yield Savings account offers a highly competitive yield, but it also requires a minimum balance of $10,000 to earn it. Balances below that tier earn 0 percent APY. The High Yield Savings account doesn't carry a maintenance fee.

    What we like

    • One of the highest APYs available nationwide.

    • No monthly maintenance fees.

    • Interest is compounded daily.

    What we don't

    • $10,000 minimum balance required to earn the top APY.

    • Balances under $10,000 won't earn any yield.

    Money market accounts

    3.7

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    Bankrate Score

    OTHER MMA OFFERS YOU MAY LIKE
    CIT Bank

    Member FDIC

    MMA

    1.80 % APY

    $ 100

    Min. balance for APY

    The UFB Premium Money Market account offers both check-writing privileges and a highly competitive APY. You do need at least $25,000 in the account in order to earn the top APY. Balances below that threshold will earn only 0.5 percent APY. If you’re going to keep less than $25,000 in this account, you probably should look at other options that pay higher APYs on smaller balances.

    You will get a Visa debit card.

    What we like

    • Offers a competitive APY.

    • Comes with a debit card.

    • Account has check-writing privileges.

    What we don't

    • High minimum balance of $25,000 required for top APY.

    • Balances under $25,000 earn a much lower APY.

    Bank experience

    UFB Direct’s mobile banking app offers the tried-and-true features, such as mobile deposit capture and the ability to pay your bills.

    The online-only bank stands out from some rivals through its budgeting tools. In using these features, you will also have the option to link your outside bank accounts to get insights across all of your money.

    At UFB Direct, you can pay for things via Apple Pay and Google Pay.

    About UFB Direct

    UFB Direct is a division of Axos Bank. UFB Direct was established in 1999. The bank is a direct bank and doesn’t have any branches.

    UFB Direct offers competitive yields on its savings and money market accounts. It does not offer checking accounts or CDs.

     

    Matthew Goldberg Twitter Created with Sketch. @MATTATBANKRATE

    Matthew Goldberg Twitter Created with Sketch. @MATTATBANKRATE

    Matthew Goldberg is a consumer banking reporter at Bankrate. He graduated from Illinois State University with a bachelor's degree in mass communication and earned an MBA at William Paterson University. He began his writing career in 1998 at Sun Publications in Crystal Lake, Illinois. He was sports editor at The Daily Vidette, a sports reporter at The Journal Standard and a sports writer at The Quincy Herald-Whig. His work has also appeared in Sports Illustrated On Campus. He has been honored by both the Illinois Associated Press Editors Association and the Illinois Press Association. He also has more than seven years of financial services experience, in both banking and insurance.