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UFB Direct Review 2024

Updated January 2, 2024
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At a glance

3.6
Rating: 3.6 stars out of 5
Bankrate Score
Caret Down

Savings

Rating: 4.5 stars out of 5

MMA

Rating: 4.1 stars out of 5

About Bankrate Score

Overview

UFB Direct is geared toward savers looking for high yields. However, it only offers savings and money market accounts for deposit accounts. Both accounts earn highly competitive APYs on all balances. The bank also offers mortgages.

Highlights

  • High APY
  • 24/7 Customer Service
Sponsored offers
Info

These are sponsored offers rated highly by us for competitive rates, fees, and minimums.

Bank logo
Member FDIC
Savings Account
4.25
%
APY
APY
Info
As of 5/28/2024
Rating: 4.4 stars out of 5
$1
Min. balance for APY
View offer Arrow Right
Promoted offer:
Bank logo
Member FDIC
Savings Account
4.35
%
APY
APY
Info
As of 5/28/2024
Rating: 4.9 stars out of 5
$0
Min. balance for APY
View offer Arrow Right
Promoted offer:
Bank logo
Member FDIC
CD
5.10
%
APY
APY
Info
As of 5/28/2024
Rating: 4.9 stars out of 5
$500
Minimum deposit
View offer Arrow Right
Promoted offer:

Overall

UFB Direct is an online-only bank offering savings and money market accounts that come with digital banking tools, including a highly rated mobile app. The bank also offers home loans and a 24/7 customer support line.

Pros

  • Checkmark

    Both the money market and savings accounts earn highly competitive yields.

  • Checkmark

    The money market account offers check-writing privileges.

  • Checkmark

    Customers have access to unique digital features such as SMS banking and a well-rated mobile app.

Cons

  • Account types are limited to a savings account and a money market account.

  • There’s a $10 monthly fee on the money market account unless you keep at least $5,000 in the account.

  • UFB Direct frequently relaunches its savings and money market accounts, which can be confusing for existing customers.

UFB Direct Logo

We want to know what you think about UFB Direct

Do you have experience with UFB Direct? Let us know your thoughts.

UFB Direct banking products

4.5
/5
Rating: 4.5 stars out of 5
See methodology Compare savings rates
SCORE BREAKDOWN
APY offering:
5.25%
Rating: 5 stars out of 5
5/5
Info
Minimum balance to earn interest:
$0.00
Rating: 5 stars out of 5
5/5
Info
Monthly service fee:
$0.00
Rating: 5 stars out of 5
5/5
Info
Minimum balance to avoid fee:
$0.00
Rating: 5 stars out of 5
5/5
Info
Access to funds:
N/A
Rating: 0 stars out of 5
0/5
Info
FEATURES
Invest Rate
5.25% APY
Info
Loan
$0 minimum deposit to open

UFB Direct savings overview

The UFB Secure Savings account earns a highly competitive yield and has no minimum balance requirement or monthly fee. The account earns the same interest rate on all balances.

The savings account comes with an ATM card, and there are no limits to how many withdrawals you can make from the account. The bank partners with a variety of fee-free ATMs across the U.S., which can be found through its ATM locator. It’s also free to transfer money between direct deposit accounts.

It’s also free to transfer money between direct deposit accounts, and there’s no fee for incoming wire transfers.

Pros

  • Checkmark

    The account charges no monthly maintenance fee.

  • Checkmark

    UFB Direct allows unlimited transfers from savings.

  • Checkmark

    The account comes with an ATM card that can be used for free cash withdrawals at over 90,000 ATMs.

  • Checkmark

    Incoming wire transfers are free.

Cons

  • There’s a $5 fee for receiving paper account statements.

  • See how rates for this account have changed over time. Interact with the trend lines to view APY by date.

    UFB Direct
    APY
    APY
    Info
    National average APY
    How do we get this data?
    Info
Compare Offer
Sponsored Offer
Info

This is a sponsored offer rated 4 stars or higher for competitive rate, fees, and minimums.

Bank logo
Member FDIC
Savings Account
4.25
%
APY
APY
Info
As of 5/28/2024
Rating: 4.4 stars out of 5
Info
$1
Min balance for APY
Promoted offer:

Bank fees

Fee Charged?
Overdraft/ Non-sufficient funds fee $25
Monthly maintenance fee $0-$10
Out-of-network ATM fee None
Excessive transaction fee $10
Paper statements $5

Customer experience

Customer support

24/7 support. Customers can call a support line that’s available 24/7, except on bank holidays, or they can reach out through an online chat feature that’s available weekdays from 8 a.m. to 5 p.m. PT. The chatbot on the app answers questions quickly and accurately, according to a Bankrate staff member with a UFB account.

Digital experience

Highly rated mobile app. UFB Direct’s mobile banking app offers standard digital features, such as mobile deposit capture, digital verification and account transfers. It earns a high score in the Apple App and Google Play stores. Collectively, the apps have been reviewed by more than 7,000 users.

APYs are difficult to find. While UFB typically offers high yields, the bank reserves the right to change the APY at any time, but it isn’t easy to confirm those changes. Each account’s APY is hidden at the bottom of a detail section that’s accessible only after clicking on the account, sliding over several options, then scrolling all the way to the bottom, according to a Bankrate staff member with a UFB account.

Slow account updates. While the app supports linked accounts from other banks, it rarely displays the correct funds from non-UFB accounts, said a Bankrate staff member who uses UFB personally. This undermines the overall financial view aspect of the dashboard.

Lightbulb

Bankrate staff insights

“UFB Direct’s high-yield savings account remains one of the best options on the market,” said a Bankrate staff member with a UFB account. “The simplified app enables you to transfer your funds and forget about fiddling with complexity while your accounts accrue interest.”

About UFB Direct

UFB Direct is an online-only bank that was established in 1999. It is a division of Axos Bank.

In the past, UFB Direct has had minimum balance requirements to earn interest, but now its two accounts offer competitive interest rates on all balances. No checking accounts or CDs are offered.

How UFB Direct compares to other banks

Compare different account types offered by UFB Direct. Annual percentage yields (APYs) shown were updated between May 21, 2024 and May 27, 2024.

Selected bank
UFB Direct savings account
UFB Direct Logo
Member FDIC
Bankrate score
Rating: 4.5 stars out of 5
4.5
Info
Most comparable
Bask Bank savings account
Bask Bank Logo
Member FDIC
Bankrate score
Rating: 4.7 stars out of 5
4.7
Info
Read review
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Bankrate score
Info
Read review
APY
Info
5.25% 5.10%
Minimum balance for APY
$0.00 $0.00
Estimated earnings
Info
$1,313 $1,275
The UFB Rewards Savings account earns one of the top yields available. The account pays the same APY on all balances. An ATM card is available, and there are no monthly service fees with this account. Bask Bank’s Interest Savings Account earns a highly competitive APY, with no minimum balance requirement or monthly fees. The bank also offers a Mileage Savings Account, which allows you to earn American Airlines miles as rewards, based on your monthly balance.
  • This account pays one of the top yields available.
  • The UFB Rewards Savings account has an ATM card.
  • All balances earn the same APY.
  • The account doesn’t require a minimum deposit.
  • Bask Bank’s Interest Savings Account earns a top-notch yield.
  • The Interest Savings Account doesn’t charge a maintenance fee or require a set minimum balance.
    N/A
  • The UFB Direct website says it takes 15 minutes to get this account.
  • Other banks advertise a quicker account opening process.
  • Bask charges $35 per outgoing wire transfer, which is steep compared to other banks.
  • Neither savings account comes with ATM access.
    N/A
APY offering:
5.25%
5/5
Info
Minimum balance to earn interest:
$0.00
5/5
Info
Monthly service fee:
$0.00
5/5
Info
Minimum balance to avoid fee:
$0.00
5/5
Info
Access to funds:
N/A
0/5
Info
APY offering:
5.10%
5/5
Info
Minimum balance to earn interest:
$0.00
5/5
Info
Monthly service fee:
$0.00
5/5
Info
Minimum balance to avoid fee:
$0.00
5/5
Info
Access to funds:
Great
5/5
Info
Info
Info
Info
Info
Info
Bankrate does not currently track additional product details for this bank.

UFB Direct vs. Ally Bank

As online-only banks, both UFB Direct and Ally offer competitive yields on their deposit products, but UFB currently offers higher rates. However, Ally as a whole has a larger range of accounts, offering everything from credit cards to checking accounts and CDs. 

As such, if you’re looking to consolidate your banking under one roof, Ally may be the better choice. However, if you’re just looking for a savings or money market account, UFB’s yield is hard to beat. The money market account charges a $10 monthly fee unless you maintain a $5,000 balance, but there’s no withdrawal limit. In contrast, Ally doesn’t charge a monthly fee for its money market account but does have a 10-per-month withdrawal limit.

UFB Direct FAQs

Review methodology

With so many financial institutions to choose from, it can be hard to know who to trust. Bankrate’s ever-growing list of bank and credit union reviews is updated regularly. Our editorial team analyzes and reviews each institution across deposit products such as savings accounts, checking accounts, certificates of deposit (CDs) and money market accounts (MMAs). Banks are rated by important factors such as offered interest rates, fees, minimum balance requirements, access to funds and more.

We assign a score to each type of account and its features, weigh them carefully based on importance to account holders and determine an overall score. Read our full review methodology.