UFB Direct Review 2021

Published January 2021 by Liz Hund

AT A GLANCE
2.9

Bankrate Score

bank-logo

No monthly fees

UFB Direct is geared toward savers and only offers a savings and money market account. However, both accounts earn below-average APYs and have high balance requirements.

  • Savings
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    3.6
  • MMAs
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    2.9
  • MORE HIGH-YIELD OPTIONS
    MORE HIGH-YIELD OPTIONS
    Vio Bank

    Member FDIC

    Savings account

    0.57 % APY

    $ 100

    Min. balance for APY

    Goldman Sachs Bank USA

    Member FDIC

    Savings account

    0.50 % APY

    $ 0

    Min. balance for APY

    American Express National Bank

    Member FDIC

    Savings account

    0.50 % APY

    $ 1

    Min. balance for APY

    Overall

    2.9

    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

    • The money market account has check-writing privileges and ATM access.

    • There are no monthly maintenance fees.

    What we don't

    • There’s a limited product selection.

    • Both deposit products offer below-average APYs and have high balance requirements.

    • The bank’s website offers limited information.

    Savings accounts

    3.6

    Bankrate Score

    OTHER SAVINGS OFFERS YOU MAY LIKE
    Vio Bank

    Member FDIC

    Savings account

    0.57 % APY

    $ 100

    Min. balance for APY

    The UFB High Yield Savings account offers a below-average yield and requires a lofty minimum balance of $10,000 to earn it. Balances below that tier earn 0 percent APY.

    What we like

    • The account doesn't charge a monthly maintenance fee.

    What we don't

    • Higher, more competitive APYs available elsewhere.

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

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

    Money market accounts

    2.9

    Bankrate Score

    The UFB Premium Money Market account offers both check-writing privileges and debit card access. The APY, however, is below-average and requires a balance of at least $25,000 to earn the top APY. Balances below $25,000 will earn significantly less.

    If you’re looking for a more affordable minimum balance requirement and higher APY, then you’re better off looking elsewhere.

    What we like

    • The account has check-writing privileges.

    • It also comes with a Visa debit card.

    What we don't

    • Higher, more competitive APYs are available elsewhere.

    • 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.

    Liz Hund Twitter Created with Sketch. @LIZ_HUND

    Liz Hund Twitter Created with Sketch. @LIZ_HUND

    Liz Hund is a social producer at Bankrate who occasionally writes articles on-site. She was previously a writer at The Points Guy, where she covered all things travel ranging from the latest news to credit card reviews. Her writing has been featured on MSN, Business Insider and in various local publications. She graduated from the University of Missouri School of Journalism. Money has always been something that’s excited Liz, particularly when it comes to maximizing it. Growing up, her biggest money motivator was her desire to travel, which led her to become a point and miles enthusiast. Through lots of research and experience, Liz has been able to visit many beautiful destinations. Seeing how this knowledge benefited her, she became inspired to share her knowledge with others, which journalism and social media allowed her to do. Her goal is to get others as excited about maximizing their money as she is by creating digestible and engaging content on the otherwise intimidating and hard-to-understand topic of finance.