Skip to Main Content

UFB Direct Review 2023

Updated April 25, 2023
Bankrate logo

The Bankrate promise

At Bankrate we strive to help you make smarter financial decisions. While we adhere to strict , this post may contain references to products from our partners. Here's an explanation for .

On This Page

At a glance

3.8
Rating: 3.8 stars out of 5
Bankrate Score
Caret Down

Savings

Rating: 5 stars out of 5

MMA

Rating: 4.1 stars out of 5

About Bankrate Score

Overview

UFB Direct is geared toward savers and only offers savings and money market accounts for deposit accounts. Both accounts earn competitive APYs on all balances. The bank also offers mortgages.

Highlights

  • No Monthly Fees
  • High APY
  • 24/7 Customer Service
Compare offers
Info
Bank logo
Member FDIC
Savings Account
4.50
%
APY
APY
Info
As of 6/8/2023
Rating: 3.5 stars out of 5
$0
Min. balance for APY
View offer Arrow Right
Promoted offer: Open a BMO online savings account in minutes
Bank logo
Member FDIC
Savings Account
4.50
%
APY
APY
Info
As of 6/8/2023
Rating: 4.7 stars out of 5
$1
Min. balance for APY
View offer Arrow Right
Promoted offer: No fee online savings account with a great rate.
Bank logo
Member FDIC
Savings Account
4.85
%
APY
APY
Info
As of 6/8/2023
Rating: 4.9 stars out of 5
$5000
Min. balance for APY
View offer Arrow Right
Promoted offer: No Monthly Fees. $5,000 balance required for highest rate.

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

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

  • Checkmark

    Both the money market and savings accounts earn competitive yields.

  • Checkmark

    There are no minimum balance requirements.

  • 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 monthly fee on the money market account unless you keep at least $5,000 in the account.

UFB Direct banking products

5.0
Rating: 5 stars out of 5
Bankrate Score
Invest Rate
5.02% APY
Info
Loan
$0 minimum deposit to open

UFB Direct savings overview

The UFB High Rate Savings account earns a highly competitive yield and has no minimum balance requirement or monthly fee. While the account required a minimum balance to earn interest in the past, it earns the same interest rate on all balances as of the time of this review.

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.

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.

Cons

Compare Offer
Info
Bank logo
Member FDIC
Savings Account
4.50
%
APY
APY
Info
As of 6/8/2023
Rating: 3.5 stars out of 5
Info
$0
Min balance for APY
View offer Arrow Right
Promoted offer: Open a BMO online savings account in minutes

Bank fees

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

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.

Bank experience

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 Store and Google Play. Customers can also link their online bank accounts to Apple Pay or Google Pay for payments.

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.

How does UFB Direct compare to other banks?

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 six-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.