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UFB Direct Review 2022

Published May 2022 by René Bennett

AT A GLANCE
2.9

Bankrate Score

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No monthly fees

UFB Direct is geared toward savers and only offers savings and money market accounts. Both accounts earn less-than-competitive 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
    Bask Bank

    Member FDIC

    Savings account

    1.61 % APY

    $ 0

    Min. balance for APY

    CIT Bank

    Member FDIC

    Savings account

    1.35 % APY

    $ 0

    Min. balance for APY

    LendingClub

    Member FDIC

    Savings account

    1.26 % APY

    $ 0

    Min. balance for APY

    Overall

    2.9

    Bankrate Score

    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.

    What we like

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

    • There are no monthly maintenance fees.

    What we don't

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

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

    • The bank’s website offers limited information.

    Savings accounts

    3.6

    Bankrate Score

    OTHER SAVINGS OFFERS YOU MAY LIKE
    Bask Bank

    Member FDIC

    Savings account

    1.61 % APY

    $ 0

    Min. balance for APY

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

    What we like

    • The account charges no monthly maintenance fee.

    • UFB Direct allows unlimited transfers from savings.

    What we don't

    • Other banks offer higher APYs.

    • Balances under $10,000 don't earn any interest.

    Money market accounts

    2.9

    Bankrate Score

    The UFB Premium Money Market account offers both check-writing privileges and a debit card. The APYs offered are low, however, and only balances of at least $25,000 earn the top rate. Much higher APYs and lower minimums can be found elsewhere.

    What we like

    • The account has check-writing privileges.

    • It also comes with a Visa debit card.

    What we don't

    • More competitive APYs are available elsewhere.

    • There’s a high minimum balance of $25,000 to earn the top APY, and balances under $25,000 have a much lower rate.

    Bank experience

    UFB Direct’s mobile banking app offers standard digital features, such as mobile deposit capture and the ability to transfer funds. It earns a high score in the Apple App Store; less so on Google Play. Customers can also link their online bank accounts to Apple Pay or Google Pay for payments.

    The online-only bank has several measures set up for protecting your funds, including digital verification and the ability to dispute suspicious transactions online.

    About UFB Direct

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

    UFB Direct’s yields on its savings and money market accounts are lower than many other online banks, and the savings account pays no interest on balances of less than $10,000. No checking accounts or CDs are offered.

    René Bennett Twitter Created with Sketch. @

    René Bennett Twitter Created with Sketch. @

    René Bennett is a writer for Bankrate, equipping readers with the knowledge they need for best saving practices. He reports on personal finance and, as someone coming out of college, understands how difficult it can be to make choices about money, so he endeavors to make navigating those choices as straightforward as possible. With a background in writing and a bachelor’s degree in English from New York University, René is devoted to balancing clarity of style with accurate and informative content in his reporting. He has written on a number of topics, from savings accounts to roller coasters.