UFB Direct Review
UFB Direct offers high interest rates. But is it a safe choice? Find out in this review.
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UFB Secure Savings - Earn up to 5.25% APY | |||
Overall Score | 4.3 | ||
Savings | 5.0 | ||
Money Market | 4.0 | ||
Mobile App | 4.5 | ||
Customer Service | 3.5 | ||
Pros and Cons
- Competitive APYs
- Easy online banking
- Limited transactions
- No physical locations
Bottom Line
Safe digital bank for high APYs on personal savings and MMAs
UFB Direct is an online bank that offers high-rate savings accounts and mortgage options with different features.
If you're looking to grow your money, UFB might be a great place to look. Read on to find out more.
What is UFB Direct?
UFB Direct is a digital bank under a well-known financial institution in the US called Axos Bank.
They offer two main accounts that allow consumers to earn exceptional interest: UFB Savings and UFB Money Market.
Aside from that, they also have low-interest mortgage loans for people who want to make their dream home a reality.
Continue reading to find out more about the details of each product.
What is UFB Direct Money Market?
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UFB Direct's Money Market account offers an impressive 5.25% APY on all balance tiers. But what's the catch?
They actually require a $5,000 minimum opening deposit which you'll have to maintain every month to avoid paying the $10 maintenance fee.
With this high-yield Money Market account, you also get check-writing privileges and access to handy digital banking tools.
You can order online through your bank account, just follow these steps:
- Log-in to your account.
- Go to the "Accounts" tab.
- Choose which account you want to order checks for.
- Click "Detail" and select "Order Checks".
Pros + Cons
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UFB Secure Money Market - Earn up to 5.25% APY
- Earn up to 5.25% APY*
- No monthly maintenance fees with a $5,000.00 balance, otherwise fee is $10.00 per month.
- Access your funds 24/7 with easy-to-use digital banking tools
- Enjoy peace of mind with FDIC insurance up to the maximum allowable limit – Certificate #35546.
What is UFB Direct Savings?
UFB Direct's Savings is a high-yield savings account with a 5.25% APY on your entire balance.
Unlike the Money Market account, you won't have to worry about any minimum deposits or monthly maintenance fees.
UFB Direct also offers a complimentary ATM card and a seamless online banking experience, making your savings easily accessible.
You can even enjoy fee-free withdrawals at over 91,000 ATM locations nationwide.
Additionally, if you want to transfer funds between direct deposit accounts, you can do so at no added charge.
Pros + Cons
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UFB Secure Savings - Earn up to 5.25% APY
- Earn up to 5.25% APY*
- No monthly maintenance fees
- No minimum deposit required to open an account
- Access your funds 24/7 with easy-to-use digital banking tools
Fees To Look Out For
UFB Direct's Savings account has no monthly charge, but their Money Market account possibly has one. Unless you're able to maintain a minimum balance of $5,000, you're going to need to pay $10 per month.
As far as overdraft fees are concerned, there is a $25 charge per transaction for insufficient funds.[2] It applies to items
that are either paid or returned by the bank, which caps at $75 daily.
How to Open a UFB Direct Savings Account?
Follow these simple steps if you want to open a UFB Direct Money Market or Savings account:
- Go to the official website of UFB Direct and select your preferred savings product (Money Market or Savings).
- Choose Open An Account, set up your log-in details, and answer the online application form.
- If you chose UFB Direct's Money Market, you need to fund your account with at least $5,000.
- A Social Security number
- A valid ID
- A U.S. cellphone number
- A valid U.S. address
- A valid email
Who Is UFB Direct Best For?
UFB Direct's Savings is best for those who prefer a high APY account with practically no fees.
If you want the convenience of having an ATM card and being able to withdraw money, then this product is one to look out for.
Meanwhile, UFB Direct's Money Market is ideal if you want an account with an impressive APY and you have $5,000 to spare. Otherwise, you would need to spend $10 a month.
It is also great for those who are looking for online banks with check-writing privileges.
Here's a calculator you can use to see just how much your money can grow.
Overall, UFB Direct serves as an excellent choice for individuals who are looking for competitive rates and prefer online banking over physical branches.
Is UFB Direct Safe?
Yes, it is. UFB Direct deposit accounts are fully insured by FDIC through Axos Bank for up to $250,000 for individual accounts and $500,000 for joint accounts.[3] Your total insurance coverage will depend on your combined deposits at UFB, Axos Bank, and any of their other divisions.
UFB Secure Savings - Earn up to 5.25% APY
- Earn up to 5.25% APY*
- No monthly maintenance fees
- No minimum deposit required to open an account
- Access your funds 24/7 with easy-to-use digital banking tools
UFB Secure Money Market - Earn up to 5.25% APY
- Earn up to 5.25% APY*
- No monthly maintenance fees with a $5,000.00 balance, otherwise fee is $10.00 per month.
- Access your funds 24/7 with easy-to-use digital banking tools
- Enjoy peace of mind with FDIC insurance up to the maximum allowable limit – Certificate #35546.
How to Reach UFB Direct?
Get 24/7 customer support by talking to a UFB Direct Banker at 877-472-9200 (except on Thanksgiving and Christmas).[4] Or dial 1-858-350-6200 when calling outside the US.
For a quicker response to common questions, you can refer to the FAQs section.
Or, chat with Evo, their virtual assistant, on the UFB Direct website or by logging in to your online banking. This service is open on weekdays from 8 am to 5 pm PT. You can also send a secure message by selecting Messages.
Other UFB Direct Products
Aside from their savings and money market accounts, UFB Direct also offers mortgage options through their parent bank, Axos Bank.
They have fixed rate terms as well as adjustable rate terms. You can even get up to 3% annualized cash-back credit on your mortgage payments.
Since Axos is fully online, you can do this entire process in the comfort of your home.
Bottom Line
If you're looking to grow your money, UFB Direct is a great place to do just that. With a competitive APY for both Savings and Money Market, you're sure to save a lot.
Just remember that UFB Direct is an online-only bank, so it can be difficult to sort out problems with your account ASAP.
Nonetheless, they offer great rates for those really looking to boost their funds!
References
- ^ UFB Direct. How do I order checks?, Retrieved 8/21/23
- ^ UFB Direct. Deposit Account Agreement & Schedule of Fees, Retrieved 1/02/2024
- ^ UFB Direct. FDIC Insurance, Retrieved 8/21/23
- ^ UFB Direct. FAQs, Retrieved 1/02/2024
UFB Secure Savings - Earn up to 5.25% APY
- Earn up to 5.25% APY*
- No monthly maintenance fees
- No minimum deposit required to open an account
- Access your funds 24/7 with easy-to-use digital banking tools
CIT Bank Platinum Savings - 5.05% APY
- 5.05% APY with a balance of $5,000 or more
- 0.25% APY with a balance of less than $5,000
- $100 minimum opening deposit
- No monthly maintenance fee
- Member FDIC
Rewards Checking - Up to 3.30% APY
- Use the promo code AXOS300 when you apply for a Rewards Checking account by June 30th, 2024. Then have qualifying direct deposits to earn up to a $300 bonus!†
- Build your own APY with up to 3.30% APY*
- Zero monthly maintenance fees
- Zero overdraft or NSF fees
- Zero minimum monthly balance reqs
- No initial deposit requirement
- Unlimited domestic ATM fee reimbursements
- Online debit card management
- Simple, 3-step process for direct deposit
High-Yield Savings Premier - 5.36% APY
- No account activity or maintenance fees
- $500 minimum opening deposit
- FDIC insured
Chase Total Checking® - $300 Bonus
- New Chase checking customers enjoy a $300 bonus when you open a Chase Total Checking® account with qualifying activities
- Access to more than 15,000 Chase ATMs and more than 4,700 branches
- Chase Mobile® app - Manage your accounts, deposit checks, transfer money and more -- all from your device.
- JPMorgan Chase Bank, N.A. Member FDIC
- Open your account online now
- Available online nationwide except in Alaska, Hawaii and Puerto Rico. For branch locations, visit locator.chase.com.
- Chase Overdraft Assist℠ - no overdraft fees if you're overdrawn by $50 or less at the end of the business day or if you're overdrawn by more than $50 and bring your account balance to overdrawn by $50 or less at the end of the next business day*
Write to Katarina Rodriguez at feedback@creditdonkey.com. Follow us on Twitter and Facebook for our latest posts.
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