Updated August 27, 2023

UFB Direct Review

Read more about UFB Direct
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UFB Direct offers high interest rates. But is it a safe choice? Read on to find out more.

UFB Direct
UFB High Yield Savings - Earn up to 5.25% APY

Overall Score

4.3

Savings

5.0

Money Market

4.0

Customer Service

3.5

Mobile App

4.5
5-point scale (the higher, the better)

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-only 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 High Yield Savings and UFB High Yield 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?

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 a Money Market account, you also get check-writing privileges and access to handy digital banking tools.

How do I order checks from UFB Direct?[1]
You can order online through your account, just follow these steps:
  1. Log-in to your account.
  2. Go to the "Accounts" tab.
  3. Choose which account you want to order checks for.
  4. Click "Detail" and select "Order Checks".

Pros + Cons

  • Competitive APYs
  • Handy digital banking tools
  • Check-writing privileges
  • No ATM card/branch access
  • Possible $10 monthly fee
  • $5,000 minimum opening deposit
  • Limited to 6 transactions per month

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

  • High APY on all balance tiers
  • Complimentary ATM card
  • Easy online banking
  • No opening deposit/monthly fees
  • No physical branch access
  • Limited to 6 transactions per month

Fees To Look Out For

UFB Direct's Savings account has $0 fees but their Money Market account has a possible monthly charge. Unless you're able to maintain a minimum balance of $5,000, you're going to need to pay $10 per month.

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:

  1. Go to the official website of UFB Direct and select your preferred savings product (Money Market or Savings).
  2. Choose Open An Account, set up your log-in details, and answer the online application form.
  3. If you chose UFB Direct's Money Market, you need to fund your account with at least $5,000.

To open a UFB Direct Savings account, you need to provide the following:
  • 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 banks with check-writing privileges.

Here's a calculator you can use to see just how much your money can grow.

Savings Calculator

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.[2] Your total insurance coverage will depend on your combined deposits at UFB, Axos Bank, and any of their other divisions.

Saving more than this? UFB Direct also has an InsureGuard+ Savings program that gives you expanded FDIC coverage up to $175 million. Talk to a Relationship Manager if you have a lot to save.

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

  1. ^ UFB Direct. How do I order checks?, Retrieved: 8/21/23
  2. ^ UFB Direct. FDIC Insurance, Retrieved: 8/21/23
UFB Direct
Member FDIC

UFB High Yield 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
Member FDIC

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
Axos Bank
Member FDIC

Rewards Checking - Up to 3.30% APY

  • Use promo code SUNNYBONUS and apply by December 31st, to earn up to a $300 bonus!
  • Up to 3.30% APY
  • Zero monthly maintenance fees
  • Zero overdraft or NSF fees
  • Zero minimum monthly balance reqs
  • Unlimited domestic ATM fee reimbursements
  • Online debit card management
  • Simple, 3-step process for direct deposit
  • Only $50 to open an account
Chase
Member FDIC

Chase Total Checking® - $200 Bonus

Expires 10/18/2023
  • New Chase checking customers enjoy a $200 bonus when you open a Chase Total Checking® account and set up direct deposit
  • 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*
Bank of America
Member FDIC

Bank of America Business Advantage Checking Account - $200 Bonus Offer

Expires 12/31/2023
Earn a cash bonus in three steps:
  1. Open a new eligible business checking account by December 31, 2023
  2. Make Qualifying Deposits* of $5,000 or more in new money within 30 days of opening the new eligible business checking account
  3. Maintain an average balance of $5,000 for the next 60 days (day 31-90) during the maintenance period**
*Qualifying Deposits are deposits of new money, which is money not currently or previously held in any account at Bank of America or Merrill
**The maintenance period begins thirty-one (31) days after account opening and ends ninety (90) calendar days after account opening.
Member FDIC

Write to Katarina Rodriguez at feedback@creditdonkey.com. Follow us on Twitter and Facebook for our latest posts.

Note: This website is made possible through financial relationships with some of the products and services mentioned on this site. We may receive compensation if you shop through links in our content. You do not have to use our links, but you help support CreditDonkey if you do.

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