UFB Direct Savings vs Money Market
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UFB Direct offers high APYs on savings and money market accounts. Find out which one suits your financial needs best.
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UFB Direct is an online bank that specializes in high-yield savings accounts. They currently have two accounts that seem very similar, so what's the difference?
Good thing we looked into it for you.
In this article, we'll compare the UFB Direct's Money Market and Savings accounts. Read on to find out which account better fits your needs.
High Yield Savings Account - 5.26% APY
- No fees
- $1 minimum deposit
- 24/7 online access
- FDIC insured
UFB Direct Savings vs Money Market
UFB Direct offers 2 types of savings accounts. Check out what both accounts have to offer:
- UFB Savings: Earn up to 5.25% APY on any account balance. It has no monthly service fee, no balance requirements, and no minimum deposit. It even comes with a free ATM card. However, you must fund the account within 30 days of opening it or else it will be closed. Find out more
- UFB Money Market: Earn up to 5.25% APY on any account balance. The main difference is that it's $5,000 to open, and you need a $5,000 balance to waive the monthly fee.[1] However, this account offers check-writing privileges. Find out more.
Both accounts offer 24/7 online banking, SMS banking, and mobile check deposits.
UFB Secure Savings - Earn up to 5.25% APY | UFB Secure Money Market - Earn up to 5.25% APY | |
|---|---|---|
UFB Secure Savings - Earn up to 5.25% APY - | UFB Secure Money Market - Earn up to 5.25% APY - | |
| APY | ||
| Minimum Deposit to Open | ||
| Balance Requirement | $5,000 balance to waive the monthly fee | |
| Monthly Fee | No monthly maintenance fees with a $5,000.00 balance, otherwise fee is $10.00 per month. |
Money Market Deposit Account - 5.29% APY
- $1 minimum deposit
- No fees
- 24/7 online access to funds
- Federally insured by NCUA
Both accounts have their pros and cons. Learn about them below.
UFB Savings Account Pros and Cons
Pros:
- Up to 5.25% APY
- Complimentary ATM card
- No minimum deposit
- No maintenance fees
- All balances get the highest APY
- Daily compounding interest
Cons:
- No check writing
UFB Money Market Account Pros and Cons
Pros:
- Up to 5.25% APY
- Check-writing privileges
- All balances get the highest APY
- Daily compounding interest
Cons:
- $10 monthly fee if balance falls below $5,000
- $5,000 minimum deposit
Learn more about UFB Money Market
Which is the best account for me?
Both the UFB Direct money market and savings accounts offer a high APY. The big difference is really the monthly maintenance fees and ATM card or check-writing privileges.
If you prefer to have a card for easy withdrawals, then it's best to use the UFB Savings Account.
The UFB Money Market is good for you if you want to write checks from the account. But it's best if you can maintain $5,000 in your account. Otherwise, you have to pay a $10 monthly fee, and that'll eat into any interest you earn.
Is UFB Direct Legit?
Yes, UFB Direct is a division of Axos Bank. All deposit accounts are offered and FDIC insured through Axos Bank (FDIC #35546, insured since 7/4/2000). Your combined deposits at Axos Bank and UFB Direct are protected up to the FDIC maximum of $250k for individual or $500k for joint.
- Discover Online Savings:
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High Yield Savings Account - 5.26% APY - CIT Bank Platinum Savings:
5.05% APY - U.S. Bank Smartly® Checking and Standard Savings:
Up to $800 Bonus - Quontic:
High Yield Savings - 4.50% APY - Customers Bank:
High-Yield Savings Account - 5.30% APY - Cloudbank 24/7:
High Yield Savings Account - 5.26% APY - GreenState Credit Union:
High-Yield Savings Account - 5.16% APY - Adda Bank:
High Yield Savings Account - 5.15% APY - Mission Valley Bank:
High Yield Savings Account - 5.12% APY
Bottom Line
UFB Direct is a great choice to consider if you're looking for a savings account. Both the UFB Money Market and Savings accounts offer a high APY to grow your money.
Since the accounts are similar, you really just need to zoom into the specifics of what you need in an account. Just keep in mind that the Money Market account has more requirements.
References
- ^ UFB Direct. Deposit Account Agreement & Schedule of Fees, Retrieved 5/24/2023
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 promo code AXOS300 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
High Yield Savings Account - 5.26% APY
- No fees
- $1 minimum deposit
- 24/7 online access
- FDIC insured
Chase Total Checking® - $200 Bonus
- New Chase checking customers enjoy a $200 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*
Bank of America Business Advantage Checking Account - $200 Bonus Offer
- Open a new eligible business checking account by June 30, 2024
- Make Qualifying Deposits* of $5,000 or more in new money within 30 days of opening the new eligible business checking account
- Maintain an average balance of $5,000 for the next 60 days (day 31-90) during the maintenance period**
**The maintenance period begins thirty-one (31) days after account opening and ends ninety (90) calendar days after account opening.
Member FDIC
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