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. Get a higher rate today.
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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 - 4.35% APY
- $1 minimum deposit
- No fees
- 24/7 online access to funds
- 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 % 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 % 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.
 | | |
| Get Deal | Get Deal | |
UFB Portfolio Savings - Earn up to 4.01% APY | UFB Portfolio Money Market - Earn up to 4.01% APY | |
|---|---|---|
UFB Portfolio Savings - Earn up to 4.01% APY - | UFB Portfolio Money Market - Earn up to 4.01% APY - | |
| Monthly Fee | No monthly maintenance fees with a $5,000.00 balance, otherwise fee is $10.00 per month. | |
| APY | ||
| Balance Requirement | $5,000 balance to waive the monthly fee | |
| Get Deal | Get Deal |
Money Market Deposit Account - 4.30% 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 % 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 % 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.
- Axos ONE:
Earn up to 4.66% APY - NexBank:
High-Yield Savings Account - 4.35% APY - Live Oak Bank:
High Yield Savings Account - 4.35% APY - Mission Valley Bank:
High Yield Savings Account - 4.27% APY - First Community Bank:
High-Yield Savings Account - 4.26% APY - Western Alliance Bank:
High Yield Savings Account - 4.25% APY - DR Bank:
High-Yield Savings Account - 4.25% APY - Paprika Capital Bank:
High-Yield Savings Account - 4.22% APY - mph.bank:
High-Yield Savings Account - 4.21% APY - Shelby Savings Bank:
High-Yield Savings Account - 4.20% 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.
UFB Portfolio Savings - Earn up to 4.01% APY
- Earn up to 4.01% 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.
- Enjoy peace of mind with FDIC insurance up to the maximum allowance limit – Certificate #35546.
UFB Freedom Checking & Savings - Unlock Up to 4.21% APY
Combine Freedom Checking with Portfolio Savings to boost your savings APY by up to 0.20%.* Fewer fees, faster transactions. Plus, earn 2.00% APY* on your checking account.
UFB Portfolio Money Market - Earn up to 4.01% APY
- Earn up to 4.01% APY*
- Enjoy 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.
- Have peace of mind with FDIC insurance up to the maximum allowable limit – Certificate #35546.
UFB Freedom Checking - 2.00% APY
- Earn 2.00% APY* in your checking account, 25x the national average†
- Fewer account fees keep more of your money where it belongs – with you.
- Use your debit card at over 90,000 fee-free ATMs.
References
- ^ UFB Direct. Deposit Account Agreement & Schedule of Fees, Retrieved 5/24/2023
UFB Portfolio Savings - Earn up to 4.01% APY
- Earn up to 4.01% 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.
- Enjoy peace of mind with FDIC insurance up to the maximum allowance limit – Certificate #35546.
CIT Bank Platinum Savings - $300 Bonus
- Transfer a one-time deposit of $50,000+ for a Bonus of $300
- 4.10% APY with a balance of $5,000 or more
- 0.25% APY with a balance of less than $5,000
- No monthly maintenance fee
- Member FDIC
Rewards Checking - Up to 3.30% APY
- 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 Account - 4.25% APY
- No fees
- $1 minimum deposit
- 24/7 online access
- FDIC insured
Bank of America Advantage Banking - $300 Bonus Offer
- The $300 bonus offer is an online only offer and must be opened through the Bank of America promotional page.
- The offer is for new checking customers only.
- Offer expires 05/31/2025.
- To qualify, open a new eligible Bank of America Advantage Banking account through the promotional page and set up and receive Qualifying Direct Deposits* totaling $2,000 or more into that new eligible account within 90 days of account opening. Bank of America Advantage SafeBalance Banking® for Family Banking accounts are not eligible for this offer.
- Once all requirements are met, Bank of America will attempt to pay bonus within 60 days.
- Additional terms and conditions apply. See offer page for more details.
- *A Qualifying Direct Deposit is a direct deposit of regular monthly income – such as your salary, pension or Social Security benefits, which are made by your employer or other payer – using account and routing numbers that you provide to them.
- Bank of America, N.A. Member FDIC.
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