UFB Direct Savings vs Money Market

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.

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.

Compare High-Yield Savings

High-Yield Savings Premier - 5.31% APY

• No account activity or maintenance fees
• $500 minimum opening deposit
• FDIC insured

5.31% annual percentage yield (APY) is accurate as of 7/11/2024 and subject to change at the Bank's discretion. Minimum deposit required to open an account is $500 and a minimum balance of $0.01 is required to earn the advertised APY. Member FDIC

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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 5.15% 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 5.15% 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.

Compare Money Market Offers

Money Market Deposit Account - 5.25% APY

• No fees
• $1 minimum deposit to open
• 24/7 online access to funds
• Federally insured by NCUA

Click Here to Get Deal

Both accounts have their pros and cons. Learn about them below.

UFB Savings Account Pros and Cons

Pros:

• Up to 5.15% APY
  
• Complimentary ATM card
  
• No minimum deposit
  
• No maintenance fees
  
• All balances get the highest APY
  
• Daily compounding interest

Cons:

• No check writing

Learn more about UFB Savings

UFB Money Market Account Pros and Cons

Pros:

• Up to 5.15% 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.

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.

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