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UFB Direct is a solid option if you're searching for a competitive interest rate on a money market account or savings account. That said, when comparing UFB Direct to the best online banks Business Insider's personal finance team determined that it was a standard offering.
Similar to other online banks, UFB Direct's main perk is that it pays higher bank account interest rates than the national average. You still might consider UFB Direct if you're specifically searching for the best money market account rates, but other online divisions and banks have more bank account options and products beyond banking, which makes them more appealing choices overall.
Business Insider's UFB Direct Rating
| Feature | Business Insider rating (out of 5) |
| Savings | 4 |
| Money market account | 3.5 |
| Checking account | 4 |
| Trustworthiness | 5 |
| Total | 4.25 |
UFB Direct High-Yield Interest Rates
Here are the annual percentage yields (APY) for UFB Direct deposit accounts:
- UFB Portfolio Savings: 4.57% APY
- UFB Portfolio Money Market: 4.57% APY
- UFB Direct Freedom Checking: 2.00% APY
no monthly service fee
4.57%
$0
- High interest rate
- No monthly service fee
- No minimum opening deposit
- ATM card included
- May not be easy to deposit cash (Only cash accepting ATMs)
UFB Direct is an excellent option if you're searching for a competitive interest rate on a money market account or savings account. If you'd also like a checking account or CD, you might consider other institutions because UFB Direct doesn't have these accounts.
UFB Portfolio Savings- Earn up to 4.57% 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.
- * The Annual Percentage Yield (APY) is accurate as of 10/08/2024. The interest rate and corresponding APY for savings is variable and is set at UFB's discretion. This is a tiered variable rate account. Interest rates may change as often as daily without prior notice. Fees may reduce earnings.
UFB Direct Accounts Review
UFB Direct offers a high-yield savings account and money market account. You can also bundle your savings account with a checking account upon account opening and get an additional 0.20% APY on your savings balance if you meet certain requirements. UFB Direct does not offer any CDs, which a lot of other online banks have.
UFB Direct Savings Account Review
You may like UFB Portfolio Savings if you want a straightforward account. The savings account has no monthly service fee, and it comes with a complimentary ATM card.
UFB Portfolio Savings also pays 4.57% annual percentage yield (APY). Customers with existing savings accounts have to call customer service to get upgraded to the newest rate.
UFB Direct Money Market Account Review
You may favor the UFB Portfolio Money Market if you would like a bank account that includes paper checks and a debit card. However, you must maintain a $5,000 balance to avoid a $10 monthly service fee.
This account also pays 4.57% APY. Customers with existing savings accounts have to call customer service to get upgraded to the newest rate.
UFB Checking Account Review
If you'd like to get a checking account with a savings account, UFB Direct offers UFB Direct Freedom Checking. You might consider this account if you want to avoid monthly service fees. You can also earn an additional 0.20% APY on your savings account when you do the following: 1) earn 0.05% APY when opening UFB Freedom Checking and setting up monthly direct deposits of $5,000 or more, 2) earn an extra 0.10% APY when you keep a savings balance of $10,000 or more and 3) earn an extra 0.05% APY when you make 10 eligible debit card purchases each statement cycle.
The account itself offers interest. You can earn 2.00% APY on whatever funds you keep in your checking account, which is significantly above the national average. You don't have to meet any requirements to earn this rate.
Other online banks may have stronger checking accounts overall, though. For instance, some banks have eliminated all overdraft fees for checking accounts, or offer perks like cash-back debit cards or cash bonuses.
About UFB Direct
UFB Direct is an online division of Axos Bank (Member FDIC). UFB Direct has an online-only high-yield savings account, checking account and a money market account.
Customers have access to over 90,000 ATMs. To find a nearby ATM, log in to online banking and use the ATM locator tool.
UFB Direct bank accounts are FDIC insured through Axos Bank. Up to $250,000 is secure in individual bank accounts, and $500,000 is protected in joint bank accounts.
UFB Direct Account Accessibility
Usually, savings accounts do not come with ATM cards. However, UFB Portfolio Savings comes with a complimentary ATM card, which is convenient for withdrawing money from ATMs. At other online banks, you may have to transfer money to an external bank account to withdraw money, which can take a few days to process.
The UFB Portfolio Money Market has even more access to your money through a debit card and paper checks. You'll be able to make purchases and payments using a debit card or checks.
UFB Direct Pros and Cons
UFB Direct Pros
UFB Direct's high-yield savings account and money market account both come with the same high interest rate. Both accounts offer the same interest rate for each of their tiers — which means you'll earn 4.57% no matter how much money is in your account.
UFB Direct's savings account has no monthly service fee or minimum balance requirements. It also comes with an ATM card, which isn't very common for savings accounts. You can also deposit cash at some ATMs, making UFB Direct a good choice if you want an online bank but need to be able to deposit cash.
UFB Direct's money market account comes with a debit card and paper checks, so you'll have multiple ways to access the money in your account.
UFB Direct Cons
UFB Direct has an online-only platform, so you won't be able to go into an in-person branch to deposit money. It also doesn't offer any CDs, which could be a problem if you were hoping to lock in a good savings rate.
UFB Direct often creates new savings and money market accounts. You'll need to stay on top of the platform's rates and call customer support to get upgraded if you notice another account has a better rate.
You'll also need to pay a $10 monthly service fee if you get a UFB Portfolio Money Market, although you can waive that fee if you can keep at least $5,000 in your account. If you don't think you can keep that much money in your account, you might prefer a bank that avoids bank fees.
UFB Direct Fees and Charges
UFB Direct fees and charges depend on which type of bank account you open.
UFB Portfolio Savings is UFB Direct's strongest savings account option for minimal bank fees. It has no monthly service fee, so you don't need to meet any requirements to waive fees.
In general, online banks are more likely than brick-and-mortar banks to have savings accounts with no monthly bank maintenance fees. Hence, UFB Direct doesn't necessarily stand out in a good or bad way. It simply aligns with online competitors.
UFB Portfolio Money Market has a $10 monthly service fee that's waivable if you keep at least $5,000 in your account. Many of the top money market accounts tend to charge monthly service fees, like UFB Portfolio Money Market, although you can still find a couple of accounts that pay good rates and do not charge any fees.
UFB Direct Freedom Checking also has no monthly service fee, and it also reimburses up to $10 in domestic ATM fees per month. The bank account has a $25 non-sufficient funds fee. However, you can sign up for free overdraft protection that lets you link a savings account to restore your account balance when you overdraw.
Keep in mind that there are also banks that have eliminated overdraft fees entirely and also have several different overdraft protection options, so you can find a better fit if you don't think UFB Direct's overdraft services work for you.
UFB Direct Online and Mobile Banking Experience
The UFB Direct mobile app is rated 4.7 out of 5 states in the Google Play store and 4.8 out of 5 stars in the Apple store. UFB Direct mobile banking has standard features; you can make mobile check deposits, check your transaction history, set up online bill payments, and analyze account balance trends. You can also access your account through online banking, which also includes similar features.
UFB Direct Interest Rates and Earnings
UFB Direct savings and money market account interest rates are higher than the national average and comparable to best high-yield savings account and money market account rates. A typical savings account pays 0.45% APY, and an average money market account only offers 0.61% APY.
UFB Direct Freedom Checking also may be good interest-earning checking account since not all checking accounts pay interest. You can earn 2.00% APY on your checking balance.
To maximize earnings on your UFB Direct bank accounts, make sure you avoid monthly service fees. UFB Portfolio Savings and UFB Direct Freedom Checking have no monthly service fees, but the UFB Portfolio Money Market requires you to keep a $5,000 minimum account balance to avoid paying a $10 monthly service fee.
How to Open a UFB Direct Savings Account
You can open a UFB Direct savings and money market account online if you are a U.S. citizen and at least 18 years old. People who aren't U.S. citizens can call customer support to apply for an account.
Right at the beginning, you'll have to option to also open UFB Direct Freedom Checking. Then, you'll fill out an application which will ask for your Social Security number, home address, phone number, and other details. You also may need to provide your U.S. driver's license.
UFB Direct bank accounts can be opened with $0 upfront, but you'll eventually need to make a deposit. Bank accounts that do not have any money within 30 days can be closed.
UFB Direct Customer Support and Service
Call or use live chat on weekdays from 9 a.m. to 5 p.m. PT if you would like to speak with a Direct Banker.
UFB Direct isn't directly listed in the J.D. Power 2024 U.S. Direct Banking Satisfaction Study, which looks at overall customer satisfaction among online-only direct banks. However, Axos Bank is — it was ranked lower than the segment average in overall customer satisfaction for online checking providers. Meanwhile, the study found that Capital One and Ally Bank notably ranked among the highest in customer satisfaction for both online checking account and savings account providers.
UFB Direct Trustworthiness
We use ratings from the Better Business Bureau to see how banks respond to customer issues. The BBB gives UFB Direct an A+ rating, and its parent company, Axos Bank, also has an A+ rating.
Is a UFB Direct Right For You?
UFB Direct may be right for you if your priority is to open an online-only savings or money market account with a high rate. Its savings account is also worthwhile if you want to avoid monthly service fees, while its money market account is a good choice for multiple ways to access your money.
You can also bundle your savings account with a checking account, but the online division doesn't offer any CDs. Consider banking with a different financial institution if you want more bank account variety or stronger customer support. For example, some online banks have banking products outside of banking, and customer support that's also received high customer satisfaction ratings in J.D. Power studies.
UFB Direct Alternatives
UFB Direct vs. Bread Savings
The Bread Savings High-Yield Savings Account offers 4.75% APY. Interest rates tend to fluctuate, though, so this may change in the future.
Your decision between two online banking platforms also might ultimately depend on which types of accounts you'd like to open. UFB Direct has a high-yield savings account, a checking account, and a money market account. Bread Savings offers a high-yield savings account and CDs.
UFB Direct vs. Bask Bank
The Bask Bank Interest Savings Account pays 4.85% APY regardless of your account balance.
UFB Direct also may be a better option if you'd like an account with a debit card or ATM card. Bask Bank doesn't offer debit cards, ATM cards, or an ATM network.
Bask Bank may be a better choice if you're a frequent traveler. The Bask Bank Mileage Savings Account stands out from most savings accounts because you can earn American Airlines AAdvantage miles on your savings.
UFB Direct vs. Jenius Bank
If you're strictly looking for a high-yield savings account, it's a close toss up between the two. The Jenius Savings Account offers 5.05% APY.
UFB Direct has more banking options than Jenius Bank. You'll be able to open a high-yield savings account, money market account, and checking account with UFB Direct. Meanwhile, Jenius Bank only offers a high-yield savings account.
If you're also interested in personal loans, Jenius Bank might be worth considering. UFB Direct doesn't offer any personal loans directly through its website.
Why You Should Trust Us: How We Reviewed UFB Direct Accounts
We rate bank accounts on a scale from zero to five stars. For our UFB Direct review, we used our bank account methodology to rate the company's high-yield savings account and money market account. Our bank account methodology looks at interest rates, minimum opening deposits, monthly service fees, customer support availability, mobile app ratings, and ethics of the company.
UFB Direct FAQs
Yes, UFB Direct is legitimate. It's an online division of Axos Bank, which is an FDIC-insured bank. This means your insured deposits are safe should either UFB Direct or Axos shut down.
The UFB Portfolio Savings pays 4.57%. To earn 4.57%, you must open an account and deposit any amount.
UFB Direct savings and money market accounts are FDIC insured through Axos Bank. This means that your money is safe even in the rare event of a bank failure. Your money will be transferred to another bank account with FDIC insurance, or it will be sent to you as a check.
Yes. You may make cash deposits at select ATMs. You must log in to UFB Direct's website to use the ATM Locator tool.
