UFB Direct Review 2024
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At a glance
Savings
MMA
About Bankrate Score
Overview
UFB Direct is geared toward savers looking for high yields. However, it only offers savings and money market accounts for deposit accounts. Both accounts earn highly competitive APYs on all balances. The bank also offers mortgages.
Highlights
- High APY
- 24/7 Customer Service
Offers featured here have been sponsored which impacts how, where, and in what order the products appear. Not all offers are displayed on this page.
These are sponsored offers rated highly by us for competitive rates, fees, and minimums.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate Savings rating = 4.9/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate Checking rating = 4.9/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
Offers featured here have been sponsored which impacts how, where, and in what order the products appear. Not all offers are displayed on this page.
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Overall
UFB Direct is an online-only bank offering savings and money market accounts that come with digital banking tools, including a highly rated mobile app. The bank also offers home loans and a 24/7 customer support line.
Pros
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Both the money market and savings accounts earn highly competitive yields.
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The money market account offers check-writing privileges.
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Customers have access to unique digital features such as SMS banking and a well-rated mobile app.
Cons
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Account types are limited to a savings account and a money market account.
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There’s a $10 monthly fee on the money market account unless you keep at least $5,000 in the account.
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UFB Direct frequently relaunches its savings and money market accounts, which can be confusing for existing customers.
We want to know what you think about UFB Direct
Do you have experience with UFB Direct? Let us know your thoughts.
UFB Direct banking products
UFB Direct savings overview
The savings account comes with an ATM card, and there are no limits to how many withdrawals you can make from the account. The bank partners with a variety of fee-free ATMs across the U.S., which can be found through its ATM locator. It’s also free to transfer money between direct deposit accounts.
It’s also free to transfer money between direct deposit accounts, and there’s no fee for incoming wire transfers.
Pros
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The account charges no monthly maintenance fee.
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UFB Direct allows unlimited transfers from savings.
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The account comes with an ATM card that can be used for free cash withdrawals at over 90,000 ATMs.
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Incoming wire transfers are free.
Cons
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There’s a $5 fee for receiving paper account statements.
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UFB Direct offers a savings account yield of 5.25% APY, which has increased by 44 basis points over the past year. This rate is significantly higher than the national average yield of 0.56% APY, according to Bankrate's latest weekly survey of institutions.
UFB DirectAPYAPY last updated between 7/3 and 7/9.APYAPY last updated between 7/3 and 7/9.National average APYHow do we get this data?Bankrate independently tracks hundreds of APYs and product details for banking institutions nationwide. We retain the historical data of every rate we track in our database. If there are any gaps where we weren’t actively tracking a rate at the time, the graph will reflect the missing data.
Offers featured here have been sponsored which impacts how, where, and in what order the products appear. Not all offers are displayed on this page.
This is a sponsored offer rated 4 stars or higher for competitive rate, fees, and minimums.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate Savings rating = 4.9/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
Bank fees
| Fee | Charged? |
|---|---|
| Overdraft/ Non-sufficient funds fee | $25 |
| Monthly maintenance fee | $0-$10 |
| Out-of-network ATM fee | None |
| Excessive transaction fee | $10 |
| Paper statements | $5 |
Customer experience
Customer support
24/7 support. Customers can call a support line that’s available 24/7, except on bank holidays, or they can reach out through an online chat feature that’s available weekdays from 8 a.m. to 5 p.m. PT. The chatbot on the app answers questions quickly and accurately, according to a Bankrate staff member with a UFB account.
Digital experience
Highly rated mobile app. UFB Direct’s mobile banking app offers standard digital features, such as mobile deposit capture, digital verification and account transfers. It earns a high score in the Apple App and Google Play stores. Collectively, the apps have been reviewed by more than 7,000 users.
APYs are difficult to find. While UFB typically offers high yields, the bank reserves the right to change the APY at any time, but it isn’t easy to confirm those changes. Each account’s APY is hidden at the bottom of a detail section that’s accessible only after clicking on the account, sliding over several options, then scrolling all the way to the bottom, according to a Bankrate staff member with a UFB account.
Slow account updates. While the app supports linked accounts from other banks, it rarely displays the correct funds from non-UFB accounts, said a Bankrate staff member who uses UFB personally. This undermines the overall financial view aspect of the dashboard.
Bankrate staff insights
“UFB Direct’s high-yield savings account remains one of the best options on the market,” said a Bankrate staff member with a UFB account. “The simplified app enables you to transfer your funds and forget about fiddling with complexity while your accounts accrue interest.”
About UFB Direct
UFB Direct is an online-only bank that was established in 1999. It is a division of Axos Bank.
In the past, UFB Direct has had minimum balance requirements to earn interest, but now its two accounts offer competitive interest rates on all balances. No checking accounts or CDs are offered.
How UFB Direct compares to other banks
Compare different account types offered by UFB Direct. Annual percentage yields (APYs) shown were updated between July 3, 2024 and July 9, 2024.
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Selected bank
UFB Direct savings account
Bankrate score
4.5
Bankrate Savings rating = 4.5/5 Bankrate scores are objectively determined by our editorial team. Annual percentage yields (APYs), minimum opening deposit requirements and minimum balances to avoid monthly service fees are some of the things that make up Bankrate’s score. |
Most comparable
Bask Bank savings account
Bankrate score
4.7
Bankrate Savings rating = 4.7/5 Bankrate scores are objectively determined by our editorial team. Annual percentage yields (APYs), minimum opening deposit requirements and minimum balances to avoid monthly service fees are some of the things that make up Bankrate’s score. |
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Bankrate score
Bankrate Savings rating Bankrate scores are objectively determined by our editorial team. Annual percentage yields (APYs), minimum opening deposit requirements and minimum balances to avoid monthly service fees are some of the things that make up Bankrate’s score. |
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APY
APY, or annual percentage yield, is the yearly return on a bank or investment account. APY includes the effects of compounding interest. APYs last updated between July 3, 2024 and July 9, 2024.
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| 5.25% | 5.10% | |
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Minimum balance for APY
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| $0.00 | $0.00 | |
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Estimated earnings
Interest earned calculation based on a $25,000 deposit amount for a period of 1 year and is rounded to the nearest dollar. Exact earnings are dependent on calendar year, balance, and compounding frequency. Minimum deposit rules may apply.
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| $1,313 | $1,275 | |
| The UFB Rewards Savings account earns one of the top yields available. The account pays the same APY on all balances. An ATM card is available, and there are no monthly service fees with this account. | Bask Bank’s Interest Savings Account earns a highly competitive APY, with no minimum balance requirement or monthly fees. The bank also offers a Mileage Savings Account, which allows you to earn American Airlines miles as rewards, based on your monthly balance. | |
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UFB Direct vs. Ally Bank
As online-only banks, both UFB Direct and Ally offer competitive yields on their deposit products, but UFB currently offers higher rates. However, Ally as a whole has a larger range of accounts, offering everything from credit cards to checking accounts and CDs.
As such, if you’re looking to consolidate your banking under one roof, Ally may be the better choice. However, if you’re just looking for a savings or money market account, UFB’s yield is hard to beat. The money market account charges a $10 monthly fee unless you maintain a $5,000 balance, but there’s no withdrawal limit. In contrast, Ally doesn’t charge a monthly fee for its money market account but does have a 10-per-month withdrawal limit.
UFB Direct FAQs
Review methodology
We assign a score to each type of account and its features, weigh them carefully based on importance to account holders and determine an overall score. Read our full review methodology.
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