UFB Direct is a digital bank that's currently offering some of the best yields you'll find on both their savings and money market accounts.
With the Federal Reserve recently dropping the Fed rate to 0% to 0.25%, many high-yield bank account have lowered their rates as well. But with UFB Direct, savers can still earn over 20 times more than the national average.
But to earn those high rates, you'll need to deposit a large chunk of cash into one of UFB Direct's accounts. We break down all the features and requirements below in our review. See how UFB Direct compares to other top high-yield bank accounts.
- Online bank offering some of the top yields available
- High minimum balances required to earn best APY
- $10 monthly fee on money market accounts if balance falls below $5,000
UFB Direct Details
$0 to $5,000
Up to 0.40%
Savings and Money Market
Who Is UFB Direct?
UFB Direct is a division of Axos Bank and is an online-only bank that offers high-yield savings accounts, money market accounts, and mortgages. UFB Direct was established in 2000 and is headquartered in San Diego, CA. See other top online-only banks.
What Do They Offer?
UFB Direct offers two FDIC-insured high-yield deposit account products. Currently, it's paying up to 0.40% APY on its savings and money market accounts. To qualify for the highest APY, you'll need to meet minimum balance requirements as detailed below.
To earn the 0.40%, you’ll need to deposit at least $10,000. While UFB Direct lists several balance tiers above $10,000, they are all currently paying the same interest rate.
An initial minimum deposit is not required but anything below $10,000 does not earn interest. If you do not deposit funds into the account within 30 days of opening it, the account may be closed.
Savings accounts come with an ATM card, which is more common for checking accounts. However, UFB Direct is not part of an ATM network. This means you should expect to pay fees from the ATM owner when using any ATM.
Moving money into and out of your account is available through the following methods:
- Mailed check
- Mobile-deposited check
- ATM withdrawal
There is a limit of six withdrawals per cycle (i.e., month). This is a federal limit imposed on all banks. Restricted transactions include ACH and phone transfers.
Money Market Account
If you want to earn the 0.40% rate but also need the ability to use your savings like a checking account, the UFB Direct Money Market Account (MMA) is the way to go. Again, this is only for those who have five figures ready to set aside.
The UFB Direct MMA requires at least $25,000 to earn the 0.40% APY. If you have less than $25,000, you’ll only earn a 0.50% APY. If your account balance falls below $5,000, you’ll be charged a $10 monthly maintenance fee.
UFB's MMAs do require a higher balance than their savings accounts to earn the best rate. But, for that higher balance, you get limited check-writing privileges.
You'll also get complimentary postage-paid envelopes and a Visa® debit card. Compare the UFB Direct MMA with other top money market accounts.
The UFB Direct mobile app allows you to deposit checks into your account. When you don’t have access to wifi, you can use SMS for account management. The mobile app has a 4.7/5 rating from 3 people on the Apple App Store and a 3.3/5 rating from 13 reviews on Google Play.
Are There Any Fees?
There are no fees whatsoever with its high-yield savings account. But you'll be charged a $10 monthly maintenance fee on the UFB Premium Money Market if your balance falls below $5,000.
How Do I Open An Account?
UFB Direct is a completely online bank so there are no branches that you can visit. Go to https://www.ufbdirect.com to open an account.
Is My Money Safe?
Yes — UFB Direct is FDIC-insured, so account balances up to $250,000 will be completely protected by the federal government. Learn how to insure deposits above the FDIC limit.
It also takes security and fraud seriously. Its website comes with 128-bit encryption and accounts are constantly monitored for fraudulent activity. Its online banking portal will also automatically log you out after a period of inactivity.
Is It Worth It?
UFB Direct offers some of the highest-earning, FDIC-insured deposit accounts you'll find. And its MMA provides services similar to those you’ll find in a checking account while still paying a high APY. So if you have the funds to meet the minimum balance requirements, it could certainly be worth it to open an account.
However, these accounts aren't for everyone. If you don't have at least $10,000 to save, you'll earn 0% on UFB's savings accounts. And if you don't keep at least $5,000 in its money market accounts, you'll be charged a $10 maintenance fee.
UFB Direct Features
UFB Direct Features
Savings and money market
Up to 0.40%
None (online-only bank)
No fee-free ATM network
Customer Service Number
Customer Service Hours
Mobile App Availability
iOS and Android
UFB Direct Review
- Interest Rates
- Fees and Charges
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- Ease of Use
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Robert Farrington is America’s Millennial Money Expert® and America’s Student Loan Debt Expert™, and the founder of The College Investor, a personal finance site dedicated to helping millennials escape student loan debt to start investing and building wealth for the future. You can learn more about him here and here.
He regularly writes about investing, student loan debt, and general personal finance topics geared towards anyone wanting to earn more, get out of debt, and start building wealth for the future.
He has been quoted in major publications including the New York Times, Washington Post, Fox, ABC, NBC, and more. He is also a regular contributor to Forbes.