UFB Direct Review 2021

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Updated on Tuesday, November 23, 2021

UFB Direct

UFB Direct is a subsidiary of another big name in online banking, Axos Bank. UFB Direct offers only two types of deposit accounts, its Direct High Yield Savings account and its Premium Money Market account. Accounts are protected by up to $250,000 by the Federal Deposit Insurance Corporation, but assets held at Axos Bank and UFB Direct are combined for the purposes of account insurance.

Both the Direct High Yield Savings account and the Premium Money Market account can be a good way for certain customers to earn above-average APYs on their idle cash, but both accounts have certain hurdles that must be cleared in order to earn interest and/or avoid fees.

UFB Direct savings accounts 4 out of 5

UFB Direct High Yield Savings
  • APY:0.20% on balances of $10,000 and above
  • Minimum opening deposit: $0
  • Monthly fee: $0

The UFB Direct High Yield Savings account pays an APY well above the national average, but also far below the top savings account APYs available from competitors. While there is no minimum account balance, you won’t earn any interest until your account reaches at least $10,000. Additional deposits don’t earn higher rates. The account may have some appeal for those with larger balances that want to earn more than the major banks pay on savings account balances, along with those looking for a savings account option that charges no fees.

Transaction limitations that apply to all savings accounts apply to the UFB Direct High Yield Savings account. Specifically, most types of transactions are limited to six per month, with the exception of those made at a branch, by mail or at an ATM. Excess transactions are assessed a $10 fee. Repeated violations of this policy may result in account closure.

SEE DETAILS Secured

on UFB Direct’s secure website

Member FDIC

UFB Premium Money Market
  • APY:0.10% on balances below $25,000; 0.20% on balances of $25,000 or greater
  • Minimum opening deposit: $5,000
  • Monthly fee: $10 (waived if average daily balance is $5,000 or greater)

The UFB Premium Money Market account is essentially the check-writing version of the UFB Direct High Yield Savings account. Both accounts pay as much as 0.20% APY, although a $25,000 minimum balance is required in this account to earn that APY (versus the $10,000 for the Direct High Yield Savings account). This account also has a $10 monthly fee if your balance dips below $5,000. That same $5,000 is also the minimum required to open the Premium Money Market account.

As with the Direct High Yield Savings account, most withdrawals are limited to six per month, not counting those made at an ATM, in a branch or via mail. The same excess transaction fee of $10 applies, as does the possibility of account closure for repeated violations.

SEE DETAILS Secured

on UFB Direct’s secure website

Member FDIC

UFB Direct checking accounts 0 out of 5

UFB Direct doesn’t currently offer any checking accounts. Explore MagnifyMoney’s list of the best checking accounts on the market today for other options.

UFB Direct CDs 0 out of 5

UFB Direct doesn’t currently offer any CDs. Looking for competitive CDs? We’ve compiled the best CD rates available now.

Customer experience at UFB Direct

UFB Direct is an entirely online bank, so there are no branches available for customers to visit. However, for both of its deposit accounts, UFB Direct offers a debit/ATM card with fee-free access to over 91,000 ATMs nationwide.

Mobile apps are available on the Google Play and Apple App stores, earning reviews of 4.1 stars and 4.8 stars, respectively. Functionality of the apps includes remote deposit, account history, bill pay function, a custom dashboard and external transfers.

Customer service is available via chat, secure message or phone. Chat hours are 8 a.m. to 5 p.m. Pacific Time, Monday through Friday. Phone bankers can be reached 24/7 at 877-472-9200.