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. UFB Direct Review: Pros, Cons,
With the Federal Reserve still keeping rates relatively low, many high-yield bank accounts have been slow to raise rates. But with UFB Direct, savers can still earn over 20 times more than the national average.
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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. UFB Direct Review: Pros, Cons,
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 3.26% 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. UFB Direct Review: Pros, Cons,
Secure Savings Account
UFB recently raised their rate on their savings account to 3.26%, but they added the tier back in. UFB Direct lists several balance tiers, all of which currently offer the same APY, but that could change. UFB Direct Review: Pros, Cons,
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.
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Moving money into and out of your account is available through the following methods: UFB Direct Review: Pros, Cons,
- ACH
- Wire
- Mailed cheque
- Mobile-deposited cheque
- 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.
How does their savings account compare? Check out this list of best savings accounts, or this quick comparison:
Secure Money Market Account
If you want to earn the 3.26% rate but also need the ability to use your savings like a checking account, the UFB Direct Secure Money Market Account (MMA) is the way to go. Again, this is only for those who have five figures ready to set aside. UFB Direct Review: Pros, Cons,
The UFB Direct MMA earns 3.26% APY on the full balance, but 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 cheque-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. UFB Direct Review: Pros, Cons,
Mobile App
The UFB Direct mobile app allows you to deposit cheques 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.
Customer Service Complaints
UFB Direct has a 3-star rating on Trustpilot and a 1-out-of-5-star rating on BBB. They also get a 1.5 star rating on DepositAccounts. While these are low, they have been improving over the last year. UFB Direct Review: Pros, Cons,
Many of the complaints are around customer service and slow transfers. This includes outsourced call centres, lack of customer service follow-up, and slow money transfers (both into new accounts and withdrawals from existing accounts).