Fox Money is a personal finance hub featuring content generated by Credible Operations, Inc. (Credible), which is majority-owned indirectly by Fox Corporation. The Fox Money content is created and reviewed independent of Fox News Media. Credible is solely responsible for this content and the services it provides.
Advertiser disclosure: Content provided by Bankrate.com. Fox and its content partners earn compensation from the affiliate companies below. This content doesn’t include all available offers, and compensation may impact how and where links appear in the content.
In the world of online banking, UFB Direct stands out as a top contender for those seeking to maximize their savings. With its competitive rates on its high-yield savings and money market accounts, UFB Direct has become a go-to choice for savvy savers.
UFB Direct Bank operates under the umbrella of Axos Bank, one of the most well-established and trusted online banks.
In this review, we'll explore UFB Direct's account offerings, key benefits, and potential drawbacks to help you determine if this online bank aligns with your financial goals.
Fox Money rating: 8.8/10
UFB Direct is an excellent choice for savers who prioritize high interest rates and low fees, but it may not be the best fit for those looking for a full-service bank.
Pros
- Competitive interest rates on savings and money market accounts
- Low fees and minimum balance requirements
- Convenient online and mobile banking tools
- FDIC insurance coverage
- Extensive mortgage offerings
Cons
- No physical branches or in-person banking options
- Limited product selection compared to traditional banks
- No business banking services
UFB Direct bank accounts
By eliminating the costs that come with physical branches, UFB Direct can offer bank accounts with minimal fees and high rates. You can also find a handful of other financial services, including mortgages.
UFB Direct offers a savings account, money market account, and checking account. All bank accounts are FDIC insured up to $250,000 per person, per account. Here’s a closer look at each one.
UFB Direct savings account
- Minimum opening deposit: None
- Monthly fees: None
- APY: 5.25%
The UFB Secure Savings account is the crown jewel of UFB Direct's offerings. With an impressive 5.25% APY and no minimum balance requirement, this account is an excellent choice for anyone looking to grow their savings.
Plus, there are no monthly maintenance fees, allowing you to maximize your earnings without worrying about pesky charges eating away at your balance.
You’ll also receive an ATM card for easy cash deposits and withdrawals. There's a daily limit of $510 for ATM withdrawals and $500 for point-of-sale transactions.
You can also make free transfers between direct deposit accounts and access digital banking tools, including mobile check deposits and SMS banking.
UFB Direct money market account
- Minimum opening deposit: None
- Monthly fees: $10 (waived with a $5,000 balance)
- APY: 5.25%
If you want the best of both worlds – high-yield savings and check-writing privileges – the UFB Secure Money Market account is a great choice. This account offers the same impressive 5.25% APY as the Secure Savings account but with a few key differences.
To avoid the $10 monthly maintenance fee, you must maintain a balance of $5,000 or less. This account comes with a debit card and the ability to write checks. There's a daily limit of $1,010 for ATM withdrawals and $2,500 for point-of-sale transactions.
UFB Direct checking account
- Minimum opening deposit: None
- Monthly fees: $2 (waived with $100 daily balance)
- APY: 0.20%
UFB Direct doesn't offer a standalone checking account. But it does provide the UFB Freedom Checking account as part of a bundle with the Secure Savings account. This checking account boasts no monthly maintenance fees or minimum balance requirements.
You'll receive a debit card for purchases and ATM withdrawals at over 90,000 in-network ATMs, as well as access to online bill pay and mobile check deposit. There's a daily limit of $1,010 for ATM withdrawals and $2,500 for point-of-sale transactions.
What sets this checking account apart is the potential for APY boosts based on your banking activity. Receive $5,000 or more in monthly direct deposits? You'll earn a 0.05% APY increase on your savings or money market account. Maintain a minimum balance of $10,000? That's another 0.10% APY boost. Make at least ten qualifying debit card transactions each statement cycle, and you'll add an additional 0.05% APY.
These perks can increase your earning potential to an impressive 5.45% APY.
Other services UFB Direct offers
For those in the market for a home loan, UFB Direct offers a variety of mortgage products through Axos Bank, including:
- Conforming and non-conforming loans
- Government-backed FHA and VA loans
- Jumbo and super jumbo loans
- Portfolio loans
- Debt Service Coverage Ratio (DSCR) loans
- Interest-only home loans
- Home equity lines of credit (HELOCs)
The application process takes just 10 minutes to get started. Borrowers can save money with no lender fees.
UFB Direct online and mobile banking
UFB Direct's online banking platform is designed with user-friendliness and simplicity in mind. Users can easily manage their money, deposit checks, pay bills, and transfer funds – all from the comfort of their own devices.
Notable features include:
- Customizable account alerts (email, text, or push notifications)
- Debit card management (deactivation and replacement requests)
- Transaction dispute resolution
- Secure login options (fingerprint, digital image, or voiceprint)
- Enhanced security measures and fraud protection
24/7 customer support via the online banking platform
The online and mobile banking experience extends beyond personal banking. Users can apply for mortgages, auto loan refinancing, and personal loans through the app or website.
UFB Direct customer support
One of the standout features of UFB Direct is its dedication to customer service. Users can access 24/7 support, ensuring assistance is always a phone call or click away.
You can also reach customer service 24/7 by calling 877-472-9200. You can also live chat or submit a secure message via the website.
UFB Direct boasts an A+ rating on the Better Business Bureau and a 3.3/5 on Trustpilot. The mobile app has a whopping 4.8/5 on the App Store and 4.7/5 on Google Play — much higher than most banking apps. Most reviews praise the online bank for its innovative products, interest rates, and ease of use.
Is UFB Direct right for you?
If your primary financial focus is growing your savings, UFB Direct could be an excellent fit. As an online bank, UFB Direct can offer higher interest rates and lower fees than many traditional banks. The rates on UFB Direct's savings products are among the most competitive on the market, making it a solid choice for savers.
However, if you're looking for a one-stop shop for all your banking needs, UFB Direct may not be the best option. While UFB does offer mortgages through Axos Bank, its personal banking product selection is limited, with no standalone checking account.
It's also important to consider your banking style. If you value in-person support and the ability to visit a physical branch, UFB Direct may not be the right choice. But, if you're comfortable with online and mobile banking and don't mind relying on remote customer support, UFB Direct could be a great fit.
How we rated this bank
Every bank review we publish has undergone a rigorous editorial process to ensure accuracy and objectivity.
We rate all banks on a 10-point system, with 10 being the highest possible score and 1 being the lowest possible score. We assess each card across several key factors, weighted based on what our research shows matters most to readers like you. Learn more about our methodology here.
Here are some of the factors that influenced this bank’s overall score:
- Interest rates: UFB Direct excels in offering highly competitive interest rates on its savings and money market accounts, with an impressive 5.25% APY and the potential for additional boosts through banking activity. The lack of minimum balance requirements to earn the highest APY makes these accounts very accessible.
- Fees: The bank's fee structure is generally favorable, with no monthly maintenance fees on the Secure Savings account and waivable fees on the Secure Money Market and Freedom Checking accounts.
- Requirements: There are minimum balance requirements for the Money Market account to waive fees, in addition to the Freedom Checking account.
- Product mix: While UFB Direct offers a solid lineup of savings, money market, and checking accounts, as well as extensive mortgage options through Axos Bank, the absence of CDs, investment products, and business banking services could be limiting.
- Customer service: Customer service is a strong point for UFB Direct, with 24/7 support available through multiple channels and high ratings on third-party websites and mobile app stores.
- Digital experience: UFB Direct's digital experience is top-notch, with a user-friendly online and mobile banking platform that offers a range of features and enhanced security measures.
- ATM & branch access: While UFB Direct lacks physical branches, the bank provides access to a large network of ATMs for customers with the Freedom Checking account.
The bottom line
UFB Direct Bank is a good choice for those seeking to maximize their savings with a high-yield account. Its competitive interest rates, lack of fees, and commitment to customer service make it an attractive choice for many savers.
It’s essential to consider your overall banking needs before making the switch. If your goal is to boost your savings and you're comfortable with online banking, UFB Direct is definitely worth considering.
Editorial disclosure: Opinions expressed are author's alone, not those of any bank, credit card issuer, or other entity. This content has not been reviewed, approved, or otherwise endorsed by any of the entities included in the post.
Meet the contributor:
Allison Martin
Allison is a Certified Financial Education Instructor (CFEI) and personal finance writer. Her work has appeared in Bankrate, Experian, Investopedia, and MoneyTalksNews. She also develops interactive financial wellness curricula for education entities, churches, nonprofits, small businesses, and community centers.
