UFB Direct, established in 1999, operates as an online-only bank and operates as a division of Axos Bank. While it previously enforced minimum balance requirements to earn interest, its current offerings include two accounts that boast competitive interest rates on all balances. Notably, UFB Direct does not provide checking accounts or certificates of deposit (CDs) at present.
UFB Direct caters to savers seeking high returns on their money through their competitive interest rates on savings and money market accounts. While they don’t currently offer other deposit accounts, they can also assist you with your mortgage needs.
UFB Direct, an online-only bank, provides savings and money market accounts accompanied by digital banking tools, including a highly rated mobile app. Alongside these deposit products, the bank extends its services to include home loans and operates a 24/7 customer support line.
UFB Direct Pros:
- Competitive Yields: Both the money market and savings accounts offer highly competitive yields, enhancing potential returns for savers.
- Check-Writing Privileges: The money market account provides check-writing privileges, adding flexibility to account management.
- Digital Features: Customers gain access to unique digital features like SMS banking and a well-rated mobile app, facilitating convenient and efficient banking experiences.
UFB Direct Cons:
- Limited Account Types: UFB Direct restricts account options to a savings account and a money market account, limiting diversity in deposit products.
- Monthly Fee: The money market account incurs a $10 monthly fee unless a minimum balance of $5,000 is maintained, potentially impacting account holders with lower balances.
- Account Changes: The bank frequently relaunches its savings and money market accounts, leading to potential confusion among existing customers regarding account terms and features.
UFB Direct Savings Account Overview
The UFB Secure Savings account stands out for its highly competitive yield and customer-friendly features. Here’s a closer look at what this account offers:
- Competitive Yield: The account earns a highly competitive interest rate on all balances, maximizing potential returns for savers.
- No Minimum Balance or Monthly Fee: There’s no minimum balance requirement or monthly maintenance fee, making it accessible to a wide range of customers.
- ATM Card Access: Account holders receive an ATM card, allowing convenient access to funds. The bank partners with a network of fee-free ATMs across the U.S., enhancing accessibility for customers.
- Unlimited Withdrawals: There are no limits on the number of withdrawals you can make from the account, providing flexibility and convenience for account holders.
- Free Transfers: Transferring money between direct deposit accounts is free of charge, simplifying fund management for customers.
- Free Incoming Wire Transfers: Incoming wire transfers incur no fees, saving customers additional costs associated with transferring funds.
Pros:
- No Monthly Maintenance Fee: The account charges no monthly maintenance fee, reducing the overall cost of banking for customers.
- Unlimited Transfers: Customers can make unlimited transfers from their savings account without facing any restrictions.
- Free ATM Access: The included ATM card allows for free cash withdrawals at over 90,000 ATMs nationwide, offering convenience and accessibility.
- Free Incoming Wire Transfers: There are no fees for incoming wire transfers, providing a cost-effective solution for transferring funds into the account.
Cons:
- Paper Statement Fee: Account holders may incur a $5 fee for receiving paper account statements, which could be a drawback for customers who prefer traditional statements.
