UFB Direct Bank Review

Pros Explained

• Decent interest rates on deposit accounts: You can get up to a 4.81% annual percentage yield (APY) on savings and premium money market accounts. If you meet the minimum daily balance requirements, you can earn a competitive interest rate on your accounts.
• No minimum deposit to open a savings account: UFB's high-yield savings account has no minimum deposit, making it perfect if you're looking to open a savings account when you're just starting out.
• No ATM fees: UFB doesn’t have its own network of ATMs, but you can access any ATM in the U.S. While UFB won’t ding you with an out-of-network ATM fee, there might be a surcharge from the bank or company that operates the ATM.
  

Cons Explained

• High deposit required to open a money market account: While the rates offered by UFB are competitive, you’ll need at least $5,000 to open a money market account.
• Limited account options: UFB Direct only offers three main types of products: savings, premium money market accounts, and mortgages. If you’re someone who wants your bank to serve as a one-stop-shop, you might want to look elsewhere.

Who Is UFB Best For?

UFB Direct should appeal to most folks who want an online bank account to park their money for long periods of time. It may be a particularly good fit for customers who:

• Have a fair amount of money to tuck away into savings—or might soon 
• Want to a competitive interest rate on savings vehicles 
• Don’t have a lot of cash for a minimum required deposit 
• Want to open a savings account and anticipate a windfall of cash in the near future 
• Prefer a savings or premium money market account with a debit card and no monthly account fees 
• Want an online bank whose parent bank is well established

What Does UFB Offer?

UFB offers a limited selection of accounts with a full range of online services: 

• Savings account
• Premium Money Market
• Around-the-clock personal banking

UFB Savings Account

UFB’s savings account comes with a debit card and does not charge monthly maintenance fees. What is particularly appealing about this account is that you don’t have to deposit a single cent to open one. The APY rates are as follows:

If you anticipate a small windfall of cash in the near future—perhaps by way of an inheritance, sale of an asset, or a bonus at work—you might consider opening an account now. That way you’ll have a place to tuck away that money when it comes.

You can use any ATM in the U.S. without paying out-of-network fees. However, there might be other surcharge fees that can’t be reimbursed.

UFB Money Market Account

UFB’s money market account boasts a very competitive APY, with rates as follows:

UFB’s money market account has a $10 monthly account fee, which is waived if you maintain a daily minimum of $5,000.

UFB Customer Service

Banking customers can contact the customer service line seven days a week, 24-hours a day. There is also the standard option to reach out through the website and via a mobile app. Customers also can send a message through the dashboard.

While UFB offers different customer service options, its parent Axos ranks below average in customer satisfaction. Per the J.D. Power 2021 Direct Banking Satisfaction survey, Axos scored 627 out of 1,000 points. That’s a tad below the industry average of 701.

Other Financial Products Offered by UFB Direct 

• Mortgages

How to Bank with UFB

You can open an account online. You’ll want to have a valid ID on hand, and basic information such as your Social Security number. Prospective account holders need to be at least 18 years old to apply.

Have questions and want to receive more information before making a decision? You can fill out a request form on its website.

Methodology

Investopedia is dedicated to providing consumers with unbiased, comprehensive reviews of banks. We collected over 20 data points across more than 80 banks including products available, interest rates, fees, and accessibility to ensure that our content helps users make the right decision for their savings and banking needs.