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UFB Direct Review 2024

Updated July 31, 2024
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At a glance

4.5
Rating: 4.5 stars out of 5
Bankrate Score
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Checking

Rating: 4.6 stars out of 5

Savings

Rating: 5 stars out of 5

MMA

Rating: 4.3 stars out of 5

About Bankrate Score

Overview

UFB Direct is geared toward savers looking for high yields. It offers a savings account, a money market account and a checking account. But it doesn’t offer CDs. Both its Portfolio Savings and Portfolio Money Market accounts earn highly competitive APYs on all balances. The bank also offers mortgages.

Highlights

  • High APY
  • 24/7 Customer Service
Sponsored offers
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These are sponsored offers rated highly by us for competitive rates, fees, and minimums.

Bank logo
Member FDIC
Savings Account
4.00
%
APY
APY
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As of 11/21/2024
Rating: 4.4 stars out of 5
$0
Min. balance for APY
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Promoted offer:

Overall

UFB Direct is an online-only bank offering a savings account, money market account and a checking account. These come with digital banking tools, including a highly rated mobile app. The bank also offers home loans and a 24/7 customer support line.

Pros

  • Checkmark Icon

    Both the money market and savings accounts earn highly competitive yields.

  • Checkmark Icon

    The money market account offers check-writing privileges.

  • Checkmark Icon

    Customers have access to unique digital features such as SMS banking and a well-rated mobile app.

Cons

  • There’s a $10 monthly fee on the money market account unless you keep at least $5,000 in the account.

  • UFB Direct frequently relaunches its savings and money market accounts, which can be confusing for existing customers.

UFB Direct Logo

We want to know what you think about UFB Direct

Do you have experience with UFB Direct? Let us know your thoughts.

UFB Direct banking products

5.0
/5
Rating: 5 stars out of 5
SCORE BREAKDOWN
APY offering:
4.31%
Rating: 5 stars out of 5
5/5
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Minimum balance for APY:
$0.00
Rating: 5 stars out of 5
5/5
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Monthly service fee:
$0.00
Rating: 5 stars out of 5
5/5
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Minimum balance to avoid fee:
$0.00
Rating: 5 stars out of 5
5/5
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Access to funds:
Great
Rating: 5 stars out of 5
5/5
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FEATURES
Invest Rate Icon
4.31% APY
Info Icon
Savings Icon
$0 minimum balance for APY
Loan Icon
$0 minimum deposit to open

UFB Direct savings overview

The UFB Direct Portfolio Savings account earns a highly competitive yield and has no minimum balance requirement or monthly fee. The account earns the same interest rate on all balances.

The savings account comes with an ATM card. The bank partners with a variety of fee-free ATMs across the U.S., which can be found through its ATM locator.

It’s also free to transfer money between direct deposit accounts, and there’s no fee for incoming wire transfers.

The UFB Portfolio Savings account made its debut on July 25.

Pros

  • Checkmark Icon

    The account charges no monthly maintenance fee.

  • Checkmark Icon

    UFB Direct allows unlimited transfers from savings.

  • Checkmark Icon

    The account comes with an ATM card that can be used for free cash withdrawals at over 90,000 ATMs.

  • Checkmark Icon

    Incoming wire transfers are free.

Cons

  • There’s a $5 fee for receiving paper account statements.

  • See how rates for this account have changed over time. Interact with the trend lines to view APY by date.

    UFB Direct
    APY
    APY
    Info Icon
    National average APY
    How do we get this data?
    Info Icon

Bank fees

Fee Charged?
Overdraft/ Non-sufficient funds fee $25
Monthly maintenance fee $0-$10
Out-of-network ATM fee None
Excessive transaction fee $10
Paper statements $5

Customer experience

Customer support

24/7 support. Customers can call a support line that’s available 24/7, except on bank holidays, or they can reach out through an online chat feature that’s available weekdays from 8 a.m. to 5 p.m. PT. The chatbot on the app answers questions quickly and accurately, according to a Bankrate staff member with a UFB account.

Digital experience

Highly rated mobile app. UFB Direct’s mobile banking app offers standard digital features, such as mobile deposit capture, digital verification and account transfers. It earns a high score in the Apple App and Google Play stores. Collectively, the apps have been reviewed by more than 14,000 users.

APYs are difficult to find. While UFB typically offers high yields, the bank reserves the right to change the APY at any time, but it isn’t easy to confirm those changes. Each account’s APY is hidden at the bottom of a detail section that’s accessible only after clicking on the account, sliding over several options, then scrolling all the way to the bottom, according to a Bankrate staff member with a UFB account.

Slow account updates. While the app supports linked accounts from other banks, it rarely displays the correct funds from non-UFB accounts, said a Bankrate staff member who uses UFB personally. This undermines the overall financial view aspect of the dashboard.

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Bankrate staff insights

“UFB Direct’s high-yield savings account remains one of the best options on the market,” said a Bankrate staff member with a UFB account. “The simplified app enables you to transfer your funds and forget about fiddling with complexity while your accounts accrue interest.”

Disclosure: To enhance our product reviews, Bankrate employees often open accounts and provide feedback. They may have been compensated for their time and account maintenance, but this does not affect the integrity of their review.

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The above images were last updated on November 1, 2024.

About UFB Direct

UFB Direct is an online-only bank that was established in 1999. It is a division of Axos Bank.

In the past, UFB Direct has had minimum balance requirements to earn interest, but now its two accounts offer competitive interest rates on all balances. No checking accounts or CDs are offered.

How UFB Direct compares to other banks

Compare different account types offered by UFB Direct. Annual percentage yields (APYs) shown were updated between Nov. 14, 2024 and Nov. 20, 2024.

Selected bank
UFB Direct savings account
UFB Direct Logo
Member FDIC
Bankrate score
Rating: 5 stars out of 5
5.0
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Most comparable
Bask Bank savings account
Bask Bank Logo
Member FDIC
Bankrate score
Rating: 5 stars out of 5
5.0
Info Icon
Read review
Search for or select a bank:
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Bankrate score
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Read review
APY
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4.31% 4.65%
Minimum balance for APY
$0.00 $0.00
Estimated earnings
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$2,155 $2,325
The UFB Portfolio Savings account earns one of the top yields available. The account pays the same APY on all five balance tiers. An ATM card is available, and there are no monthly service fees with this account. Bask Bank’s Interest Savings Account earns a highly competitive APY, with no minimum balance requirement or monthly fees. The bank also offers a Mileage Savings Account, which allows you to earn American Airlines miles as rewards, based on your monthly balance.
  • This account pays one of the top yields available.
  • The UFB Portfolio Savings account has an ATM card.
  • All balances earn the same APY.
  • The account doesn’t require a minimum deposit.
  • Bask Bank’s Interest Savings Account earns a top-notch yield.
  • The Interest Savings Account doesn’t charge a maintenance fee or require a set minimum balance.
    N/A
  • The UFB Direct website says it takes 15 minutes to get this account.
  • Other banks advertise a quicker account opening process.
  • Bask charges $35 per outgoing wire transfer, which is steep compared to other banks.
  • Neither savings account comes with ATM access.
    N/A

UFB Direct FAQs

Review methodology

With so many financial institutions to choose from, it can be hard to know who to trust. Bankrate’s ever-growing list of bank and credit union reviews is updated regularly. Our editorial team analyzes and reviews each institution across deposit products such as savings accounts, checking accounts, certificates of deposit (CDs) and money market accounts (MMAs). Banks are rated by important factors such as offered interest rates, fees, minimum balance requirements, access to funds and more.

We assign a score to each type of account and its features, weigh them carefully based on importance to account holders and determine an overall score. Read our full review methodology.

UFB Direct customer reviews

CTA UFB Direct has 21 reviews

UFB Direct has 21 reviews

Dive into community reviews below and see what others think about UFB Direct.

4.2 Star Icon
21 ratings
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Score breakdown
5 stars
48%
4 stars
38%
3 stars
5%
2 stars
5%
1 star
5%
Score by category
Overall Rating 4.2 / 5
Competitiveness of APY 4 / 5
Amount of fees 4 / 5
Customer support 4 / 5
Website / Mobile app 4.1 / 5
Verified Badge Icon Bankrate methodology disclosure

In July 2024, Bankrate collaborated with a third-party vendor to survey 1,200 bank account holders nationwide. Bankrate and our vendor collected and summarized account holder responses to five rating questions on a 5-point scale as well as open-ended reviews of the banking experience. Responses are based on individual account holder product details, and therefore cannot be verified for accuracy. Reviewers received an incentive for their feedback. Their ratings are unedited and have not been reviewed or approved by the associated bank or credit union, nor do these responses reflect Bankrate's own expert review of these banking products.

Community Reviews

See what users like you are saying about UFB Direct.
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Anonymous account holder
September 13, 2024
It has been a great experience. They are always willing to help and answer any questions I have. Rates and fee.
Score by category
Amount of fees 5 / 5
Competitiveness of APY 5 / 5
Customer support 5 / 5
Website / Mobile app 5 / 5
Anonymous account holder
September 13, 2024
Very easy to use banking tools that allow me to access funds quickly. there is also no minimum required amount of deposit needed to open an account. No monthly maintenance fees, Earning up to 5.15% APY, and no minimum deposit required to open an account.
Score by category
Amount of fees 4 / 5
Competitiveness of APY 4 / 5
Customer support 3 / 5
Website / Mobile app 3 / 5
Anonymous account holder
September 13, 2024
Great options and good customer service. Helped with good checking account.
Score by category
Amount of fees 5 / 5
Competitiveness of APY 5 / 5
Customer support 5 / 5
Website / Mobile app 4 / 5
Anonymous account holder
September 13, 2024
Make sure you always set up overdraft or overdraft coverage on your account. It had lower APY.
Score by category
Amount of fees 4 / 5
Competitiveness of APY 4 / 5
Customer support 4 / 5
Website / Mobile app 4 / 5
Anonymous account holder
September 13, 2024
Liquidity. Positive experience.
Score by category
Amount of fees 4 / 5
Competitiveness of APY 4 / 5
Customer support 3 / 5
Website / Mobile app 5 / 5
Anonymous account holder
September 13, 2024
UFB Direct offers highly competitive interest rate compared to other banks, making it an attractive option for those seeking high yield savings. FDIC insurance, flexible CD terms, and overall positive banking experience.
Score by category
Amount of fees 4 / 5
Competitiveness of APY 4 / 5
Customer support 5 / 5
Website / Mobile app 4 / 5
Anonymous account holder
September 13, 2024
The employees are really helpful but sometimes a little rude. I like the area that it’s in.
Score by category
Amount of fees 4 / 5
Competitiveness of APY 4 / 5
Customer support 3 / 5
Website / Mobile app 3 / 5
Anonymous account holder
September 13, 2024
Very good service and innovative. Very trustworthy and very relevant.
Score by category
Amount of fees 5 / 5
Competitiveness of APY 5 / 5
Customer support 5 / 5
Website / Mobile app 5 / 5
Anonymous account holder
September 13, 2024
Customer service is great. They always help in whatever I need assistance with. I did some research before I started to use them and they seemed like the best.
Score by category
Amount of fees 5 / 5
Competitiveness of APY 5 / 5
Customer support 4 / 5
Website / Mobile app 5 / 5
Anonymous account holder
September 13, 2024
It’s mediocre at best. Same thing with this company.
Score by category
Amount of fees 1 / 5
Competitiveness of APY 1 / 5
Customer support 3 / 5
Website / Mobile app 3 / 5