UFB Direct Reviews: High Yield on Savings

Key Points: 

• UFB Direct is a digital bank offering decent interest rates on deposit accounts. 
• APY: 5.25% 
• Sum Insured: Up to $175 million (depending on account type).
• Types of Deposit Accounts: Freedom checking account, secured savings account, secure money market account, and InsureGuard+ Savings account.  
• Loans Offered: Conforming mortgage loans, Non-conforming mortgage loans, FHA loans, Portfolio loans, and more.

With numerous online banking services popping up every day, it is hard to find a genuine platform. However, we did our research and found one of the best in today’s times – UFB Direct Bank.

This online-only bank surpasses the limitations of savings accounts and offers high-yield UFB savings accounts and money market accounts for investors. Additionally, it is a go-to platform for all types of loans, including auto loans for bad credit for business owners. 

So if you’re looking for a safe way to earn a high yield on your liquid money, this bank is just the right option. Read the UFB Direct reviews till the end to know more. 

UFB Direct – Overview 

UFB Direct is an online bank that provides UFB direct high yield savings and money market accounts for people looking for a place to keep their money. Additionally, the bank provides an add-on checking option. 

Account holders can access their money at thousands of ATMs nationwide and enjoy a top-rated mobile banking platform from the institution. This online bank might be a good choice for you if you have extra cash on hand and want to earn a higher yield while keeping it liquid.

You can find a wide range of savings accounts, smart money management tools, and loans on the platform to take care of your finances. 

Now that you’re introduced to the online institution, let’s go ahead with this UFB direct high yield savings review and discuss its positives and negatives in the coming section. 

UFB Direct Savings – Pros and Cons 

It is important to know all the negatives and positives of the online banking portal so that you can protect your finances by taking the right steps. 

Pros	Cons
No minimum balance for account opening.	No checking account, CDs, and other deposit options.
Both money market and savings accounts offer competitive APYs.	Customers need to keep at least $5000 in their money market account to avoid the $10 monthly fees.
Mobile banking features like SMS banking and more.	No physical offices.
Customers get ATM fee reimbursements.	Frequently relaunches savings account and money market plans, which can confuse account holders.

These are the pros and cons of UFB Direct savings account and money market. If you are still in favor of this platform, let’s go ahead and discuss the account basics in the next section. 

Types of UFB Bank Account

UFB Bank is the first choice for folks who want to park their money for the long term and earn interest on deposited amounts. What’s The cherry on the cake is that the online-only bank offers four types of accounts. So each customer can choose what is best for them. 

Here is the rundown of each account type:

UFB Secured Savings

UFB Bank offers a FDIC-insured secured savings account that offers high-yield savings opportunities. Account holders get ATM cards with access to 90,000+ ATMs and a personal dashboard with tons of money management features to deal with debts. 

These are some extraordinary features of Secured Savings account:

• Receive up to 5.25% APY with no fees for upkeep or services.
• There is no minimum deposit needed.
• Free ATM card.
• Digital resources for smooth online banking.
• Free transfers between accounts that accept direct deposits.

Account Fundamentals

• Daily Withdrawal Limit: $510 using ATM card and cash transfers. 
• Minimum Deposit: None 
• Minimum Balance: $0
• Maintenance Fee: $0
• Maximum Deposit: $250,000
• Maximum Daily Transaction: $30,000Maximum Monthly Transfer: $60,000

UFB Secure Money Market

The UFB Secure Money Market account offers up to 5.25% APY on all balance tiers, which is a great interest rate as compared to Sofi Bank and its other competitors. The main difference between this account and a standard savings account is a monthly fee that can be waived. Account holders must keep an average daily balance of at least $5,000 to avoid the $10 monthly fee.

You can also write checks and access a debit card with this account. Even better, you can use your phone to deposit checks directly into your money market account. Also, note that a daily spending cap of $2,500 applies to debit card users.

Account Fundamentals

• Minimum Balance: $5000
• Maintenance Fee: $10 monthly (if the account has less than the minimum amount requirement)
• Daily Spending Limit: $2,500

UFB Freedom Checking Account

While UFB Direct does not provide a stand-alone checking account, it does provide an interest-bearing account that can be topped off with additional UFB accounts. Customers get a complimentary debit card and monthly reimbursements of up to $10 for domestic ATM fees.

Please note that this checking account does not add up interest on the deposited amount, however, customers can still earn 0.20% APY on savings with the “boost” feature. 

Prerequisites to unlock the “Boost” feature”:

• After establishing $5,000 in monthly direct deposits, unlock the 0.05% APY.
• Get an extra 0.10% APY when you maintain a $10,000 minimum balance.
• When you complete ten debit transactions in a statement cycle, you will receive an additional 0.05% APY.

Account Fundamentals

• Maintenance fee: $2 monthly (if the account does not maintain the minimum amount requirement)
• Minimum balance: $100

InsureGaurd+ Savings Account

This account type is specially designed for people with high net worth. With its expanded FDIC coverage of up to $175 million, customers can save all their funds in one place. 

This premium account lets you earn competitive interest rates and gives you access to a relationship manager who can look over your account. 

So these are the different types of savings accounts you can get. But, in addition, this bank provides a variety of other services, which we will discuss further below.

UFB Bank Products and Services 

Apart from multiple UFB direct savings accounts, this online bank also offers mortgage loans for individuals wanting to purchase or refinance homes. 

Types of Mortgage loans offered:

• Conforming mortgage loans
• Non-conforming mortgage loans
• FHA loans
• Portfolio loans
• VA loans
• Jumbo and Super Jumbo loans
• DSCR loan program
• Interest-only mortgages
• Home equity lines of credit

It is important to know the key factors before getting a mortgage loan, so here are the details that you must know:

• There are no lender fees involved when applying for loans.
• You can get a maximum of 3% in yearly cash back.
• Low interest rates on mortgages.
• Options for a minimal down payment.
• Quick loan settlements and easy application process.

One can easily apply for loans via the official site, or you can also connect with the customer helpdesk and get a quote for your desired loan amount. 

UFB Bank – Fees and Other Charges

To get a complete picture of the online institution, you must first understand the interest rates, annual fees, and other charges. It also helps to determine whether it fits your needs or not.

• Monthly maintenance fee: $0-$10
• Overdraft fee: $25
• Out-of-network ATM fee: None 
• Paper statements: $5
• Excess transaction fee: $10Debit card foreign currency conversion fee: 1%

The online bank offers overdraft protection to take care of your credit score but charges an excess transaction or withdrawal fee. Keeping all the numbers in mind, you can easily start online banking using this platform. 

Benefits of UFB Direct Savings

These are some of the benefits that make UFB Direct high-yield savings accounts different from the crowd:

• ATM Card: This feature is for customer’s convenience that allows them to make free cash withdrawals at over 91,000 ATMs.

• Mobile Banking: The institution offers a top-class mobile banking app that also integrates with digital wallets. Meaning, that you can simply make transactions using Apple Pay and other wallets by merging them on the UFB Direct mobile application.

• FDIC Insurance: The high-yield savings account gives protection of $250,000 and the InsureGuard+ Savings account gives coverage up to $175 million. 

• Automatic Logouts: The platform automatically logs out of the secure session after a period of inactivity to protect the online data. 

• Fraud Protection: It regularly monitors customer’s accounts and uses antivirus to detect and protect from viruses and unauthorized networks.

So these are some of the advantages you get with UFB Direct. Moving ahead, let’s look at some customer reviews to get more insights. 

UFB Direct Savings Account Reviews 

UFB Direct has a mixed review on Trustpilot, with 46% of users giving 5 stars and 28% giving 1 star. Even though the interest rates and features are good, customers are not satisfied with the customer service and website functionalities. 

This is what they have to say:

To get more insights about the platform, you can do your research, talk to the customer help desk, and figure out if it’s best for you. 

Is UFB Direct Legit?

Yes, UFB Direct is a legitimate online banking division of Axos Bank. It was formed in 1999 and has its headquarters in San Diego, California. We have seen people express concerns, such as “Is UFB Direct a good bank” and whether it is legitimate or not, due to the prevalence of untrustworthy platforms. 

But, this online-only bank is a member of FDIC and has around $20 billion in assets, so you don’t have to worry about it. 

UFB Direct VS Other Banks 

It is always best to keep your options open and explore the competitors as well. Here we have given a brief of the two best online banks that you can choose if you don’t want to go with UFB Direct. 

Cred.ai

Cred AI is a fintech company that offers a Unicorn credit card and a deposit account, both of which help to develop credit scores.  

The Unicorn card, without a deposit account, has a withdrawal and spending limit, whereas the two together provide a complete banking experience. 

Refer to the table below to know the fundamentals, and read our Cred.ai review for detailed information.

• APR: 17.76%
• Annual Charges: $0
• Renewal Charges: $0
• Service Fees: $0
• Sum Insured: Up to $250,000 by FDIC

SunTrust Bank 

SunTrust Online Bank is the seventh-largest bank in the United States, with $396 billion in deposits and $297 billion in loans. It offers debit cards, credit cards, trust, and investment services to individuals. Plus, it offers banking solutions and business credit cards specially designed for small businesses. 

The best part is that it has a $20 monthly maintenance fee, which can be waived with direct deposit transactions of $3,000 every month. We have written the basics of this bank below. 

• APY: 2.47% on savings
• Overdraft Fees: $36
• Annual Charges: $0
• Paper Statement: $3 per month
• Minimum Balance: 0 for savings accounts and $100 for checking accounts.

So this was all about the online-only bank. We hope this UFB direct review has provided some great insights for you. Make sure to read all the terms and conditions and charges carefully to avoid mistakes. 

Read Next: BJs Capital One credit card: Features, login, pricing, and interest rates. 

Frequently Asked Questions

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