UFB Direct review January 2025: Limited account options but high-yield savings and money market accounts with APYs at 4.01%

UFB Portfolio Savings account

UFB Direct offers a free, high-yield savings account with no minimum deposit requirements or monthly maintenance fees. Earn up to 4.01% annual percentage yield (APY), which is on par with the best overall high-yield savings accounts. You’ll even get a complimentary ATM card that you can use to access over 91,000 ATMs nationally with daily withdrawal limits up to $510. The UFB savings account has a few additional limits:

• $250,000 maximum opening deposit
• $30,000 maximum daily transfer
• $60,000 maximum monthly transfer

UFB Direct’s savings rate compared to current top rates

While UFB Direct is a great option, there are some institutions that offer higher interest rates. Compare the rates above to this list of competitors:

UFB Direct InsureGuard+ Savings account

UFB Direct’s InsureGuard+ Savings account functions like its standard savings account but provides expanded FDIC insurance up to $250 million. Typically, the FDIC provides standard coverage of up to $250,000 per bank. With the InsureGuard+ Savings account, UFB sweeps deposits to multiple accounts at member institutions in amounts under the standard FDIC insurance maximum.

UFB Direct vs. other popular savings accounts

UFB Freedom Checking account 

The UFB Freedom Checking has no maintenance fees or minimum balance requirements. With the UFB checking account, you can access your funds 24/7 with its online banking tools and take advantage of its network of ATMs as well as up to $10 in ATM fee reimbursement. The checking account offers a 2.00% APY on its own, plus if you can comply with the following requirements you can boost your savings APY by up to 0.20%:

• Unlock 0.05% APY with $5,000 in monthly direct deposits
• Earn an additional 0.10% APY with a minimum balance of $10,000
• Earn an extra 0.05% APY with 10 approved debit transactions per statement cycle

UFB Direct checking vs. other popular checking accounts

UFB Portfolio Money Market account 

UFB Direct offers one of the best money market accounts with the security and rates of a savings account and the ability to write checks. It also offers a free debit card. While the APY is comparable to its savings account at 4.01% APY, it has a $10 monthly maintenance fee that can be waived with a $5,000 balance.

Other services UFB Direct offers 

Though UFB Bank has limited deposits products, they offer a variety of mortgages through Axos Bank, including:

• Conforming mortgage loans: Conforming loans are mortgages that meet criteria set by Fannie Mae and Freddie Mac. Conforming loans are capped based on your county, but it’s $726,200 in most counties. Loan requirements include good to excellent credit and easy-to-document income.
• Non-conforming loans: These mortgages do not meet Fannie Mae and Freddie Mac. They are for borrowers with loans worth over $726,200 or less than stellar credit. You may be eligible for lender fees to be waived if you have a deposit account with UFB Direct.
• FHA loans: The FHA loans allow for down payments as low as 3.5%. They also have more flexible qualification guidelines with lower credit scores and down payment requirements.
• Portfolio loans: The Portfolio loan program provides loans from $150,000 to $30 million. These loans do not meet Fannie and Freddie guidelines, with the lender setting the terms instead.
• VA loans: VA loans are available to veterans, active duty members, and surviving spouses. The Department of Veterans Affairs guarantees these loans and may require no down payment.
• Jumbo/Super Jumbo loans: Jumbo and super jumbo loans exceed Fannie and Freddie loan limits of $726,200. At Axos, these mortgages cover large loans of $30 million or more.
• Home equity loans/home equity lines of credit: Home equity loans allow you to borrow against the value of your home. UFB Direct offers home equity loans, HELOCs ranging from $30,000 to $250,000, and cash-out refinancing ranging from $50,000 to more than $5 million. 

You can apply for a mortgage online or by phone. Lender fees are waived on mortgages of $250,000 or more for existing Axos or UFB Direct account holders.

UFB Direct platform and customer support 

UFB Direct is an online-only bank offering 24/7 online access through its desktop or mobile app. Check your account balances, view your transaction history, transfer funds, and more. You can even deposit your checks remotely using your mobile camera or computer scanner. For more information on digital banks, check out the best online banks and credit unions.

You can contact customer service directly through UFB’s platform. The bank offers a 24/7 phone number as well as the ability to submit a secure message or use its live chat service.

Is UFB Direct secure?

UFB Direct is a secure bank with standard FDIC insurance of up to $250,000 with no reported data breaches. For high-net-worth individuals, it also offers the ability to access expanded protection up to $250 million with UFB Direct InsureGuard+ Savings through IntraFi® Network Deposits.

UFB Direct user reviews

UFB Direct’s customers rate the bank at an average of 3.5 out of five stars according to review sites, such as WalletHub and Trustpilot. Users report that it can be challenging to initiate same-day transfers in or out of UFB’s savings accounts and that existing users will sometimes be unable to take advantage of new APYs as interest rates increase.

In our experience, we have also seen the advertised APY fall without warning after opening an account. This is a caveat that UFB Direct makes clear in its fine print, but may be off-putting to some customers.

Compare UFB Direct alternatives

SoFi members with Direct Deposit or $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 4.00% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. Members without either Direct Deposit or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Only SoFi members with direct deposit are eligible for other SoFi Plus benefits. Interest rates are variable and subject to change at any time. These rates are current as of 12/3/24. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet. Is UFB Direct right for you? UFB Direct may be right for you if you’re seeking an online bank that offers a competitive, high-yield savings account without any fees or minimums. It may also be right for high-net-worth individuals who need FDIC insurance up to $250 million. However, it is an online-only bank, so it won't be right for those who need access to branches or fee-free ATMs. Frequently asked questions Is UFB Direct a real bank? Yes. UFB Direct is an online-only bank that is FDIC-insured through Axos Bank. They offer consumer banking products like high-yield savings, money market accounts, and a wide array of mortgage loans. Is UFB Direct safe? Yes, UFB Direct is a safe bank with standard FDIC deposit insurance up to $250,000. For high-net-worth individuals, it offers a savings account with up to $200 million in expanded FDIC insurance. While it is an online-only bank, it is as safe as a traditional brick-and-mortar option. Who owns UFB Direct? UFB Direct is owned by Axos Bank and serves as its online-only division. Axos Bank was established in 2000 and has roughly $20 billion in assets. Axos Bank offers mortgages in addition to the traditional banking products offered by UBS Direct. Where is UFB Direct located? While UFB Direct lists its headquarters in San Diego, California, it is an online-only bank that doesn’t offer branches or its own network of ATMs. While it is as safe as a brick-and-mortar alternative, those who need physical locations should consider another bank. Read more Our ranking of the best high-yield savings accounts can help you maximize your APY. Earn a better return on your balance with one of the best savings accounts. Read our list of the best free checking accounts to find an account that will never charge management fees. Many banks offer checking account bonuses when you sign up for a new checking account. Check out which institutions made our listing of the best online banks. About the contributors