Our Review Methodology
Forbes Advisor rates banks based on various factors, including their fees, interest rates and ATM networks, among other characteristics. We assign separate ratings to financial institutions and their individual products, such as checking accounts, savings accounts and certificates of deposit (CDs). We rate banks on a scale of one to five stars, with one star as the poorest rating and five stars as the best.
To learn more about our rating and review methodology and editorial process, check out our guide on how Forbes Advisor reviews banks.
What Is UFB Direct?
UFB Direct is an online bank that’s part of Axos Bank. UFB Direct offers high-interest savings and money market accounts as well as a variety of mortgage options.
UFB Direct’s mobile banking platform is top-rated, and account holders can access their money at thousands of ATMs nationwide. It currently offers one of the most competitive APYs in the country for high-yield savings accounts.
UFB Direct Account Basics
UFB Direct is an online-only bank that is a division of Axos Bank. It offers two primary savings products—the UFB Portfolio Savings and the UFB Portfolio Money Market Account—as well as an add-on checking account.
UFB Freedom Checking Account
UFB Direct doesn’t offer a stand-alone checking account, but it does offer an interest-bearing checking account that can be added to other UFB accounts. This account comes with a free debit card and up to $10 in domestic ATM fee reimbursements per month.
The Freedom Checking account allows you to earn an additional up to 0.20% APY on your savings. The money deposited into a Freedom Checking account doesn’t actually earn interest. Instead, it’s added as a “boost” to an existing savings or money market account. To earn the full boost, you’ll have to meet the following requirements:
- Unlock 0.05% APY after setting up $5,000 in monthly direct deposits
- Unlock an additional 0.10% APY when you keep a minimum balance of $10,000
- Earn an extra 0.05% APY when you complete 10 debit transactions per statement cycle
There is a monthly maintenance fee of $0, but as long as you maintain a $0 minimum balance, UFB Direct will waive it.
UFB Portfolio Savings
The UFB Portfolio Savings account offers up to 4.01% APY on all balance tiers, which is comparable to the best high-yield savings accounts. The account has no minimum deposit requirements, no minimum balance requirements and no monthly fees.
The account comes with an ATM card that can be used to withdraw cash at more than 91,000 ATMs across the country. Account holders can transfer cash between a linked external bank account or withdraw up to $510 per day using the ATM card.
It’s free to transfer money, and you can make unlimited transfers, but there are a few limits to be mindful of:
- Maximum initial deposit: $250,000
- Maximum daily incoming or outgoing transfer: $30,000
- Maximum monthly transfer: $60,000
InsureGuard+ Savings Account
The InsureGuard+ Savings Account account is a special account for high-net-worth individuals. It provides expanded FDIC insurance coverage up to $265 million.
Typically, the FDIC only insures accounts up to $250,000. For this reason, high-net-worth individuals have to manage multiple bank accounts. UFB Direct’s InsureGuard+ Savings account allows you to save all your money in one place.
UFB Portfolio Money Market
The UFB Portfolio Money Market also boasts up to 4.01% APY on all balance tiers, similar to other top money market accounts. The primary difference between this account and the regular savings account is a waivable monthly fee. To avoid the $10 monthly fee, account holders must maintain an average daily balance of at least $5,000.
This account also gives you access to a debit card and allows you to write checks. You can even deposit checks into the money market account right from your phone. Debit card holders are limited to a daily spending maximum of $2,500 per day.
Other UFB Direct Products and Services
UFB Direct also offers mortgages through Axos Bank. Lender fees for Axos or UFB Direct account holders are waived for mortgages of $250,000 or more. Mortgage options include:
Distinguishing Features
Savings ATM card. A nice feature that gives you access to free cash withdrawals at more than 91,000 ATMs.
Mobile banking. UFB Direct has a highly rated mobile banking app that also links to digital wallets like Apple Pay or Google Pay. Users also benefit from SMS banking, which allows you to access some account features via text message when you don’t have access to Wi-Fi.
Expanded FDIC insurance. While the High Yield Savings account provides standard coverage up to $250,000, the InsureGuard+ Savings account provides expanded coverage up to $265 million.
Access on the Go
UFB Direct is an online-only bank, which means customers can access their accounts from the bank’s website or mobile app.
Account holders have 24/7 access to customer support through the app or via phone. Live chat is available weekdays between 8 a.m. and 5 p.m. PT.
UFB Direct Fees
The UFB Portfolio Savings account does not charge a fee; however, there is a $10 monthly fee for the bank’s money market account. That fee is waived if you maintain an account balance of at least $5,000.
Other fees include:
- Low balance fee for UFB Freedom Checking: $2 per month
- Insufficient funds fee: $25
- Excess transaction or withdrawal fee: $10
- Paper statements: $5
- Debit card foreign currency conversion fee: 1%
- Outgoing Wire Transfer (Domestic): $35
- Outgoing Wire Transfer (International): $45
UFB Direct provides overdraft protection but charges an excess transaction or withdrawal fee. Money can be withdrawn for free at out-of-network ATMs; however, individual ATMs may charge a service fee.
Is There More Than Meets the Eye?
There’s a reason UFB’s savings products typically do well in our rankings: You’ll find competitive yields and low fees.
The problem is that the account you sign up for might not actually benefit when rates rise. That’s because UFB has had a practice of creating new accounts with higher yields that existing customers didn’t automatically enjoy.
A quick scan of UFB’s Personal Deposit Account Agreement shows a number of legacy accounts that are no longer available for savers, including High Rate Saving and Elite Savings.
Those who missed out on higher yields are suing UFB’s parent bank, Axos.
That’s less of a problem now that the Fed is considering rate cuts (UFB is unlikely to keep customers in existing accounts that pay higher rates).
Still, if you sign up for one of these accounts, check in every once in a while to make sure you’re earning the rate you expect.
— Taylor Tepper, Senior Banking Writer
Alternatives to UFB Direct
UFB Direct is a reputable online bank with a competitive rate for its savings and money market accounts. While limited in the account options it offers, UFB Direct is a good option for someone looking for a high-yield savings vehicle.
UFB Direct vs. Bask Bank
The Bask Interest Savings Account offers a slightly lower interest rate of 4.35%. Like UFB Direct, there isn’t a minimum fee with Bask, and your account earns interest regardless of how much money you have saved.
If you’re a frequent flyer, Bask Bank is one you’ll want to have on your radar. The Bask® Mileage Savings Account allows you to earn 2.5 American AAdvantage miles per dollar you save each year.
Despite that perk, there are some limitations. You won’t get an ATM card or access to an ATM network with a Bask Bank account.
UFB Direct vs. Ally
Ally Bank is another popular online bank that offers competitive yields on savings accounts. Compared to UFB Direct, Ally offers a wider range of account options, including checking accounts and credit cards.
One unique feature of Ally Bank is its savings buckets. These are dedicated sinking funds where you can set aside money for specific goals like taking a vacation or saving up for a down payment on a home.
While the Ally Bank Savings Account offers a high rate of 3.60%, it can’t compete with UFB Direct’s APY. If you’re only looking for a savings option and don’t need other account services, UFB Direct might be the better option.
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Frequently Asked Questions (FAQs)
Who is UFB Direct best for?
UFB Direct is best for customers who want to increase their savings through an online bank. It focuses primarily on savings and money market accounts and doesn’t operate any brick-and-mortar locations. It wouldn’t be ideal for someone looking for more robust account or lending options.
Is UFB Direct a real bank?
UFB Direct is a legitimate bank. It was created in 1999 and is part of Axos Bank. Its headquarters are located in San Diego, California. UFB Direct is also FDIC-insured. Individual accounts are guaranteed up to $250,000.
Can you deposit cash at UFB Direct?
Even though UFB Direct doesn’t operate any physical branches, you can still deposit cash at some of the over 91,000 ATMs in its network. Log into your UFB Direct account to find an ATM that accepts cash deposits located near you.
Does UFB Direct require a minimum balance?
UFB Direct does not require a minimum balance for its High Yield Savings Account. It does require a minimum maintenance balance of $5,000 for its Money Market Account to waive the $10 monthly fee.
