Unlock Big Rewards: High-Yield Savings vs. Money Market Accounts!

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Looking for a money market or savings account that packs a punch with competitive interest rates? UFB Direct is a contender worth your attention. While it offers solid features, we’ve found it’s a bit standard when stacked against the best online banks available today.

What sets UFB Direct apart is its higher interest rates compared to the national average, typical of many online banks. If you’re on the hunt for the best money market account rates, it’s still worth considering UFB Direct, but keep in mind that other online banks provide a wider array of banking products, making them more enticing options overall.

UFB Direct Overall Rating

Unbeatable Interest Rates at UFB Direct

Here are the annual percentage yields (APY) for UFB Direct deposit accounts:

A Closer Look at UFB Direct Accounts

UFB Direct provides both a high-yield savings account and a money market account, giving you flexible options for growing your savings. You can even bundle your savings with a checking account at sign-up for an additional 0.20% APY on your savings, assuming you meet certain criteria. However, unlike many other online banks, UFB Direct doesn’t offer CDs.

UFB Direct Savings Account Review

If a straightforward account is what you seek, the UFB Portfolio Savings might be just the ticket. It comes with no monthly service fees and includes a complimentary ATM card.

Those with existing accounts can earn a solid 4.01% annual percentage yield (APY), though a quick call to customer service is necessary to upgrade to the latest rate.

UFB Direct Money Market Account Review

If you’re looking for a banking option that includes checks and a debit card, consider the UFB Portfolio Money Market. Just keep in mind you’ll need to maintain a $5,000 balance to avoid a $10 monthly service fee. This account also offers an attractive 4.01% APY, similar to the savings account.

UFB Checking Account Review

If you want to pair a checking account with your savings, UFB Direct offers the UFB Direct Freedom Checking. This account is designed to help you dodge monthly fees while earning an interest rate of 2.00% APY on your balance, significantly above the national average.

Meet UFB Direct

As an online division of Axos Bank, UFB Direct brings a suite of banking products to your fingertips, including high-yield savings, checking, and money market accounts. With access to over 90,000 ATMs, finding one in your vicinity is a breeze using their online locator tool.

All bank accounts are secured by FDIC insurance through Axos Bank, covering up to $250,000 in individual accounts and $500,000 in joint accounts.

UFB Direct Account Accessibility

Unlike most savings accounts, the UFB Portfolio Savings includes an ATM card, making cash withdrawals simple. This is a key advantage for those who need quick access to their funds. Other online banks frequently require you to transfer funds to another bank account, which can delay access.

UFB Direct: Weighing the Pros and Cons

Pros

Both the high-yield savings and money market accounts from UFB Direct boast appealing interest rates across all tiers, meaning you earn 4.01% no matter your balance. With no monthly fees and the added convenience of an ATM card included, UFB Direct stands out in the online banking landscape. The money market account even provides checks for added flexibility.

Cons

Being an online-only bank means no in-person branch visits, which could be a drawback for some. Additionally, UFB Direct doesn’t offer any CDs, which may limit options for those looking to lock in savings at a good rate. To stay competitive, UFB Direct frequently updates its offerings, meaning you may need to regularly check for better rates or call customer support for upgrades.

UFB Direct Fees and Charges

UFB Direct’s fee structure is straightforward, especially with the UFB Portfolio Savings account, which has no monthly service fees. This feature aligns well with the online banking trend to minimize fees, making it a competitive option.

On the other hand, the UFB Portfolio Money Market charges a $10 monthly service fee, but you can avoid this by maintaining a minimum balance of $5,000. Many top-tier money market accounts do charge monthly fees, but alternatives exist that offer competitive rates without the added cost.

Your Digital Banking Experience with UFB Direct

UFB Direct’s mobile app is a hit, boasting a 4.7 out of 5 stars rating on Google Play and 4.8 out of 5 on the Apple Store. It covers essential banking features, including mobile check deposits, transaction history checks, online bill payments, and account balance tracking. Dive into a seamless online banking experience through their website, which mirrors the functionality of the app.

UFB Direct’s Competitive Interest Rates

When stacked against the national average, UFB Direct’s savings and money market account interest rates shine brighter. A typical savings account earns around 0.43% APY, while money market accounts hover at about 0.60% APY. With UFB Direct, you can enjoy APY rates that significantly outpace the competition.

The UFB Direct Freedom Checking also stands out with its 2.00% APY, providing a solid interest-earning option for checking accounts in a market where many lack this feature.

Opening Your UFB Direct Accounts Made Easy

At the outset, you can also opt to open a UFB Direct Freedom Checking. Fill out a simple application that asks for your Social Security number, home address, and several other details, including your U.S. driver’s license. You can get started with $0, but you’ll need to make a deposit eventually; accounts without funds within 30 days may be closed.

Customer Support at UFB Direct

If you need assistance, UFB Direct’s customer support is available via phone or live chat during weekdays from 9 a.m. to 5 p.m. PT.

While UFB Direct isn’t separately ranked in the 2024 U.S. Direct Banking Satisfaction Study, its parent company, Axos Bank, did take part but fell below the segment average in customer satisfaction for online checking accounts. If high customer service ratings are essential for you, consider options like Capital One or Ally Bank, which are noted for their customer satisfaction.

UFB Direct Trustworthiness

Trust is key when it comes to banking, and UFB Direct holds an A+ rating from the Better Business Bureau. Its parent company, Axos Bank, shares the same accolade.

Is UFB Direct the Right Choice for You?

If you’re looking to open an online savings or money market account that offers competitive rates with no monthly fees, UFB Direct could be the ideal choice. While you can bundle accounts easily, the lack of options like CDs might lead you to explore other financial institutions for a broader range of products or superior customer support.

UFB Direct Alternatives Worth Considering

UFB Direct vs. Bread Savings

The Bread Savings High-Yield Savings Account offers a competitive 4.60% APY, though rates can fluctuate. Your choice might come down to the types of accounts each institution provides; UFB Direct features a money market and checking account, while Bread Savings specializes in high-yield savings accounts and CDs.

UFB Direct vs. Bask Bank

The Bask Bank Interest Savings Account offers a robust 4.65% APY, regardless of your balance. However, UFB Direct is a better fit if you want access to a debit card or checks. Bask Bank lacks these features and does not provide an ATM network, making it less convenient for some users.

UFB Direct vs. Jenius Bank

If a high-yield savings account is your primary goal, the Jenius Savings Account offers 4.80% APY. While UFB Direct provides more variety with multiple account options, if personal loans are on your radar, Jenius Bank might be your better bet since UFB Direct does not offer those.

Why You Can Rely on Our Analysis: How We Reviewed UFB Direct Accounts

We assess bank accounts on a five-star scale. In our examination of UFB Direct, we utilized our bank account methodology, which evaluates factors like interest rates, minimum deposits, service fees, customer support options, mobile app ratings, and overall security.

Our rating system weights these factors to reflect their importance in shaping your banking experience, with particular emphasis on rates and fees that can significantly impact your finances.

Frequently Asked Questions

Absolutely! UFB Direct is a legitimate online division of Axos Bank and is backed by FDIC insurance, ensuring your deposits are safe in the event of a bank closure.

The UFB Portfolio Savings account currently pays 4.01% APY, and you can start earning this rate with any deposit.

Yes, both UFB Direct’s savings and money market accounts are FDIC insured through Axos Bank. Your money is secure even in the rare event of a bank failure, with your balance either transferred to another bank or returned to you by check.

Yes! You can make cash deposits at select ATMs. Just log in to UFB Direct’s site to use the ATM Locator tool.