Storing your money in a traditional savings account may feel like the safest option, but you could be missing out on big interest opportunities to make that money grow with minimal risk. High yield savings accounts carry a similar level of security but with significantly higher interest rates, or annual percentage yields (APYs), than typical savings accounts, making them a smart solution for people who don’t want their money tied up in stocks and bonds but also want their savings to grow. Virtual banks like UFB Direct often offer the most competitive APYs on their high yield savings accounts that traditional banks can’t touch, along with other valuable perks. In this review, we’re highlighting the ins and outs of online banking with UFB Direct, including the impressive interest rates, features, minimal fees and more to help you understand if opening a high yield savings account can help you reach your financial goals even faster.
| Highlights |
|---|
| Earn up to 4.21% APY on savings |
| $0 monthly fees |
| No minimum initial deposit |
| Funds accessible 24/7 |
| Access expanded FDIC Insurance available |
About UFB Direct
UFB Direct is an online division of Axos Bank and an FDIC-insured financial institution recognized for its impressive interest rates, minimal fees and 24/7 customer service. In addition to making it safe and easy to manage all of your everyday banking needs without ever having to step foot inside a branch, UFB Direct also offers competitive money market accounts and home loans to suit the diverse needs of their customer base.
Known for their industry high APYs that apply across balance levels on both their checking and high yield savings accounts, as well as minimal requirements, UFB Direct is an ideal solution for anyone looking to earn the highest yields without the work.
| Pros | Cons |
|---|---|
| Super competitive APY on standalone high yield savings account | Online-only; no in-person transactions |
| Industry-leading APY on checking accounts as well | Doesn’t offer CDs |
| APYs apply across all balance levels | |
| Free ATM card with fee-free cash withdrawals—even on savings accounts | |
| No minimum deposit or balance required | |
| No monthly fees | |
| Unlimited transfers between direct deposit accounts | |
| Online, mobile and SMS banking options | |
| Live customer support available around the clock | |
| Mobile check deposits | |
| Added security features including fraud protection and SSL encryption |
Types of UFB Direct Savings Accounts
Thanks to their online-only approach, UFB Direct is able to keep overhead costs to a minimum and pass along those savings to their customers by offering highly competitive interest rates and complimentary services. So if you’re searching for a way to grow your savings while still having instant access to your funds minus any fees or penalties, you should seriously consider one of these high yield savings accounts from UFB.
UFB Portfolio Savings
The high-yield Portfolio Savings account from UFB Direct offers arguably one of the best APYs available on standalone savings accounts. Even better, that APY is consistent across all balance levels, which means you’ll earn the same amount of interest whether you have 500 or 500,000 dollars in your account. Many other banks will automatically lower your APY once you pass certain balance tiers, so this is a particularly attractive point for people who have more to deposit into their savings.
Here’s what else you can enjoy with a Portfolio Savings account:
- Up to 4.01% APY*
- No maintenance or service fees
- No minimum deposit or balance required
- Unlimited transfers between accounts
- ATM card for free withdrawals from over 90,000 ATMs
- Free incoming wire transfers
- Access to remote banking tools, including SMS messaging
UFB Checking and Savings Bundle
Many banks offer their best rates and rewards when you bundle accounts, and UFB is no exception. While you’ll receive a slight boost to your savings account rate by adding a Freedom Checking account, the real payoff is enjoying the industry leading APY on that checking account.
By combining a Portfolio Savings and Freedom Checking account, you can:
- Boost your savings up to 4.21% APY*
- Earn 2.00% APY* on your checking—a whopping 25X the national average
- Enjoy instant, seamless transfers between accounts
- Expect no monthly maintenance fees or minimum requirements
- Access to over 90,000 fee-free ATMs
While the extremely impressive APY on the checking account is available across all balance levels, there are certain requirements you have to meet in order to increase your Portfolio Savings APY as part of the bundle. Here’s a quick breakdown of how you can rack up that extra 0.20% APY on your savings account:
- Set up a direct deposit of at least $5,000 a month to receive a 0.05% rate bump
- Maintain a minimum of $10,000 in your savings to receive an additional 0.10%
- Complete at least 10 debit card transactions a statement cycle for another 0.05%
Even if you don’t meet the requirements to reap the extra savings interest rate, the standard APYs on both the savings and checking accounts are some of the highest you’ll find on the market today, making bundling these accounts with UFB Direct a smart strategy to grow your cash flow.
*This Annual Percentage Yield (APY) is variable and can change at the bank’s discretion.
Opening a High Yield Savings Account with UFB
Enrolling in an account with UFB Direct is a lot like your typical brick and mortar bank—except quicker and easier. Here’s how you can open an account without ever leaving home:
- Choose the type (or types) of account you want to open at UFBDirect.com. You can fill out the application in just a few minutes, but make sure you gather together the important personal information, like a valid ID and social security number, beforehand to expedite the process.
- Download the free UFB Direct mobile app to take advantage of all of the added money management benefits and remote banking convenience UFB Direct has to offer. You can also access important online banking features by logging in to your account directly on their website.
- Fund your account by setting up a wire transfer, direct deposit, or using the mobile app to deposit a check. Unlike many other online-only banks, you can even deposit cash into your UFB Direct account through one of their participating ATMs.
UFB Direct Customer Support
While you won’t necessarily get that face-to-face interaction you may be used to from traditional banks, UFB Direct makes up for it by providing around-the-clock live support so you can get the help you need when you need it most.
- Speak to a customer service representative by calling 1-877-472-9200 24 hours a day, seven days a week.
- Send a secure message online at UFBDirect.com or through the mobile app.
- Get SMS message updates on account activity, perform basic transactions and ask for help without a Wi-Fi connection.
UFB Direct also provides helpful “how-to” videos, informative financial resources and FAQs directly on their site so customers always have access to a wealth of information.
Mobile App
For ultimate remote banking convenience, UFB Direct offers a free mobile app available to download via the App Store or Google Play Store. Complete with 24/7 account monitoring features and ultra-secure encryption, the UFB Direct is a must-have way to bank every day.
The highly-rated app features include:
- Mobile check deposit
- Detailed account history and alerts
- Fast and pain-free internal transfers
- Debit card management
- Peer-to-peer transfers
- Biometric verification
- Automated bill pay
- Contact customer service
- ATM locator
How UFB Direct Compares to the Competition
Here’s a look at how UFB Direct stacks up against some other popular online-only banks offering to help customers increase their funds with attractive high yield savings accounts.
UFB Direct vs. SoFi
SoFi is a popular full-service online-only bank known for their extensive suite of financial features and member benefits, including impressive interest rates on their high yield savings accounts. But when it comes to the best APYs, UFB Direct has them beat. Not only does UFB Direct offer a higher APY on their savings account than SoFi, the APY on UFB Direct’s checking account is four times higher than what SoFi offers on their checking accounts. While the best rates from both banks are available on their bundled checking and savings accounts, only UFB Direct offers a standalone savings account (SoFi does not allow you to open a high yield savings account only) that still carries a higher APY, making UFB Direct the best choice for people who want to reap the most rewards on their savings.
UFB Direct vs. Marcus
A branch of Goldman Sachs, Marcus is gaining ground for their attractive high yield savings accounts and CDs backed by a renowned financial institution. While both banks focus on slightly different services with UFB Direct offering more everyday banking and personal loan options, they each offer competitive interest rates, zero fees and no minimum requirements on their attractive high yield savings accounts. UFB Direct has a slight edge when it comes to the higher APY, especially when you bundle a checking and savings account with them (Marcus does not offer checking accounts). One big differentiator is that only UFB Direct allows customers to easily withdraw cash when needed with their free ATM card, while you’ll need to request a bank or wire transfer or a physical check from Marcus, making it much easier to directly access your funds with UFB Direct.
Bottom Line: Why We Love It
If you’re looking to grow your money but want to keep it easily accessible without withdrawal fees or penalties, high yield savings accounts are your best bet. And the UFB Direct Portfolio Savings account offers one of the highest returns you’ll find out there, plus super flexible terms like zero fees or minimums to worry about, making it a foolproof solution for anyone looking to up their savings with minimal effort. And unlike many other high yield savings accounts available, the Portfolio Savings account pays the same APY across any balance tier, meaning you get the exact same interest rate regardless of how much (or how little) you have. UFB Direct also offers industry-leading APYs on their checking accounts, plus boosted savings when you bundle, along with easy cash withdrawals directly from your savings. Customers appreciate their robust online banking tools and free mobile app, as well as 24/7 live customer support, which make it easy and safe to protect your financial future, today.
UFB Direct FAQs
Yes, UFB Direct is a division of Axos Bank and is a legitimate and well-regarded online bank that is accredited by the Better Business Bureau, earning the BBB’s highest A+ rating. They specialize in providing high yielding savings and checking accounts, money market accounts and personal loans.
Yes. UFB Direct is an FDIC-insured financial institution as part of Axos Bank, which means that individual deposits are protected up to $250,000 and up to $500,000 for joint deposits. UFB Direct also offers extended protection up to $265 million. As part of Axos Bank, all deposits at UFB Direct will be combined with any deposits or account you have under the Axos Bank umbrella to determine FDIC insurance coverage.
Unlike a CD, the interest rate on high yield savings accounts can fluctuate with the market and cannot be locked in. That means that the APYs offered when opening an account with UFB Direct are variable and can be changed at the bank’s discretion. In the event that you notice a change in your APY, you can reach out to a UFB Direct representative to discuss updating your account if possible.
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