UFB Bank Direct is an online-only division of Axos Bank. The bank has been around for 24 years and is a solid choice if you want to park your money someplace with high interest-earning potential. Unlike many online banks, UFB Direct lets you deposit cash at certain ATMs -- a selling point if you’re frequently paid in physical currency.=
However, you won’t find some of the most basic banking offerings at UFB Direct. It only has a high-yield savings account and money market account – it doesn’t offer a checking account or certificates of deposit. So, it’s unlikely UFB Direct could replace your current bank. But it could serve as a place to grow your savings with some of the most competitive annual percentage yields available.
What we like
- Some of the best savings rates available
- No minimum deposit for its high-yield savings account
- Option to make cash deposits at participating ATMs
- Mobile deposit services
- 24/7 customer service
What we don’t like
- No checking accounts or CDs
- Money market account has high minimum balance requirement to avoid fees
- Tiered account balance system in UFB Direct’s fine print means APY ranges may vary in the future based on your account balance
- Lots of legacy accounts that no longer exist
UFB Direct products
UFB Direct’s high-yield savings account offers one of the best APYs on the market at 5.25%. Plus, there’s no minimum deposit requirement or balance restrictions to earn that APY. It’s one of the best places to park your cash right now to earn a sizable chunk of interest.
The bank also offers InsureGuard Plus, which allows you to take advantage of expanded FDIC coverage up to $175 million.
Savings account features
| APY | 5.25% |
| Minimum balance | None |
| Monthly fees | None |
*Rate as of October 23, 2023
Pros
High APY: It’s tough to beat 5.25%.
Advanced digital banking tools: With mobile deposit and SMS banking, you can easily manage your savings from your mobile device.
ATM access: You can withdraw funds from your savings account at about 91,000 ATMs.
Cash deposits. Not all online banks allow you to deposit cash. UFB lets you make cash deposits at select ATMs -- somewhat of a rarity in the online-only banking world.
Cons
Record of savings accounts that no longer exist: UFB Direct’s fine print has a lengthy list of account options that are no longer offered, including Priority Savings, Premier Savings and Preferred Savings. It’s a reminder that banks can change account structures at any time.
UFB Direct’s high-yield money market account offers an APY that goes toe-to-toe with the best money market accounts. However, that high earning potential comes with a high minimum balance requirement: You’ll need to maintain an average balance of $5,000 to avoid a $10 monthly service fee.
Money market account features
| APY | 5.25% |
| Minimum balance | $5,000 to avoid a monthly fee |
| Monthly fees | $10 if $5,000 balance is not met |
| Non-sufficient funds fee | $25 |
| Excessive transaction fee | $10 |
*Rate as of October 23, 2023.
Pros
One of the best APYs available: You’ll earn 5.25% regardless of account balance.
Mobile deposit and SMS banking tools: The bank’s digital tools are equal to what you’ll find at most big banks.
Check-writing ability: If you still want to write physical checks, this is a good pick.
Cons
Monthly service fee: If your average balance dips below $5,000, you’ll pay a $10 fee.
Who is UFB Direct best for?
UFB Direct offers one of the best savings APYs on its high-yield savings and money market accounts, making it an excellent choice for anyone looking to earn the biggest return on their savings. The bank consistently appears on CNET’s list of best high-yield savings accounts due to its savings account’s high APY and lack of fees.
However, without a checking account, UFB likely won’t fulfill all of your banking needs. If you prefer the simplicity of using one bank, you’re better off looking at other online banks with a more comprehensive product lineup.
Banking experience
One reason UFB Direct can offer higher-than-average APYs is because it doesn’t have the overhead costs of big banks with physical branches. However, its account offerings are limited to savings and money market products. Since USB is fully online, you should turn elsewhere for an in-person banking experience.
UFB Direct also offers mortgages, and if you’re a UFB Direct or Axos Bank customer, you won’t pay a lender origination fee.
Overdraft fees
UFB Direct charges a non-sufficient funds fee of $25 per paid or returned item, up to a daily limit of $75.
Customer service
UFB Direct customers can get support 24/7 (except on Thanksgiving and Christmas) by calling 877-472-9200. You can also submit secure messages within the bank’s online banking platform or use its online chat feature from Monday to Friday between 8 a.m. and 5 p.m. P.T.