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How UFB Direct bank accounts compare
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UFB Preferred Savings
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UFB Preferred Money Market
$10 monthly service fees (with options to waive)
Overall bank rating
Pros and cons
UFB Preferred Savings
Annual Percentage Yield (APY)
5.02% (as of 03/13/2023)
Minimum Deposit Amount
$0
Annual Percentage Yield (APY)
5.02% (as of 03/13/2023)
Minimum Deposit Amount
$0
on UFB's site. Member FDIC.
UFB Preferred Savings
Details
Annual Percentage Yield (APY)
5.02% (as of 03/13/2023)
Minimum Deposit Amount
$0
Pros & Cons
High interest rate
No monthly service fee
No minimum opening deposit
ATM card included
May not be easy to deposit cash (Only cash accepting ATMs)
Highlights
- Earn 5.02% APY
- No monthly maintenance fees.
- No minimum deposit required to open an account.
- Access your funds 24/7 with easy-to-use digital banking tools.
- Enjoy peace of mind with FDIC insurance up to the maximum allowance limit ® Certificate #35546.
- * The Annual Percentage Yield (APY) is accurate as of 03/13/2023. The interest rate and corresponding APY for savings is variable and is set at UFB's discretion. This is a tiered variable rate account. Interest rates may change as often as daily without prior notice. Fees may reduce earnings.
Additional Reading
You may like UFB Preferred Savings if you want a straightforward account. The savings account doesn't charge monthly service fees, and it comes with a complimentary ATM card.
UFB Direct also pays 5.02% (as of 03/13/2023) annual percentage yield (APY). Customers with existing savings accounts may have to call customer service to get upgraded for the newest rate.
UFB Preferred Money Market
UFB Preferred Money Market
Annual Percentage Yield (APY)
5.02% (as of 03/13/2023)
Minimum Deposit Amount
$0
Fees
$10 monthly service fee (with options to waive)
UFB Preferred Money Market
Annual Percentage Yield (APY)
5.02% (as of 03/13/2023)
Minimum Deposit Amount
$0
Fees
$10 monthly service fee (with options to waive)
UFB Preferred Money Market
Details
Fees
$10 monthly service fee (with options to waive)
Annual Percentage Yield (APY)
5.02% (as of 03/13/2023)
Minimum Deposit Amount
$0
Pros & Cons
No minimum opening deposit
High interest rate
Check writing included
Debit card option
Possible to waive monthly maintenance fees
$10 monthly service fee
Highlights
- Earn 5.02% APY
- No monthly maintenance fees with a $5,000.00 balance, otherwise fee is $10.00 per month.
- Access your funds 24/7 with easy-to-use digital banking tools.
- Enjoy peace of mind with FDIC insurance up to the maximum allowable limit – Certificate #35546.
- * The Annual Percentage Yield (APY) is accurate as of 03/13/2023. The interest rate and corresponding APY for savings is variable and is set at UFB's discretion. This is a tiered variable rate account. Interest rates may change as often as daily without prior notice. Fees may reduce earnings.
You may favor the UFB Preferred Money Market if you would like a bank account that includes paper checks and a debit card. However, you must maintain a $5,000 balance to avoid a $10 monthly service fee.
This account also pays 5.02% (as of 03/13/2023) APY.
How UFB Direct works
UFB Direct is an online division of Axos Bank. UFB Direct has an online-only high-yield savings account and a money market account.
Usually, savings accounts do not come with ATMs cards. However, UFB Preferred Savings comes with a complimentary ATM card, which is convenient for withdrawing money from ATMs. At other online banks, you may have to transfer money to an external bank account to withdraw money, which can take a few days to process.
The UFB Preferred Money Market has even more access to your money through a debit card and paper checks. You'll be able to make purchases and payments using a debit card or checks.
Customers have access to over 91,000 ATMs. To find a nearby ATM, log in to online banking and use the ATM locator tool.
Call or use live chat on weekdays from 9 a.m. to 5 p.m. PT if you would like to speak with a Direct Banker.
The UFB Direct mobile app is rated 4.6 out of 5 states in the Google Play store and 4.8 out of 5 stars in the Apple store.
UFB Direct bank accounts are FDIC insured through Axos Bank. Up to $250,000 is secure in individual bank accounts, and $500,000 is protected in joint bank accounts.
UFB Direct BBB rating and trustworthiness
We use ratings from the Better Business Bureau to see how banks respond to customer issues.
The BBB gave UFB Direct an A+ rating, and its parent company, Axos Bank, also received an A+ rating.
A good BBB rating won't necessarily guarantee your relationship with a bank will be perfect. Reach out to current customers or read online customer reviews to see if UFB Direct could be a good match.
UFB Direct vs. Bread Savings
You might prefer UFB Direct if you are strictly looking to earn the highest interest rate on a savings account. Meanwhile the Bread Savings High-Yield Savings Account offers 4.25% APY. Interest rates tend to fluctuate, though, so this may change in the future.
Your decision between two online banking platforms also might ultimately depend on which types of accounts you'd like to open. UFB Direct has a high-yield savings account and a money market account. Bread Savings offers a high-yield savings account and CDs. If you'd like to get a checking account, you'll have to consider other banks.
UFB Direct vs. Bask Bank
If you'd prefer to earn the most competitive interest rate on a savings account, UFB Direct might be a more suitable choice. However, the Bask Bank Interest Savings Account pays 4.35% APY regardless of your account balance.
UFB Direct also may be a better option if you'd like accounts with a debit card or ATM card. Bask Bank doesn't offer debit cards, ATM cards, or an ATM network.
Bask Bank may be a better choice if you're a frequent traveler. The Bask Bank Mileage Savings Account stands out from most savings accounts because you can earn American Airlines AAdvantage miles on your savings.
Frequently asked questions
The UFB Preferred Savings pays 5.02% (as of 03/13/2023). To earn 5.02% (as of 03/13/2023), you must open an account and deposit any amount.
UFB Direct savings and money market accounts are FDIC insured through Axos Bank. This means that your money is safe even in the rare event that the bank shuts down. Your money will be transferred to another bank account with FDIC insurance, or it will be sent to you as a check.
Sophia Acevedo is a banking reporter at Insider. She covers bank reviews, banking guides, and banking and savings articles for Personal Finance Insider. She is also a Certified Educator in Personal Finance (CEPF). Sophia joined Insider in July 2021 and is an alumna of California State University Fullerton where she studied journalism and minored in political science. She is based in Los Angeles. You can reach out to her on Twitter at @sophieacvdo or email sacevedo@insider.com. Read more about how Personal Finance Insider chooses, rates, and covers financial products and services >> Below are links to some of her most popular stories:
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Top Offers From Our Partners
UFB Preferred Savings Earn up to 5.02% APY on your savings. No monthly maintenance fees. No minimum deposit required to open an account.
