UFB Direct Offers the Highest Savings Rate Right Now. What Else to Know About Saving with This Online Bank

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Good for High Rates
UFB Direct Bank Review
UFB Direct
Good for High Rates
UFB Direct Bank Review
  • mortgage calc icon inactive
    No monthly transfer limits
  • savings calc icon inactive
    Great savings rate

UFB Direct is a solid online bank with competitive APYs on both money market and high-yield savings accounts. But UFB Direct’s other account options are limited, with no checking accounts or CDs.

NextAdvisor’s Take

  • Great interest rates
  • No transfer limits
  • No minimum deposit for savings
  • Limited account options
  • $5,000 minimum balance to waive $10 monthly fee for money market account

Additional Details

  • Complimentary ATM card with high-yield savings account
  • Access to 91,000 ATMs
  • No minimum deposit required
  • No limits on number of transfers or withdrawals
  • Must maintain a $5,000 on money market account to avoid monthly fee
  • Mortgage loan options through Axos Bank
  • ATM cash withdrawal and point of sale limits vary
  • Highly rated mobile app
  • UFB Direct deposit accounts are FDIC-insured

Editorial Independence

We analyze and review banks without influence of partnerships or advertising relationships. For more information about our scoring methodology, click here.

UFB Direct Full Review 

UFB Direct is a division of Axos Bank, another online financial institution. It’s a digital-only online bank, but you can visit its headquarters in San Diego, California. UFB Direct has a limited range of accounts, but competitive interest rates, solid customer service, and a range of online banking features make up for only a few banking products.

Savings Accounts 

UFB Direct’s high-yield savings account is on our list of best savings account rates and offers a consistently competitive interest rate. There are no monthly maintenance service fees, minimum deposit requirements, or minimum balance requirements. 

The account comes with an ATM card you can use to deposit and withdraw money at ATMs across the country, but you’ll also have options for banking fully online or via mobile app. For instance, you can use mobile deposit for checks and SMS messaging for banking when you don’t have Wi-Fi, or transfer money using ACH and wire transfers. Unlike some other banks, there are no limits on the number of transfers or withdrawals you can make each month. 

However, there are a few fees and limits to keep in mind. Incoming wire transfers are free, but domestic outgoing transfers cost $35 each, and international outgoing transfers are $45 each. There are also some limits on the amount you may withdraw with your ATM card, which can vary depending on whether you’re making ATM withdrawals or transacting at a point of sale. Finally, you may transfer up to $30,000 in or out of your account in a single day, and up to $60,000 per month.

Read More: The Highest Savings Account Rate Right Now is 3.83% APY. Here’s Where You Can Get It

Money Market Accounts 

UFB Direct’s money market account also has a competitive interest rate and similar online banking features to the high-yield savings. 

The main difference between these two account types is the $10 monthly maintenance fee you can incur with a money market account. You can avoid the fee by maintaining at least a $5,000 minimum balance each month. 

The same fees apply for money market accounts as savings accounts, including bank transfer limits, cash withdrawals, and point-of-sale transactions.

Pro Tip

UFB Direct deposits are FDIC-insured up to $250,000 per user and per account type. However, if you’re also an Axos Bank customer and have deposits at that bank, your combined balance will be used to determine FDIC coverage. That means you’ll be covered for up to $250,000 you have between accounts with the two banks.

Other Products 

UFB Direct’s banking products are limited to high-yield savings and money market accounts. However, it does offer several types of home loans too, through its partner full-service bank Axos Bank. Some features include multiple mortgage loan options, refinancing services, and waived lender fees if you meet certain conditions. Plus, you can earn a percentage of cash back on your loan payments with Axos if you also have a checking account with the bank.

Customer Service

Compared to other banks we’ve reviewed, UFB Direct scores highly for both customer service and communication. It offers plenty of flexibility for customers when they need help. 

You can reach UFB Direct by online chat, phone, and by mail. The bank’s site has a dedicated resource section with frequently asked questions for new and existing customers, and about service. While you can send a secured message through your online account to a representative, a direct email address for the bank is not easily accessible. 

UFB Direct’s app is also highly rated on both Google Play and the App Store — with 4.5 and 4.8 stars respectively. Customers like the check deposit feature and straightforward banking tools. However, some reviewers do mention trouble signing in and longer bank transfer times than expected. 


UFB Direct doesn’t mention any accessibility efforts or support contact on its website. We reached out to the bank for further information about the site’s accessibility but did not receive a response by the time of publishing. We will share an update if one is available. 

Is UFB Direct Right for You?

If you’re looking to take advantage of competitive rates for your savings balance, UFB Direct is a good option. 

Keep in mind that the bank’s account options are limited. There’s one high-yield savings account and a money market account. Other common banking products, such as checking accounts and certificates of deposit are not available. If you’re looking for one place to do all your banking to easily transfer between accounts with one institution, you may want to consider other options. 

But even beyond its exceptional rates, UFB Direct’s high-yield savings does have some big benefits. These include no fees, no minimums, and even no transfer or withdrawal limits, which can come in handy for months when you may have several unexpected costs, such as car or home repairs.

However, if the bank’s money market account interests you, be prepared to maintain at least a $5,000 balance so you can avoid the $10 monthly fee.

UFB Direct also makes it easy to bank online with features that can help you streamline deposits and transfers online or through the mobile app. And ATM access means you’ll also have the ability to deposit and withdraw cash when necessary. The bank doesn’t offer a list of eligible ATMs on-site, but once you create your account you can find an ATM locator within the online banking portal.

UFB Direct FAQs 

Where is UFB Direct located?

There is one UFB Direct branch in San Diego, but otherwise the bank is online-only.

Is UFB Direct FDIC-insured?

Yes, UFB Direct deposits are FDIC-insured up to the standard $250,000 per account.

Does UFB Direct require a minimum balance?

No, UFB Direct does not require a minimum balance for its high-yield savings or money market accounts. However, you will need a $5,000 minimum balance in your money market account to avoid a $10 monthly service fee.

Does UFB Direct have a checking account?

No, UFB Direct does not have a checking account.