Average User Rating:2.5 star rating based on 8 reviews.
UFB Direct
| 12777 High Bluff Drive #100 San Diego, CA 92130 877-472-9200 www.ufbdirect.com  |
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UFB Direct serves customers nationwide who are looking for a way to get higher savings rates and lower fees on FDIC insured products by leveraging their Efficient Banking Platform ™. Skip the long lines at the branch, skip the traffic, do all of your banking by Internet, by telephone, and by mail – it saves the Bank money and those savings are passed on to you. In the end, you get one of the highest savings rates in the country, lower fees, better benefits, and you never have to go into a branch again!
Related Posts
Another Rate Cut At UFB Direct - 0.85% To 0.80% (Forum) - 2/28/2012
UFB Direct's Airline Rewards Savings account rate fell 5 basis points again. It's now 0.80%. In mid January it was 1.30%. The rate has been falling almost every week since then.
Another Rate Cut at UFB Direct - Lessons for Rate Chasers? - 2/23/2012
When UFB Direct made its first rate cut on its Airline Rewards Savings account on January 18th , there were hopes that the rate would remain steady for a while. That didn't happen. There was just anot ...
UFB Savings Droped Yet Again From 0.95% Down To 0.90%. Switching To Mybankingdirect Or Amtrustdirect. (Forum) - 2/13/2012
I've had it with UFB Direct. It's like they are seeing how far their rates can go down before anyone cares. Anybody have any experience with My Banking Direct or AmTrust Direct. Thinking of opening a account over there. Maybe even Incredible Bank.
UFB Airline Rewards Savings Droped Again From 1.05% Down To 0.95%. (Forum) - 2/7/2012
What is going on with UFB Direct. In less than one month they went from 1.30% to 1.10%, then 1.05% and now it's dropped down to 0.95%. Maybe it's time to close my account, as they obviously don't want my money anymore.
2012
- 2/1 - UFB Direct Savings Account Yield Falls From 1.10% To 1.05% (Forum)
- 1/18 - Rate Cut at UFB Direct - Savings Account Strategies in Today's Environment?
- 1/18 - UFB Direct Rate Drop From 1.30 To 1.10 (Forum)
2011
- 12/1 - Verifying Your Internet Bank Deposits are FDIC Insured
- 9/16 - Nation's Top Savings Account Rate at Bank of Internet's UFB Direct
- 8/4 - Bank of Internet's New Airline Miles Rewards Savings & Checking Accounts
Data for Q1 2012
Institution Statistics
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Institution Health
Overall Score:
4 out of 5 
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UFB? FDIC Insurance
- ricsue - Wednesday, November 30, 2011 - 2:40 PMI read the posts about FDIC insurance. I reviewed my bank statements on accounts I have at UFB. August and September were printed on Bank of the Internet USA bank statements. October is on BofI Federal Bank Statement. On those statements it states UFB Direct accounts powered by Bank of the Internet etc.
I talked to the FDIC and they said they would not have a list of internet subsidiary banks of BofI Federal....that you should contact them directly, which I did, and they state that both B of Internet and UFB Direct are subsidiarys on the same FDIC Charter.
They are not insured seperately, so the totality of deposits at the banks divisions are subject to the insurance of the one FDIC certificate; account holder is insured to $250k in entirety for accounts owned by BofI Federal; is how I am understanding this.
If anyone has more info, I am interested in knowing how FDIC is not informed of all operating divisions of a Bank? This is pretty unsettling to me!
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I'm Getting A Little Concerned About This FDIC Thing Now.
- Lbw2112 - Wednesday, November 30, 2011 - 4:02 PMNow I'm getting concerned. I am with UFB and have contacted them a few times about this since reading these reviews. I asked before opening the accounts with them, and they informed me that all accounts are held at Bank of the Internet through them, and you're covered up to a combined 250k FDIC through them. This includes the accounts from BofI plus UFB Direct adding up to no more than that to be fully insured. But it's true I only found this information out through their reps. I'd like to make sure of this, since I have accounts elsewhere and am really thinking of pulling all balances I have at the UFB accounts to them.
6
Bad Service
- sjudedowney - Thursday, January 19, 2012 - 2:58 PMI just closed my account here. It was very problematic to even log on to the account. Every time, I had to request an "access code" (because they didn't recognize my computer?). And transferring money in and out of the account was also very complex. Forget about getting Quicken access. The customer service people sound very unknowledgeable, too. I'd love to get the 1.3% interest (I'm getting 1.1% now at Captial One), but I just don't trust this place. 5 stars for interest rate, one start for everything else.
5
They Are FDIC Insured And States On Their Website
- mroberte - Tuesday, December 20, 2011 - 3:10 PMI recently opened a checking/savings account with them because of their airline miles along with their high 1.3% savings rate. After reading their website, they are FDIC insured up to 250K per account. So I'm insured upto 500K combined.
5
FDIC Says "Not FDIC Insured" Moderator Says It Is. What's Up?
- jeremyharrison - Wednesday, November 30, 2011 - 12:52 PMSo, UFB says their accounts are FDIC insured. The FDIC says they are not. They FDIC says B of I Federal Bank is FDIC insured, but they say that they have no record of UFB Direct - so they cannot guarantee that any deposits made at UFB Direct are FDIC insured. I guess one could take UFB's word for it, but it would not be nice to have them fail and then discover that the anonymous person one spoke to at UFB Direct was either lying or misinformed. If the FDIC cannont guarantee that deposits made to UFB Direct are FDIC insured, then who can? Could the moderator please explain how they have confirmed that UFB Direct is FDIC insured, so we can confirm this ourselves? Thanks!
5
Fdic Insurance...
- bargainliving - Thursday, November 17, 2011 - 3:27 PMthis just means that if you have accounts at separate divisions, you are not "separately" insured -- ie, you are limited to the fdic limit coverage for a single institution.
5
"So I'm Insured Upto 500K Combined": Probably Not!
- JB - Wednesday, January 11, 2012 - 9:10 PMPrevious poster wrote that he has two accounts at the bank (a checking and a savings), so he thinks he's insured upto $500K combined.
This is PROBABLY NOT true. $250K FDIC insurance is per BANK, not per account.
It's kinda complicated, but per the FDIC website: "...a bank customer who has multiple accounts may qualify for more than $250,000 in insurance coverage if the customer’s funds are deposited in different ownership categories and the requirements for each ownership category are met." But different accounts are NOT automatically considered being different ownership categories.
For more, see:
http://www.fdic.gov/deposit/deposits/insured/ownership1.html
and
http://www.fdic.gov/deposit/deposits/insured/basics.html
-J
4
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Featured Accounts
Nationwide Savings Accounts
Not FDIC Insured (Moderator Note: UFB Direct is FDIC insured)
According to the Google Advisor, the UFB Direct accounts are FDIC insured. That is not true per the FDIC and even the fine print at the bottom of the bank's website.