UFB Direct Reviews

Average Rating:
Based on 82 review

Existing Customers Get Shafted

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Beware of attractive rates if you're an existing customer! When the rate goes up (in line with recent trends), they require that your account be updated to the latest and greatest new account type, and they won't do this automatically. You have to check the rate and request the account change, otherwise you'll keep getting the existing lower rate on your account. Great way to treat long-term customers!

Worst Bank, Snail App Loading And Very Very Pathetic And Annoying Customer Support

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Worst customer support. They have no idea of their own products. Not even the difference between interest and APY rates. All the emails are responded by someone in India the next day or few days later and very often you won’t get any response for your emails. You need to write back and forth to get the response. Very very annoying. You need to wait on average around 15 mins on normal day to talk to an agent. If you ask for supervisor, she will just want tocut the call and asked me to call again (seriously!!! Who wants to wait another 15 - 20 mins to wait for someone to talk and waste another 10 - 20 mins to explain the context) Poor support and worst experience. I had very annoying and worst customer experience with a customer named Victoria. I have to say everything twice or thrice to her. The system asks to enter the dob, ssn and zip code, but I have to say that again to the agent. Ridiculous!!! What a wonderful, time saving system it is!!!!??Response to Axos(UFB direct) customer support:- I have already asked to close the account. I have some incoming pending funds, once that is settled and I have moved that out of UFB (irrespective of 2.61% APY. To me smooth hassle less transactions (as these banks don't have any physical locations, all online services should be smooth enough) and good customer relations are more important than whooping high interest rate. Same thing with other bank like Varo (worst customer experience)).

Improve your app also, very very slow loading time (especially login experience) and sometimes inconsistent data rendering.??I want to close out the account and get out of Axos(UFB direct) family ASAP.


I had very bad experience and hence decided to close the account within two weeks. But even for closing the account, the bank is causing lot of troubles and nuisance and it is very annoying. Even any small bank, when asked to cancel the account, they just cancel and send any future interests as a check to the mailing address. But, here the my account has zero balance and it accrued few dollars interest and which has not been yet credited ( as the month is not over), but the customer support representative asked to transfer that to other account. I think she is a moron and asking me to transfer that to another account. How come one can transfer a future interest now? ??Hey Axos(UFB direct) bank, why are you always annoying customers, even when we want to get out of you? Very pathetic and worst bank and customer relations.
As of today, it has been more than 4 working days after I asked to close my account and my account is till open.

Update:- Still proving how cheap and literally zero customer care. They said, they are going to charge $10 to send a cheque of $5 (interest accrued) to close my account. Very Very pathetic and cheap. I have opened many banks, no banks in my experience asked for any charge, even they need to send a cheque for few cents. I already said them, I don't need any interest and keep that to improve your customer support (at least provide good customer support to other customers).

BEWARE - Horrible Bank

Run away! I wanted to park $100,000 at their bank due to their higher APY rates. I had 2 questions so I chatted with their online rep. I asked a couple questions and their response? Generic templates that do not answer the questions. Yes, it was a live person by the name Akhlakh.

My Two Questions Were:
How long has your bank offered the 2.61% APY savings? What was your last rate APY and when?

Their response?
Earn up to 0.61% APY*
Free ATM card upon request
Suite of digital money management tools
No maintenance fees
No monthly minimum balance requirements
$250 minimum balance to open an account

Akhlakh should not be working anywhere that works with the public. Run FAR AWAY! better to get a slightly lower rate, keep your money safe, but not have to deal with these people or this bank.

Not So Bad. Customer Service Could Be Better.

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The website is very functional and the rates are very competitive, but the customer service leaves much to be desired.

Keep Looking

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UFB's application process is seriously flawed. Zero transparency, painfully slow feedback, no ability to get a voice on the phone able to do anything other than read a script, but unable to explain that script. Periodically high rates are interesting, but compared to Brio or Marcus or Ally or LendingTree, best to simply move on.

BEWARE Customer Service Is Poor

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In my quest for better rates have been trying to open a new MMKT account and have submitted 3 or 4x's documents as requested.
Keep getting automated msg require new docs...
poor service msg says will be contacted in 2 days nothing for the last 3 weeks. Customer service answered today from INDIA so much noice & echoes in background gave up trying to converse

UFB/AXOS Risky Political Activity And Loans

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For those who are concerned politically. UFB is run by AXOS, tied closely with the Trump AXIS. Source: FORBES, August-September 2022, pp. 118-120.

ACH Hold Is Forever!

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I had an account with UFB years ago and kept it open with a small amount. They raised their interest rate to 1.66% so I figured I'd move some money over there. The interface says 3-4 days to clear. It's been over a week since they show they've received money and it still shows as pending, not pending in the account, but pending where the bank is getting interest and they aren't paying me. So, if you want to use UFB Bank, make sure your ACH is initiated at your other bank or you'll probably regret it.


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Noticed I was getting lower rate on my savings account than what they advertise. Sent message asking why the difference. Got this response:


Thank you for contacting UFB Direct. I am sorry for the difficulties you faced so far. However, I can help.

I have personally reviewed your account and I can see that currently, you have a UFB High Yield Savings account, this account comes under the legacy account.

We are providing a 0.81% Annual Percentage Yield(APY) on the UFB Savings account.

We can convert your current account to the UFB Savings account in which you can get 0.81% APY, please let us know if you wish to convert the account.

Stole Money From Our Family

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Do not ever use this “bank”. They can not tell my daughters where $86,000 is that belonged to their Dad. After his sudden death, my daughters were trying to close the account which had the balance of $86,000. After USB closed the account, they said there was no money. We all saw the balance!!!! And my daughters were told “Happy National Pie Day” by an employee as the response to their Dad’s death. WHAT???!!!! Rude employees and they are causing us all more pain and grief. Horrible


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Do not use this “bank” !!! They stole tens of thousands of dollars from me and my family. They are shady and the customer service is awful and doesn’t know what they’re talking about. Stay away!

Scammers Bank

I had to buy a wallet for a transaction.
First they said the 3 codes i already bought weren’t valid. When i bought another one of 50€ they said i had to buy 1 more for the transaction to succeed. Scammers

Bait And Switch Rates No Customer Service

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I have never in my life experienced a business like UFB Direct, which I believe is an off shoot of Axos Bank. I started a savings account which UFB stated a high paying savings account. After opening the account, I found out that I was not receiving what they quoted. After reviewing an on line statement the interest amount did not make sense. In attempting to call them I was on hold for hours, finally giving up. Thereafter I sent several emails requesting an explanation of the difference. I was informed that it could take up to 2 days before they responded.

Needless to say, the response received was some BS. I attempted to close the account but they said I couldn’t close it all at once as it was over their limits of a withdraw.

You can’t speak to anyone there, you’re on hold for hours, they won’t let you speak to anyone in charge. I strongly suggest you think several times before doing business with UFB Direct bank and it’s offshoot, AXOS Bank.


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DONT USE THIS BANK. MISSING MONEY. They closed my account....and they currently can't tell me where $40K went. When I noticed account had been closed and zeroed out. I called the bank asking where $$ went, they cannot tell me!!!!!!

Every Bank Has Issues BUT.. Bait And Switch This Is My Honest Review

I thought maybe this bank would be better then most. However, the deposits took a very long time, the interest rate went from 1.13 to .40 in weeks.

It seems that its a type of bait and switch this part of the company uses. I understand that the rate could change but do some homework here, most reviews state this happened years and years ago, to the same exact .40.

Check the main bank AXOS who this is owned by, that rate is not even that low, and the Nationwide Bank again owned by AXOS never went that low either. I wouldn't waste any time with this bank honestly.

The one amazing thing it had going for them was the customer service it was far the best thing it had. Being in customer service for years and years I would rank this one of the better ones. That was its saving grace on the extra star!

Plummeting Rate!!

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I saw that they had an interest rate of 1.25% on their high yield savings. I opened an account and transferred three different savings accounts into it. Within one week and before the last account transfer went through the rate dropped to .40%. Transfers took very long and customer service was not very helpful.

Bait And Switch Rates On Savings, 73% Decrease In 43 Days

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UFB......Don't bank there! I signed up for an account in June of 2020, at that time they had a rate of just over 1.5%. They don't notify customers of rate changes, so it took me a while to figure out that by the end of June they had already shaved the rate to 1.0%, a reduction of 33%. That irritated me so I took out all but $10,000, which was the minimum amount that would qualify for the 1% rate. Then I logged on today, July 17th 2020, and see that they have lowered the rate to a measly .4%! That's a 73% decrease in the interest rate in the span of the 43 days I have had an account there. What they do is offer a great rate to pump up assets, then drop it drastically, hoping that people don't notice or are to lazy to do the work to open a account elsewhere. Also beware their very low monthly transfer out limits of $7,000. In order to get your money out you need to make a link to UFB from another online bank, establishing the link from the non-UFB bank. Then you can get your money out in larger amounts. Basically they try to make it hard to get your money out once it is on deposit with them. Another thing to be careful about, if you close your account any time during the month BEFORE the monthly interest is actually paid to your account, you forfeit the interest earned for the partial month. So you need to close your account immediately AFTER the monthly interest is credited to your account. PLEASE PLEASE PLEASE heed my warning and stay away form UFB.

Horrible Customer Service

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Don't waste your time with UFB. They don't respond in a timely manner to any inquiries and they consider an inquiry closed once they have answered, not when the customer is satisfied. They are not worth the time, trouble, and frustration.

Banking Scam Stay Away!!

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I opened a savings account with UDF Direct, a division of Axos bank. I spoke to customer service and answered a series of questions only I would know the answer to confirm my identity. I confirmed two Axos trial deposits into my checking account and initiated a transfer of $14,704. Once the transfer was initiated I received an email from Axos that my account is locked. I had to provide proof of identity again with a current mailed bill, drivers license and a selfie! Axos kept my account locked and sent me another email that they wanted a mailed paper statement from my checking account to prove ownership. I only get electronic statements that they say are not accepted. I can’t believe a bank can get away with being so corrupt. Axos even has a disclosure “If we are not able to verify your identity to our satisfaction, we will not open your account or WE MAY CLOSE THE ACCOUNT IF IT WAS PREVIOUSLY FUNDED.”

Worst Banking Experience Ever

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I usually don't write reviews, but my experience was so appalling that I decided to write one.

Opening the account was quick and easy process. But the process of depositing the money through ACH took for ever. It was more than 5 days after the money was drawn from the source still did not reflect in my UFB Direct Account. Furthermore their customer service is horrible. I decided to take my money elsewhere because of their poor customer service.

Very Bad Experience

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Suck you in with higher rate, but they limit your withdrawals ON A SAVINGS ACCOUNT. It will take months to move my money somewhere else. Stay away.

Worst Experience Ever Opening An Online Account

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This is an outline of my experience opening an Money Market Account with UFB Direct. I was referred to them by Mint because of their 2% Interest rate. Upon opening a high yield savings account a week later I had issues logging in, when I called CS I was informed that my account had been comprised. At which point I had to transfer my funds back to my funding bank at an additional wire cost. After further discussion with the CSR I was convinced to open a Money Market Account SO I gave it another try. After waiting a week for the account to open all I saw listed was a Checking Account additional calls to CS explained that the checking account I saw was actually the Money Market Account and was asked to fund it. I set a transfer from my funding bank to my UFB Direct Account and waited for it to be processed. This morning I get a No reply email from UFB just direct saying my account has been closed....Wow. I can't help but recommend you look further, that was a mess..


UFB is the absolute worst institution I have ever done business with. I called customer service at least 8 times with the same question and got 8 different answers.
After 2 months of not being able to deposit more than 1,000 dollars at a time, I opted to close my account. To avoid a $35 wire fee I had to wait 10 days to get a check in the mail without a full month of interest that was due to me.
This bank is a scam. $100 is penalty fees for using the ATM they sent me.
I ended up losing money banking with this fraud of a company.
If you deposit your hard earned money with this bank, I promise you’ll be sorry.
I wouldn’t bank here if the APY was 10%!!!

Worst Banking Experience

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Dont waste your time, stay away from this bank and their other names Axos bank, BFI, the service is terrible, they are disfunctionable bank, they just dont know what they are doing, i have filed complaint with FDIC, i dont know how they are still in business. they got 5 star rating from Bankrate.com and i filed complaint with them too. I am still waiting for my money to be returned.

Terrible Experience With This Bank

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Terrible experience with opening of account, it has taken over 2 weeks and several exchange of emails and phone calls. I am unhappy with their phone support as well online support, they do not follow up, taken them several days to credit my account despite the funds have been received with bank, loss of interest, i have instructed them to close the account and return my initial deposit funding, waiting for answer. I wanted to speak to supervisor but he is not their, rep Brady said he will leave message for him takes 1 to 3 days, in the mean time i have to send secured message to close my account.
This is worst bank i have ever seen in 40 years of doing business with 100's of banks, stay away from this bank, they are full of lies and disorganised, they just want to take your money but, impossible to draw your money or close the account, I am surprise to see they have 5 star rating bankrate.com, it is very misleading and i have filed complaint against this bank and also with bankrate and with fedral goverment banking department. Took me over 2 weeks and several phone calls to close my account and i am still waiting to get my balance.

Deposit At Your Own Risk

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This bank operates under several names and has the worst customer service. You are lured in by a higher rate, very limited in withdrawals and impossible to get a response. No branches or offices you can visit. There are so many other better options.

UFB Direct Money Market Is A Trap

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Don't do it!!! It was a bit of an aggravation to set up our Money Market account. The advertisement for the account was the 1.6% rate and the "ease of use". "Like having a checking account" they said. The rate is correct but they do not automatically increase it on your account when the rates go up unless you instruct them to increase it through the "secure email" system (which doesn't work on any Apple product). Now comes the reason to run the other direction away from this bank...We decided to move a portion of the money to another institution where the rates are higher. I set up the other outside account links on my UFB account. Should be easy, right? Nope! Every time I tried to transfer funds all I got was a error message. So once again called Support. The secure "Chat" function never works! Attempting the "Secure email" also resulted in error messages. Seems the issue is the UFB website does not work well with Safari. Support tells me that Apple web browser is just not up to date. ????!!! Are you kidding? Anyway...downloaded Google Chrome per the Support guys instructions and was able to get into the "secure email" system. According to the Support tech the only way to close an account is to send a secure email. Yes, by this time the goal is to CLOSE the account. That was almost a week ago. Other than the auto response which states they will get back to me within 24 hours with a answer I've heard nothing from them. Three secure emails later, I called Support once again and chewed some poor girls ear off. She put in some kind of request that she assures me will get a response within 24 hours. We will see. They are holding our funds hostage. Not much different than a thief if they don't send them back when asked.

Don't Waste Your Time With This Bank...

Very inconvenient to bank with UFB (or BOFI) - whatever this bank really is. I signed up for an account late last year and then the rate increased shortly after opening. I requested that they increase my rate, which they agreed to do. Only after calling them 5 times did they actually process my request!

They have a transfer limit of $10K, which is pathetic for a high yield money market account. I'm in the midst of trying to close this account and was informed I had to send a message to them via their message center. I sent this message two days ago and still nothing from them indicating they received my request to close the account and transfer the funds. After calling them, their customer service rep was unable to reach the department responsible for closing the account and they "will get back to me." What a bunch of scam artists. Don't make the same mistake I did - don't bank with them!

Bad service

I really disliked UFB Direct due to one really negative experience I had with an individual over the phone. I had originally called regarding an error I saw on the amount I had in my account. Due to the fact that I track my account very thoroughly there was issues with an amount shown. It showed I had several hundred dollars less then what I actually had tracked having. I called the customer service number and it took me a little to reach an actual Representative. When the female answered the phone she sounded like I was a bother. I explained the situation to which she basically told me that I was wrong and that their computer's did not make errors. I was appalled and offended. I asked to speak to a supervisor and she told me no. Since I could not talk wit anyone else I had to recall and get a hold of a supervisor. It finally got resolved but the negative experience tainted my view of this financial institution.


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I signed up and tried to transfer $5k. It limited me to $2k. I set that up then it took a couple days to transfer so I forgot about it. I went back a few months later and they had hit me with $10/mo service charges AND ordered checks for me. I closed my account with $20 less than I started with.

Lost 1% in 3 months (they paid me about $7 interest which I'll probably be taxed on).

Customer service rep was really smart mouthed about it.

Anyways STAY AWAY. They nickel and dime you on fees, at 1.4% one fee and you're upside down for months.


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There's nothing special here as there are other banks with same rates or higher, easy to sign-up process, easy to transfer ACH, FDIC-insured and unlike UFB... NO FEES. They are not clear and upfront about their fees as other banks, so please be aware. Other banks would at least notify customers of any reoccurring fees or if there's anything suspicious with the account, but UFB did not communicate this at all. Their mode of communication for this is snail mail (It's 2018 and other banks I have used in the past at least texted or emailed... so technology-wise, they're a bit behind).

Their customer service failed to follow up with previous issues and not on the same page with general banking information. For instance, I was told I can close my account and one of my options is to transfer my money electronically via ACH. Clearly that's not the case, as another representative told me with the amount in my account, I can only do check... that's very inconvenient and could have been better explained from the beginning...

Also, I've been told several times from different representatives that someone will call me back in regards to the issue. It has been over a week and there was no call-back. Their customer service is so poor, the 1.60 is not worth it at this point and you might as well find another bank with the same rate with no surprise fees.

To add, an issue back in January was never resolved and it is now March.

Oh, their APY rate is listed at 1.60, but they didn't mention my account's rate was at 1.40 until months later.

Speaking of the design of the website, I think their website could be designed better... It's not as user-friendly as other websites or apps... and this is coming from a UX/UI designer who also used and A/B tested other banking apps and sites. You're better off finding another bank with a similar interest rate. UFB is nothing special, except the part where you may get surprise fees which they'll snail mail you about and forget to follow up on you. Ask yourself if that's the kind of bank you'll want to bank with.


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This is the most difficult bank with which to open an account. The account opening took weeks, the website is not user friendly & then it took weeks to fund the 'dang' account WOW! You will need a lot of patience to deal with this online bank!

Stay Away From UFB Or Bofi

This bank, used UFB as their name but in emails, it is BofI, very confusing.

They have daily limit, monthly limit on transfers. Very inconvenient to do banking with.

When I want to close my savings account, they would not do it. I called many times and left many messages, finally they close it in the middle of a month. They did not pay me the interest for the partial month. They said it is bank policy. But this is not a CD, it is a savings account.


Incompetent Except As Crooks

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Final Update: I finally had good service with UFB! Within hours of telling them to close my account they responded that my account would be closed in some number of days. My UFB odyssey is over.

UPDATE #2: It is now no longer possible to view your online statements. Their online software is a dumpster fire of unequaled magnitude.

UPDATE: If there wasn't enough reason to avoid them, they just "lost" everyone's external account information. They want you to resubmit all your old accounts to them. Where'd the old information go? Is it safe!? I'm done with them. This is inexcusable.

tl;dr Stay away from these thieves (UFB, BofI, or whatever name they go under)

They're not worth your time. In addition to antiquated practices that have no place at an internet only bank they fail to keep up with the competition. When they do raise rates, which is rare, you have to contact them to get the higher rate.

In addition to pocketing the difference in interest, they will take all the interest you've earned if you close your account or have a $0 balance before a statement ends.

Finally, they are unable to read. I attempted to close one of two accounts with them. First they gave me the run around before closing both accounts. Now I have to hope that a check shows up with the balance in a week.

Right now there's no reason to do business with these criminals as there are so many better options (Ally is by far the most reliable). However, if you're reading this when/if they actually have a competitive rate, think about if you want to monitor them and play their games.

Dismal Communication

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Do not do business with this bank.
Customer service is awful as is there treatment of potential new customers.

Terrible Experience

Took a month for my account to be set up and link to my other brick and mortar bank. I tried to transfer money and it took 3 calls to customer service and still no fix to the problem. I finally gave up and closed the account. If it's this difficult to give them 100k, I can imagine how difficult it will be to get money out. I also notice it's no longer recommended on the bankrate site.

They Need To Do Better

I have been trying to open an account for a number of days now and they can't seem to get their act together. First the website is crashing, so I had to use another browser. Then I got a message that they are reviewing my application and will get back to me in 1 day, which they never did. I finally called after they requested a copy of my driver's licence which I uploaded a few days ago and they still haven't approved it yet. The customer service agent said everything was fine, so what are they waiting for. There are so many more banks that have a higher level of urgency. Because of this they lost my interest and my money.

Can Not Handle 'Credit Freeze' During Application Process

I completed the application file to receive a decline letter via email the next day. This was not totally unexpected, I have my credit frozen and about 40% of the banks have to handle this manually. UFB does not have such a process according to the online chat person 'David' (the only other online bank with no workaround that I have encountered is Ally). Also I tried to reach customer service by phone and received a "were busy, please leave a message and we will call back" voicemail box. There chat person was polite and asked that I reapply once I have thawed my credit. In my State credit thaws costs money, this combined with the lack of customer service phone personnel gives me a bad impression of this bank so I will move on to another opportunity. Hope this saves other credit file freeze people some time because this app. process is a bit of a time investment.

Easy To Open - UPDATED

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Just finished opening a UFB Premium Savings account The bank requires 50K balance for 1.30%, less than that and you get a rate under 1%.The online app was easy and I was instantly approved. I spoke with a customer service rep before opening the account who assured me that this was not a promotional or teaser rate, for whatever that's worth. UFB is a division of "Bank of Internet USA" based out of San Diego with a "A" rating. Upon reading the disclosure it looks like they only credit interest at the end of each monthly cycle and if you close before the end you forfeit any interest. Good to know. Also the rep told me that there is a 2K daily ACH withdrawal limit and 5K per month limit for new accounts. He said you could bypass this by initiating the push or pull from a external bank. The reps seem knowledgeable and answered the phone. One even returned my call twice. The online interface is not as streamlined when compared to Ally, or GS bank, but seems adequate. I just opened the account and am waiting for the initial funding. We will se how it goes, but so far so good.


I have had my account open for a couple weeks now and the experience has been good. I had to push money from my external account, but it was not a problem. The website is fairly intuitive once you spend a little time with it. I recommend UFB.

Awesome Airline Rewards Checking

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I love my airline rewards checking account at UFB Direct! Before coming to this bank, I used my debit card multiple times every day but never thought I could earn rewards for it. A friend told me about UFB and I was thrilled. It was very easy to set up my account online and I was earning rewards within a few days. After about a year with the bank, my husband and I were ready to book our annual vacation. I checked on my rewards and was happy to find that one of my plane tickets would be almost entirely covered! I called a customer service representative and they guided me through the process which was pretty straight forward. It was so easy to earn these rewards for the purchases that I make every day anyway. I wish I would've switched to this account years ago. It is awesome and the customer service is great too!

Pleasantly surprised

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I opened up a savings account with UFB Direct after a recommendation from a friend, and I have to admit that I was very pleasantly surprised! I was very hesitant to open up a strictly internet account, considering I haven't had great experiences with actual banks, but I have been pleased thus far. They do have online representatives that you can speak to if you need help with anything, and they are very attentive. They also have a phone number, so it doesn't feel like your money is just floating around on the internet. I do feel like my money is safe, and they have a great guarantee. I would recommend this to anyone who is looking for an alternative to long bank lines, and never being able to get there because they close at 6!

Awesome Airline Rewards Checking

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I love my airline rewards checking account at UFB Direct! Before coming to this bank, I used my debit card multiple times every day but never thought I could earn rewards for it. A friend told me about UFB and I was thrilled. It was very easy to set up my account online and I was earning rewards within a few days. After about a year with the bank, my husband and I were ready to book our annual vacation. I checked on my rewards and was happy to find that one of my plane tickets would be almost entirely covered! I called a customer service representative and they guided me through the process which was pretty straight forward. It was so easy to earn these rewards for the purchases that I make every day anyway. I wish I would've switched to this account years ago. It is awesome and the customer service is great too!

Banking with no bad surprises

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The bank has great rates for a checking account. I am glad to be doing business with them. They definitely have the best savings accounts with the best rates. I have spent countless hours trying to find someone better. While they do exist, the others generally have hidden fees judging by other reviews. UFB doesn't. A great experience.

Good but a long way to go

I've only been with this bank for 6 months but so far the experience has been mediocre at best. I was suggested this bank by a friend who was looking for a competitive short term CD, so I tried it for myself. My biggest problem so far is the website interface is not as user friendly as the larger banks like WF and BofA. The interface has multiple smaller text buttons that are harder to navigate when needing to investigate the progress of the CD. The website caters more to those who want to open long term savings and checking accounts, so it felt a bit like those who are opening CDs and want a quick turnaround are shafted. Also, the customer service is difficult to reach. I called once and had to wait 2 hours to resolve the issue of not being able to find the exact location of where on the website I could check the maturation status of the CD. Overall, this is a good starter bank for those people who do not need a lot of interaction with the bank itself and just want to store away some money. If you need more customer service or need to interact with your money frequently, definitely stick with the larger banks with in person locations.

The 1.20% Is Only An Introductory Rate

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In 2015 I opened a savings account with UFB Direct because the interest at the time was higher then anyone else at 1.25%. After six months they knocked my interest rate down to 0.25% without telling me. I noticed a significant reduction in my interest earnings in the seventh month and I gave them a call. They said sorry, the 1.25% rate was an introductory rate. I transferred all of the funds out of the account. Eight months later they called me and offered to reset my account at the new rate of 1.20%. That was a week ago. I checked my UFB Direct account today and when I clicked on "See Account Details" it shows my interest rate set a 0.200%. I'm not surprised!

UFB Online Bank

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Yes, you may earn a little more interest but the customer service is Poor (with a capital P). With Capitol One Savings, they are very vigilant about watching out for possible fraudulent activity - not so with UFB Online Bank. I put my money back where it was - do yourself a favor - stay away ifrom UFB Bank!!

Abandon Hope All Ye Who Use UFB Direct

We opened a savings account online with UFB. After it was approved, we transferred a sizable amount of money from an American bank into the account. Approximately two weeks later we found that they had closed our account (they would not disclose why) and they were sitting on our money. They would not send the money back to our bank even though UFB was the one who cancelled the account. So, here we are three weeks out and still no money. This is what I would expect from a third world country. We have filed a complaint with the Federal regulators and now we wait.

Credit Card Issued With Little Fuss And Low Apr

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I got one of my first credit cards through them. I had heard all of the horror stories about high interest on credit cards so I was a little concerned that I wouldn't get a good deal. I didn't want a large amount on my card; I just wanted a card to help build my credit rating. I had a very good job so paying my credit card off each time I used it would not be a problem. I spoke with the customer service person and she told me about a couple different credit cards they offered. I picked one that if I paid the total amount off each month that I would be able to get airline miles easier. I do like to travel and I wanted to be able to get some points quickly. That was six months ago and I love having the freedom a credit card brings, and paying it off each month is easy. Paris here I come.

Not Customer Friendly

The other reviews hit most of the points, but to be clear:
1. Interest rates fluctuate (and not in a good way). In less than 6 months, the rate has dropped from 1.25 to 0.9 to 0.7 to 0.4. These changes are during a period during which more banks are raising these rates.
2. Really low ACH limits. $2k per day, $5k per month. Yes, one can work around them by linking from another account, but if the rates aren't going to be consistently good, that means shifting money around more often than I want to.
3. A kind of buggy website. The last time that I was logged in, the account type listed for me went from online savings to airline savings and then back again.
4. Not entirely transparent. It's an overlaid brand of BofI. One can find the information but one has to be diligent to realize that it is the same FDIC number.
5. A hassle to open if you've opened other online accounts recently. I was rejected due to information in the credit report (but have a FICO score in the upper 700s). What was there? I had opened other online savings accounts. Calls and emails to the bank yielded the advice to try in another month.
6. The forfeiture of accumulated interest at account closing is not disclosed as clearly as it is with other banks. About 20% of the higher yield banks have this not customer friendly feature, so it is not a unique feature from UFB/BofI. But it's more clearly disclosed at other banks.

Bait And Switch

Same as other posts. Savings rate was 1.25% when I signed up, went down to 0.4% within 3 or 4 months. And they make it hard to transfer money out, forcing you to initiate ACH transfers from another bank. Save your time and just open a Synchrony bank or Ally Bank savings account to start with. Those two are really large organizations that can put your money to use, so they won't be throttling deposits up and down with the interest rate they pay on deposits.

Interest Rate Unstable/Inconsistent

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A lot us play the rate chasing game in this horribly low interest rate environment.

UFB has twice now gone from an attractive industry leading rate to mediocre rate, both times without notice. The most recent was a drop from 1.25 to .9 to .7 in a series of months.

It is enough to make me just stick with Ally. At least they have rate stability and don't have nonsensical ACH policies that require me to pull from other banks.

Worst Bank Ever!

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1. No Free ACH Transfers from your non UFB account, its very hard to move money
2. Fluctuates interest rate, so if you open account when interest rate is high, within month it will go way below than competitor banks
3. If you take your money out before last day of the month, whatever interest you have earned for that month will be forfeited, its not mentioned anywhere.


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These fraudsters lure you in with what appears to be a higher rate than other banks (1.25% BIG WHOOP) and then shortly after they lower the rate well below the competition WITH NO WARNING. Then, after you finally find out you've been ripped off, they tell you in their fine print that that they can change the interest rate ON A DAILY BASIS at their discretion. THEN, when you are good and pissed about being ripped off and transfer your money out, they ILLEGALLY keep your accrued interest. They have a serious lawsuit coming their way. Good banking business practice??? Methinks not.

Stay Away From This Outfit

Extremely negative experience, Moving the money in and out especially from their saving account extremely difficult. Requires that you either initiate it externally or move it to the checking account first. The second option did not work for me so I had to initiate the withdrawal externally (after they dropped their interest rate). That left a zero balance plus the accumulated interest which they refused to pay when I requested that the saving account be closed. This is a highly unprofessional practice almost unheard of practice in US banks and saving institutions. Almost all of them pay accrued but uncredited interest upon account closing.

Re their checking account, they slapped a non sufficient funds penalty $25 on me after I mistakenly repeated my account closing transfer request. I repeated because it appeared they simply ignored the first request (no deduction from my account) for more that a week from the initial requested. No amount of pleading with them (including an appeal to the supervisor) helped. That despite the fact that was my fist and only mistake with them/ Again first mistakes of this type are usually forgiven. Not with them,

Enough said.

I Did Not Listen.

I did not heed the warnings when others said don't do it. I consolidated my savings at UFB to take advantage of 1.25% APY believing the rate would not drop. Shame on me!

Do Not Use UFB Direct

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There have been negative reviews of UFB Direct but I decided to open an account. I experienced the same problems plus more. I paid to notarize a trust certification which is only required for a trust account. As part of the application UFB makes a soft inquiry to Transunion which was blocked because of a security freeze. So I had to pay to temporarily lift the security freeze and also had to completely reapply again. Why couldn't UFB reactivate the original application? The account was to be funded by an ACH transfer. UFB said that the ACH transfer didn't happen because of a problem in their system but that I could pay to wire the funds. UFB sent a confirmation email that the account was open but it really wasn't because of the ACH transfer. The information provided for the ACH transfer was correct. Why couldn't UFB fix their problem and complete the ACH transfer? Also wrong information was given on limits on future ACH transfers. In the middle of the application UFB dropped the interest rate. UFB systems were poor, procedures were cumbersome, customer service was unreliable, and problems weren't resolved. So I cut my losses and didn't open the account.

Good So Far

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Opened account recently and so far so good.

Good Rate, Web Interface Too Complicated.

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I opened the account mainly for the rate, so I only have a savings account. Opening process went very smoothly, but they use all kinds of security questions during the opening process from Equifax or similar, so if you get anything wrong or can't remember where you lived 20 years ago, it could cause you some headaches.

The biggest problem I have with them is there web site. Lots of 3rd party cookies my security software alerts on. If you don't enable the 3rd party cookies you can't use the site. I also find it too complicated and cluttered. I prefer banks with a more traditional spreadsheet look and feel and not all the extra clutter and eye candy.

I will never use them as my primary bank because of the clunky web interface and as soon as the rate drops or another bank has something better, I'll be out.

Here's How To ACH Large Amounts Into Ufbdirect

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In order to enjoy the large 1.25% APY, one can deposit money into ufbdirect much more than 200K at once, if they open a new savings account online and make the large opening deposit as ACH deposit. But for subseqent ACH, there are limits of say 5K or so per transfer or per month if I recall. So one can open multiple savings account as needed, and close initial ones.

Reviewers' Comments On Transfer Limits Not Entirely Accurate

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Those limits only apply If you initiate the external transfer at UFB Direct. Those stated $ limits do not apply if you initiate the transfer of UFB Direct funds at the receiving bank. The only $ limit would be what the external bank receiving the funds imposes.
You could (and should) open a checking account (min $100.00, NO FEES, 50 free checks) when you open the savings account at UFB. It gives you much more flexibility. Just easily transfer money from savings to checking (no $ limit) when you need it, and get it through bill pay, which has higher limits of $9,999.00 per transaction, and a limit of $19,999.00 per DAY. Also, you could just write a (free) paper check for ANY amount.

Withdrawal Amount Too Low

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I was going to open a new account with UFB because of the 1.25% rate but their withdrawal amount of only $2000 per transaction and $5000 per statement cycle is too low. So, if you're like me and are chasing higher interest rates for your cash, give this one a pass. You won't be able to get the $25,000 it take to get the 1.25% rate out fast enough (5 months!) is another bank has a better rate.

Proceed At Your Own Risk!

I work in information security and in my opinion this is a place to avoid in spite of the rate.

I was impressed with the 1.25% savings so I enrolled for an account and provided wire transfer information for an extremely large initial funding.

I received their confirmation deposits in my primary account this morning and clicked the link to finalize things. Got the congratulatory web page and a link to open an account (hey, I thought I already did that!). Followed the instructions again.

Got an "account creation error." Started sweating. Called their number. Nobody was home. Started sweating some more. Clicked on the "forgot my password" link. It asked me for more information then told me it wanted to send me a login token to a cell phone number not associated with my account. Started sweating profusely! Called, emailed, etc., self-defibrillated, ran around the block, etc. Lots of cash at stake here!

I finally got hold of my primary bank and let them know what was going on. We ended up moving all the cash assets and putting a fraud flag on wire transfers. Yes, I was mortally embarrassed.

Anyway, I finally got hold of someone at UFB Direct (they only have first names there--it apparently requires a security clearance to get anyone's last name). He seemed a bit huffy that I was so concerned about losing cash. Apparently it takes them at least 24 hours to create an account which leads me to believe it's their policy to wire transfer large sums into bank purgatory while computer magic just happens. I still wasn't completely clear on all this--but they clearly communicated that I was an idiot for being so concerned.

The best they could do is to show a lack of concern so the best I can do is look elsewhere for a bank. So my opinion is: "be very, very, very careful and proceed at your own risk; your mileage may vary, etc."

Watch OUT!

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A little over a year ago this bank dangled an interest rate of 1.25%. Within months the interest rate plummeted by .85%, dropping to .40%. Online I easily opened a UFB Direct savings account, but naturally after a few months I left very little in it and then finally closed it. I was told by customer service that I could not set up through UFB Direct ACH transfers so I simply set up these "in & out" ACH transfers to originate from my other banks (trial deposits went smoothly). When logging in the site often demanded a verification code which it offered to send by email or text. Unusual, but not too much work. As long as the savings account balance was over $25,000 the entire balance enjoyed the highest interest rate. When the time comes to close the account you must give UFB Direct notice beforehand, or else you forfeit any outstanding interest. I emptied the account to zero after the end of the month prior to closing it (therefore successfully transferring out all the interest) because it's unclear what that process necessitated. For some odd reason I was required to print, sign, scan, and return a signature card despite not having a checking account. You're responsible for ATM fees using an ATM card linked to the savings account, but you're reimbursed for any ATM fees while using a debit card linked to the checking account. A smart phone app is available for mobile banking including depositing checks and paying bills from a checking account.

Average Bank...

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Warning If you zero out your balance before the end of any month the interest you have accrued for that month will be forfeited and they will account close your account...Account setup is slow takes a few days until you can log into your account.. Rate is not stable they tend to lower it after only a few months...

Refused To Open New Account

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After taking all my confidential personal information and funding bank account number and routing number, this bank then refused to open a new savings account. When I called them, they also would not give me any reason for not approving my application. I requested to speak to a supervisor and one of them did call me back about 2 hours later.

He stated that a few years ago, the Equifax credit bureau recorded that I reported a possible identity theft situation. This bank's policy is now that they won't open any new accounts if the victim applicant has any identity theft reporting on his credit report regardless how long ago this occurred. They don't tell you this in advance anywhere on their website. I my case, no identity theft actually occurred and we weren't certain if the information was actually stolen (even though it could have been). This undisclosed refusal to open new accounts policy could impact many thousands of applicants over time.

Avoid. Bank Pockets Accrued Interest Through Disclosure Loophole!

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Had online MM account for about a year then moved funds to another bank via ACH transfer on the last day of the month. Bank refused to deposit ~$50 in interest accrued for the month because of the obscure provision in their disclosure agreement that I have to notify the bank that I'm about to remove all the funds from it.

Customer service calls didn't help. I contacted SEC, FDIC and BBB to complain.

Looks to me they just want to find a way to pocket customer's funds. Stay away!


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UFB Direct would rather insist on collecting a $25 fee for a simple oversight which I immediately corrected, than retain a long-time customer.

Had I known they offer linked accounts and overdraft line of credit, I would have set those up to avoid being subject to the fee. I do not recall ever being offered those services, it was only upon inspection of their fee schedule that I became aware they even offer those options.

Nonetheless, customer-no-service was unable to provide any fee forgiveness and allowed me to close all accounts without any concern for losing a five-year customer (I was a UFB Direct customer back when they were Huffington, and applied for a new account as soon as they re-opened under Bank of Internet).

Oh well, it was nice while it lasted - Enjoy your $25 fee, UFB Direct.

Just Dreadful

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Insured or not, this thing is terrible.  I wish I had never found this site which led me to put my money into this crap.

Only $2000 Transfer Limit Per Day And $5000 Per Month

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Why would you create this product with such a low transfer limit??

Very Low Transfer Limits

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I jumped through all their hoops to start an account (took over a week to get everything reviewed and approved. Nothing instantly approved on the web) only to find that they have a $2000 a day or $5000 a month limit on external account transfers. The only way you can transfer more than $2000 is to link an external account and make the transfers from there or write a check. I cannot link an external account to my checking account and dealing with paper checks is not acceptable. Be careful of starting an account if you need to transfer more than $2000 at a time or more than $5000 a month.

UFB Money Market Account EFT Limitation

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I recently opened a UFB MM a/c but find the very low EFT transfer limitation (confirmed in the following excerpt from an email) unacceptable.

"Thank you for contacting UFB Direct. Our external banking limits are $2000 daily/ $5000 monthly. However, if you initiate the transfer through another other financial institution you would be subject to their transfer limits; which may be higher".  

Lou Sw 

Bad Service

I 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.

"So I'm Insured Upto 500K Combined": Probably Not!

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Previous 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:





They Are FDIC Insured And States On Their Website

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I 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. 

I'm Getting A Little Concerned About This FDIC Thing Now.

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Now 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.

UFB? FDIC Insurance

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I 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!

Fdic Insurance...

this 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.  

FDIC Insured

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This bank is a division of the Bank of the Internet...Bofi. As such, I believe it is FDIC insured, and I have asked that the certificate be forwarded to to me, as I plan to make use of these excellent savings rates.

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