UFB Direct

Deposits held and insured by BofI Federal Bank

Overview / Commentary
4350 La Jolla Village Drive,
San Diego, CA 92122
Deposits held and insured by BofI Federal Bank

UFB Direct, a DepositAccounts.com advertiser, 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

UFB Lowers Rates - 7/15/2020

MM and savings rate craters from 1.0% to 0.4%

UFB Direct Cuts Savings And MM Rates From 1.51% To 1.35% - 6/9/2020

If Nationwide slashes its rates, then UFB obviously will too, since they both use Axos for their banking platforms. With these rate cuts, UFB is now paying slightly more than Nationwide is.

UFB Lowers To 1.51% From 1.61% - 5/27/2020

Lowered again 1 week later

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9/12/17 - UFB Direct Boosts Money Market Savings
9/7/17 - UFB Direct Raises Money Market Savings Rate To 1.41% APY
6/5/17 - Saving Account Up To 1.3% APY
5/3/17 - UFB Direct Adds New Premium Savings Account
1/29/16 - UFB Direct Dramatically Raises Rate On UFB Savings Account
1/29/16 - UFB Direct Savings 1.20%
5/20/15 - UFB Direct Cuts Savings Account Rate To 0.70%
3/16/15 - UFB Direct Cuts Savings Account Rate To 0.95%
3/2/15 - UFB Direct Cuts Top Savings Account Rate
10/9/14 - New High Savings Account Rate at UFB Direct
4/26/13 - UFB Direct Slashes Rates - What’s Going On at BofI Federal?
4/24/13 - Rate Drop At UFB Direct
11/20/12 - Another UFB Direct MMA Rate Cut - Future of BofI's Rewards Checking?
10/31/12 - Another Rate Cut at UFB Direct - Issues To Consider for Rate Chasers
10/10/12 - UFB Direct Money Market Rate Droped To %1.05
9/5/12 - UFB Direct Cuts Money Market Rate - Best Option for Savers?
9/4/12 - MM Rate Slashed At UFB effective 09/04/2012
8/6/12 - Another Money Market Rate Hike at UFB Direct
6/26/12 - UFB Direct Raises Money Market Account Rate
5/30/12 - UFB Direct Launches Money Market Savings Account with a Top Rate
2/28/12 - Another Rate Cut At UFB Direct - 0.85% To 0.80%
2/23/12 - Another Rate Cut at UFB Direct - Lessons for Rate Chasers?
2/13/12 - UFB Savings Droped Yet Again From 0.95% Down To 0.90%. Switching To Mybankingdirect Or Amtrustdirect.
2/7/12 - UFB Airline Rewards Savings Droped Again From 1.05% Down To 0.95%.
2/1/12 - UFB Direct Savings Account Yield Falls From 1.10% To 1.05%
1/18/12 - Rate Cut at UFB Direct - Savings Account Strategies in Today's Environment?
1/18/12 - UFB Direct Rate Drop From 1.30 To 1.10
9/16/11 - Nation's Top Savings Account Rate at Bank of Internet's UFB Direct
8/4/11 - Bank of Internet's New Airline Miles Rewards Savings & Checking Accounts
1/9/10 - UFB Direct's New 2% US Savings Account - How Long Will This Last?
6/22/09 - UFB Direct's No-Min Absolute Savings Account Still Holding at 5.31%
2/22/09 - UFB Direct Increases Yield on its Traveler's Savings Account to 4.00%
11/30/07 - UFB Direct Deposits FDIC Insured by Huntington and Countrywide
6/27/07 - UFB Direct Closes No-Min Savings and Starts New Tiered Savings Account
8/9/06 - CD Rates Go Down Again This Week at UFB Direct
8/1/06 - UFB Direct, Jumbo Money Market Rate Up But CD Rates Down
6/21/06 - 5.50% 1-year CDs Now at UFB Direct, M&T and Tranportation Alliance Banks
1/2/06 - UFB Direct Raisies Money Market Rates
11/2/05 - New CapOne/Costco and UFB Direct Money Market Rates
8/22/05 - The Deal at UFB Direct

Great online savings account...

Posted by: |

UFB Bank has a great online savings account. The rate was so much higher than I could find anywhere else, especially local banks. Opening the account was very easy and only took a few minutes. Once the account was open it was easy to transfer money into the account via ACH. The website itself was very nice and was extremely easy to use. It had all the necessary information easily at hand and kept a record of your transactions along with all your old statements. Given that this bank is FDIC insured is a great peace of mind because that means at least 250,000 dollars is insured by the FDIC. If for any reason this bank was to go out of business the FDIC would step in and insure that depositors would get all their money back. I recommend UFB wholeheartedly.

Average Bank...

Posted by: |

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...

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!

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

Posted by: |

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.



Data as of Q4 2020

Data displayed below is for insuring bank: BofI Federal Bank
Learn why bank health matters

Health Grade Components

FDIC Certificate #35546
Year Established2000
Primary RegulatorOCC
Profit Margin
Return on Assets - YTD1.83%
Return on Equity - YTD19.95%
Annual Interest Income$628.3MM
Assets and Liabilities
AssetsQ4 2020vs Q4 2019$13.30B$11.55B
LoansQ4 2020vs Q4 2019$11.64B$10.12B
DepositsQ4 2020vs Q4 2019$11.67B$10.15B
Equity CapitalQ4 2020vs Q4 2019$1.20B$1.06B
Loan Loss AllowanceQ4 2020vs Q4 2019$136.2MM$59.3MM
Unbacked Noncurrent LoansQ4 2020vs Q4 2019$166.1MM$52.2MM
Real Estate OwnedQ4 2020vs Q4 2019$6.1MM$7.4MM
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* The APY shown varies based on the deposit amount. Expand the listing to see APYs for other deposit amounts.

UFB Direct Savings Account Rates

0.20%$10k-UFB High Yield Savings

UFB Direct Money Market Rates

0.20%*$25k*-UFB Premium Money Market - New Money
OTHER TIERS: 0.10% Up to $25k

UFB Direct is an Internet only bank and does not have branch locations. Its headquarters is located at 4350 La Jolla Village Drive, - San Diego, CA 92122

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