|APY||ACCOUNT TYPE||ACCOUNT NAME|
|1.41%||Money Market||Money Market Savings|
0.22% - National Average
|1.30%||Savings||UFB Premium Savings|
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!
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.
They had the highest rate at the time this was written and their online banking isn't the worst I've seen. However, they require more work than other banks. Keep an eye on your savings rate. They've dropped it quickly in the past and I wouldn't be surprised to see it again.
While you should know the exact terms of all your accounts, you need to check theirs twice. They have a fun trap laid for you where you forfeit all interest in an account if the balance is $0 before the end of the month. I'm sure there are others but this is the one that got me. I don't abdicate my responsibility for knowing about this, I think it shows who you'll be dealing with.
I hope for rates to improve faster elsewhere so I can reduce the amount of business I have with UFB. When someone has terms that can trick you out of money, you must watch them carefully. My account is still open but I now know they're not looking out for customer interests.
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.
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.
|FDIC Certificate #||35546|
|Return on Assets - YTD||1.8%|
|Return on Equity - YTD||19.52%|
|Annual Interest Income||$316.5MM|
|Assets and Liabilities|
|Assets||Q3 2017vs Q3 2016||$8.57B$7.85B|
|Loans||Q3 2017vs Q3 2016||$7.54B$6.60B|
|Deposits||Q3 2017vs Q3 2016||$7.26B$6.40B|
|Equity Capital||Q3 2017vs Q3 2016||$837.4MM$694.9MM|
|Loan Loss Allowance||Q3 2017vs Q3 2016||$42.1MM$37.6MM|
|Unbacked Noncurrent Loans||Q3 2017vs Q3 2016||$32.1MM$42.0MM|
|Real Estate Owned||Q3 2017vs Q3 2016||$1.3MM$1.3MM|
This section lists recent deals, promotions and rate changes submitted by our community within the past 90 days. Always verify official rates and promotions with the bank or credit union.
Always verify rates and promotions with the bank or credit union. We are not UFB Direct; we are a rate comparison website and cannot provide official rates or promotions.
* The APY shown varies based on the deposit amount. Expand the listing to see APYs for other deposit amounts.
|APY||MIN||MAX||ACCOUNT NAME||VIEW DETAILS|
|1.30%*||$25k*||-||UFB Premium Savings|
|OTHER TIERS: 0.20% → Up to $25k|
|OTHER TIERS: 0.20% → Up to $20k|
|APY||MIN||MAX||ACCOUNT NAME||VIEW DETAILS|
|1.41%||-||-||Money Market Savings|
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