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.
My opening account was the "Elite" savings account. I funded the account with the impression the rate was the 4%. Come to find out the 4% is with the "Best" savings account. I opened a new "Best" account so I could transfer the funds for the higher rate. I received the email stating my new account was approved click to log in. So I click to log in and it only shows my "Elite" account. Long story short, I ended up opening 2 "Best" accounts because nowhere did I read it can take up to 24hrs for a new account to show on the app dashboard. I still can't believe the virtual assistant answered my question. I'm holding my money with UFB only because the money is already there and from what I've read it can be a pain to transfer funds out plus I think there may be a transfer charge of 35$. When I do leave I will be calling to close the account so I can get a paper check in the mail. I never received my debit card either for the "Elite" account. I can confirm long transfer times when funding an account. The funds disappear the next day from my other bank but then are lost in limbo in some other dimension for 7 days. Nothing shows as "pending" in a USB account. You only know your originating account shows the funds are gone and you have only received an email from USB confirming an initiated transfer. Scary when both accounts show the money doesn't exist. You just have to embrace the suck and have blind faith that the amount will magically appear in your account somewhere between 1 to 2 weeks after you initiated the transfer. No. You do not collect interest when funds are lost in space.
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!
I hope this can help someone else from making the same mistake I did!!!
I can't believe this company is rated so high n a lot of sites. They have the worst interface. It makes no sense and is contently getting errors.
My initial funding was an electronic transfer that took 9 days for them to receive. It never showed up as a "Scheduled Transfer" in their system, so I had no idea it actually went through until 9 days later.
Customer service is NON existent. Took them 8 days to answer my message, just to tell me that they have a problem and are working on it.
STAY FAR AWAY from this savings account!!
|FDIC Certificate #||35546|
|Return on Assets - YTD||1.71%|
|Return on Equity - YTD||16.8%|
|Annual Interest Income||$347.0MM|
|Assets and Liabilities|
|Assets||Q2 2022vs Q2 2021||$16.00B$12.75B|
|Loans||Q2 2022vs Q2 2021||$14.08B$11.42B|
|Deposits||Q2 2022vs Q2 2021||$14.08B$10.96B|
|Equity Capital||Q2 2022vs Q2 2021||$1.63B$1.30B|
|Loan Loss Allowance||Q2 2022vs Q2 2021||$148.4MM$132.8MM|
|Unbacked Noncurrent Loans||Q2 2022vs Q2 2021||$118.3MM$141.4MM|
|Real Estate Owned||Q2 2022vs Q2 2021||$0$6.1MM|
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|
|4.21%||-||-||UFB Best Savings|
|APY||MIN||MAX||ACCOUNT NAME||VIEW DETAILS|
|4.21%||-||-||UFB Best Money Market|
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