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.
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...
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!
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.
|FDIC Certificate #||35546|
|Return on Assets - YTD||1.83%|
|Return on Equity - YTD||19.95%|
|Annual Interest Income||$628.3MM|
|Assets and Liabilities|
|Assets||Q4 2020vs Q4 2019||$13.30B$11.55B|
|Loans||Q4 2020vs Q4 2019||$11.64B$10.12B|
|Deposits||Q4 2020vs Q4 2019||$11.67B$10.15B|
|Equity Capital||Q4 2020vs Q4 2019||$1.20B$1.06B|
|Loan Loss Allowance||Q4 2020vs Q4 2019||$136.2MM$59.3MM|
|Unbacked Noncurrent Loans||Q4 2020vs Q4 2019||$166.1MM$52.2MM|
|Real Estate Owned||Q4 2020vs Q4 2019||$6.1MM$7.4MM|
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|
|0.20%||$10k||-||UFB High Yield Savings|
|APY||MIN||MAX||ACCOUNT NAME||VIEW DETAILS|
|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