UFB Direct 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.
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.
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!
|FDIC Certificate #||35546|
|Return on Assets - YTD||2.13%|
|Return on Equity - YTD||25.23%|
|Annual Interest Income||$86.0MM|
|Assets and Liabilities|
|Assets||Q1 2016vs Q1 2015||$7.70B$5.52B|
|Loans||Q1 2016vs Q1 2015||$6.14B$4.75B|
|Deposits||Q1 2016vs Q1 2015||$6.13B$4.38B|
|Equity Capital||Q1 2016vs Q1 2015||$625.5MM$489.4MM|
|Loan Loss Allowance||Q1 2016vs Q1 2015||$36.9MM$25.5MM|
|Unbacked Noncurrent Loans||Q1 2016vs Q1 2015||$24.0MM$33.7MM|
|Real Estate Owned||Q1 2016vs Q1 2015||$207.00K$2.2MM|
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* 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|
|OTHER TIERS: 0.20% → Up to $25k|
|APY||MIN||MAX||ACCOUNT NAME||VIEW DETAILS|
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