|Account Type||APY||Account Name||Min||Max|
|Savings||1.30%||UFB Premium Savings||$50k||-||Details »|
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.
Just finished opening a UFB Premium Savings account The bank requires 50K balance for 1.30%, less than that and you get a rate under 1%.The online app was easy and I was instantly approved. I spoke with a customer service rep before opening the account who assured me that this was not a promotional or teaser rate, for whatever that's worth. UFB is a division of "Bank of Internet USA" based out of San Diego with a "A" rating. Upon reading the disclosure it looks like they only credit interest at the end of each monthly cycle and if you close before the end you forfeit any interest. Good to know. Also the rep told me that there is a 2K daily ACH withdrawal limit and 5K per month limit for new accounts. He said you could bypass this by initiating the push or pull from a external bank. The reps seem knowledgeable and answered the phone. One even returned my call twice. The online interface is not as streamlined when compared to Ally, or GS bank, but seems adequate. I just opened the account and am waiting for the initial funding. We will se how it goes, but so far so good.
I have had my account open for a couple weeks now and the experience has been good. I had to push money from my external account, but it was not a problem. The website is fairly intuitive once you spend a little time with it. I recommend UFB.
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.
I completed the application file to receive a decline letter via email the next day. This was not totally unexpected, I have my credit frozen and about 40% of the banks have to handle this manually. UFB does not have such a process according to the online chat person 'David' (the only other online bank with no workaround that I have encountered is Ally). Also I tried to reach customer service by phone and received a "were busy, please leave a message and we will call back" voicemail box. There chat person was polite and asked that I reapply once I have thawed my credit. In my State credit thaws costs money, this combined with the lack of customer service phone personnel gives me a bad impression of this bank so I will move on to another opportunity. Hope this saves other credit file freeze people some time because this app. process is a bit of a time investment.
|FDIC Certificate #||35546|
|Return on Assets - YTD||1.81%|
|Return on Equity - YTD||20.84%|
|Annual Interest Income||$359.2MM|
|Assets and Liabilities|
|Assets||Q4 2016vs Q4 2015||$8.16B$6.66B|
|Loans||Q4 2016vs Q4 2015||$6.86B$5.74B|
|Deposits||Q4 2016vs Q4 2015||$6.69B$5.23B|
|Equity Capital||Q4 2016vs Q4 2015||$725.3MM$587.1MM|
|Loan Loss Allowance||Q4 2016vs Q4 2015||$40.9MM$35.1MM|
|Unbacked Noncurrent Loans||Q4 2016vs Q4 2015||$34.6MM$26.5MM|
|Real Estate Owned||Q4 2016vs Q4 2015||$908.00K$396.00K|
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%*||$50k*||-||UFB Premium Savings|
|OTHER TIERS: 0.20% → Up to $50k|
|OTHER TIERS: 0.20% → Up to $25k|
|APY||MIN||MAX||ACCOUNT NAME||VIEW DETAILS|
|0.20%||-||-||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