|Account Type||APY||Account Name||Min||Max|
|Money Market||1.60%||High Yield Money Market Account||-||-||Details »|
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.
There's nothing special here as there are other banks with same rates or higher, easy to sign-up process, easy to transfer ACH, FDIC-insured and unlike UFB... NO FEES. They are not clear and upfront about their fees as other banks, so please be aware. Other banks would at least notify customers of any reoccurring fees or if there's anything suspicious with the account, but UFB did not communicate this at all. Their mode of communication for this is snail mail (It's 2018 and other banks I have used in the past at least texted or emailed... so technology-wise, they're a bit behind).
Their customer service failed to follow up with previous issues and not on the same page with general banking information. For instance, I was told I can close my account and one of my options is to transfer my money electronically via ACH. Clearly that's not the case, as another representative told me with the amount in my account, I can only do check... that's very inconvenient and could have been better explained from the beginning...
Also, I've been told several times from different representatives that someone will call me back in regards to the issue. It has been over a week and there was no call-back. Their customer service is so poor, the 1.60 is not worth it at this point and you might as well find another bank with the same rate with no surprise fees.
To add, an issue back in January was never resolved and it is now March.
Oh, their APY rate is listed at 1.60, but they didn't mention my account's rate was at 1.40 until months later.
Speaking of the design of the website, I think their website could be designed better... It's not as user-friendly as other websites or apps... and this is coming from a UX/UI designer who also used and A/B tested other banking apps and sites. You're better off finding another bank with a similar interest rate. UFB is nothing special, except the part where you may get surprise fees which they'll snail mail you about and forget to follow up on you. Ask yourself if that's the kind of bank you'll want to bank with.
I really disliked UFB Direct due to one really negative experience I had with an individual over the phone. I had originally called regarding an error I saw on the amount I had in my account. Due to the fact that I track my account very thoroughly there was issues with an amount shown. It showed I had several hundred dollars less then what I actually had tracked having. I called the customer service number and it took me a little to reach an actual Representative. When the female answered the phone she sounded like I was a bother. I explained the situation to which she basically told me that I was wrong and that their computer's did not make errors. I was appalled and offended. I asked to speak to a supervisor and she told me no. Since I could not talk wit anyone else I had to recall and get a hold of a supervisor. It finally got resolved but the negative experience tainted my view of this financial institution.
|FDIC Certificate #||35546|
|Return on Assets - YTD||1.76%|
|Return on Equity - YTD||18.8%|
|Annual Interest Income||$427.0MM|
|Assets and Liabilities|
|Assets||Q4 2017vs Q4 2016||$8.91B$8.16B|
|Loans||Q4 2017vs Q4 2016||$7.91B$6.86B|
|Deposits||Q4 2017vs Q4 2016||$7.45B$6.69B|
|Equity Capital||Q4 2017vs Q4 2016||$872.6MM$725.3MM|
|Loan Loss Allowance||Q4 2017vs Q4 2016||$45.6MM$40.9MM|
|Unbacked Noncurrent Loans||Q4 2017vs Q4 2016||$30.0MM$34.6MM|
|Real Estate Owned||Q4 2017vs Q4 2016||$8.6MM$908.00K|
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%*||$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|
|1.60%||-||-||High Yield Money Market Account|
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