UFB Direct is a division of online-only Axos Bank offering checking, savings and money market accounts.
The online bank has a Secure Savings account that earned an annual percentage yield (APY) of 5.25% as of May 21, 2024. This high-yield savings account has no minimum opening deposit and no maintenance or service fees, and it comes with a variety of digital tools, including mobile check deposits.
UFB Direct’s Secure Money Market account also earns an APY of 5.25% and charges no monthly maintenance fee with a balance of at least $5,000; otherwise, the monthly fee is $10.
You can boost your APY on a money market or savings account by up to 0.20% by combining it with a UFB Freedom Checking account. Here’s how: Set up qualifying direct deposits to unlock a 0.05% APY increase, and then maintain a minimum balance of $10,000 to get an additional 0.10% APY. Earn an extra 0.05% APY boost with 10 approved debit card transactions per statement cycle — for a total boost of 0.20% APY.
The checking account has no maintenance or minimum balance requirements. It includes a free debit card you can use at more than 90,000 ATMs and offers up to $10 in domestic ATM reimbursements monthly.
For support, check UFB Direct’s Frequently Asked Questions page, log in online to send a secure message, or call 877-472-9200 24/7.
UFB Direct pros and cons
Pros:
• Competitive APYs on savings and money market accounts
• Up to $10 in domestic ATM reimbursements monthly
• 24/7 support for customers
Cons:
• Money market account fee (waiver possible)
• No branch access for service
• Limited product selection
Related Posts
7/24 - UFB Direct New Priority Savings And MMA
4/13 - On 4/13 UFB Direct Will No Longer Offer Preferred Money Market To New Customers.
3/25 - Raised Savings Rate To 5.02
3/14 - UFB Direct Preferred Savings and Money Market Are Now Rate Leaders
3/14 - UFB Direct Savings And MM Both 5.02%
2/23 - UFB Direct Adds New Rate-Leading Money Market And Savings Accounts
2/22 - New APY 4.55% - Leading Savings Rate In America
1/20 - UFB Direct MM & Savings APY Increased To 4.21%
1/20 - $100 UFB DIRECT SAVINGS BONUS
12/15 - UFB Direct New Best Money Market and Best Savings Are Rate Leaders
12/14 - MM And Saving APY 4.11%
12/1 - UFB Direct Ups Money Market and Savings Account Rates
11/10 - UFB Direct Adds New Rate-Leading Money Market and Savings Accounts
11/9 - UFB New High Rate Savings And MM Accounts 3.83%APY
10/13 - UFB Direct Ups Elite Money Market And Savings To 3.11%APY
10/1 - UFB Elite Savings Increased To 3.01%
9/27 - UFB Elite Savings 2.85%
8/16 - UFB Direct Unveils Rewards Money Market and Rewards Savings Account
8/11 - UFB Direct Ups Money Market And Savings Account Rates To 2.21% APY
7/15 - UFB Direct Boosts MMA and Savings Rates For Third Time In 4 Weeks
7/1 - UFB Direct Ups Money Market And Savings To 1.66% APY
6/24 - UFB Direct Adds New Savings and Money Market Accounts
6/17 - UFB Money Market & Savings Now 1.51%
6/9/20 - UFB Direct Cuts Savings And MM Rates From 1.51% To 1.35%
5/27/20 - UFB Lowers To 1.51% From 1.61%
5/19/20 - UFB Lowers Rates.
1/25/19 - UFB Direct Premium Money Market Offers 2.45% APY
1/24/18 - UFB Direct Adds New High Yield Money Market
1/24/18 - UFB Paying 1.6% On Premium Savings & High Yield Money Market. But You Have To Ask,
1/3/18 - UFB Will Give 1.41% APY On Premium Savings Accounts If You Ask.
9/12/17 - UFB Direct Boosts Money Market Savings
6/5/17 - Saving Account Up To 1.3% APY
5/3/17 - UFB Direct Adds New Premium Savings Account
1/29/16 - UFB Direct Dramatically Raises Rate On UFB Savings Account
1/29/16 - UFB Direct Savings 1.20%
5/20/15 - UFB Direct Cuts Savings Account Rate To 0.70%
3/16/15 - UFB Direct Cuts Savings Account Rate To 0.95%
3/2/15 - UFB Direct Cuts Top Savings Account Rate
10/9/14 - New High Savings Account Rate at UFB Direct
4/26/13 - UFB Direct Slashes Rates - What’s Going On at BofI Federal?
4/24/13 - Rate Drop At UFB Direct
11/20/12 - Another UFB Direct MMA Rate Cut - Future of BofI's Rewards Checking?
10/31/12 - Another Rate Cut at UFB Direct - Issues To Consider for Rate Chasers
10/10/12 - UFB Direct Money Market Rate Droped To %1.05
9/5/12 - UFB Direct Cuts Money Market Rate - Best Option for Savers?
9/4/12 - MM Rate Slashed At UFB effective 09/04/2012
8/6/12 - Another Money Market Rate Hike at UFB Direct
6/26/12 - UFB Direct Raises Money Market Account Rate
5/30/12 - UFB Direct Launches Money Market Savings Account with a Top Rate
2/23/12 - Another Rate Cut at UFB Direct - Lessons for Rate Chasers?
2/13/12 - UFB Savings Droped Yet Again From 0.95% Down To 0.90%. Switching To Mybankingdirect Or Amtrustdirect.
2/7/12 - UFB Airline Rewards Savings Droped Again From 1.05% Down To 0.95%.
1/18/12 - Rate Cut at UFB Direct - Savings Account Strategies in Today's Environment?
1/18/12 - UFB Direct Rate Drop From 1.30 To 1.10
9/16/11 - Nation's Top Savings Account Rate at Bank of Internet's UFB Direct
8/4/11 - Bank of Internet's New Airline Miles Rewards Savings & Checking Accounts
1/9/10 - UFB Direct's New 2% US Savings Account - How Long Will This Last?
6/22/09 - UFB Direct's No-Min Absolute Savings Account Still Holding at 5.31%
2/22/09 - UFB Direct Increases Yield on its Traveler's Savings Account to 4.00%
11/30/07 - UFB Direct Deposits FDIC Insured by Huntington and Countrywide
6/27/07 - UFB Direct Closes No-Min Savings and Starts New Tiered Savings Account
8/9/06 - CD Rates Go Down Again This Week at UFB Direct
8/1/06 - UFB Direct, Jumbo Money Market Rate Up But CD Rates Down
6/21/06 - 5.50% 1-year CDs Now at UFB Direct, M&T and Tranportation Alliance Banks
1/2/06 - UFB Direct Raisies Money Market Rates
11/2/05 - New CapOne/Costco and UFB Direct Money Market Rates
8/22/05 - The Deal at UFB Direct
Yield Is Now 5.14% And Not The 5.25% On Website
Will likely get updated sometime today. First salvo in rate cuts. I will be moving my $$$ into a CD. Been a great run of high rates on a liquid product
Current Rates For UFB Account.
I’ve had to open 4 accounts since march of 2023 to get the current high rates. Within the last week or two they dropped my rate from above 5% to 4.5% without notifying me. Their current advertised rate is 5.25% so another account was opened to get the current rate. I can’t say this is a professional way to act as a bank so I doubt I will be here long term. It’s been nice getting $450 a month in interest but with having over $100k in a bank I shouldn’t be playing these bait and switch games. I’ve had no issues with withdrawals but deposits take over a week+ to show up. Withdrawals take 2 days. If you don’t mind playing games and staying one step ahead of their nonsense with interest rates it’s a good return. I can’t believe it is legal to lower your rate while advertising and giving higher rates to newcomers. It just tells me whoever is running this bank is trash. I’ve made a couple grand in interest since march so it is legit if you stay ahead of their childish interest games.
Hints For Dealing With UFB Direct
An update to my 10/3/22 comment. Besides my comment that users with existing UFB savings accounts need to continually check for rate increases, and request a new account when new, higher rate accounts get created, UFB seem to now lower rates on your existing accounts instead of keeping them the same as they did previously, without informing you, hence it is even more important to keep checking their latest advertised rate on the UFB home page, and requesting an account change when the rate goes up.
On the plus side, sending a secure message though their messaging system works well, and they usually respond to requests for an account change within a few hours. You don't need to open a new, additional account or go through any other paperwork.
It's much easier to move funds around if you have an Axos checking account (Axos and UFB are closely affiliated). In my experience, transfers between UFB and Axos requested through secure messaging take place almost instantly, for any amount. My primary checking account is with Axos, and this works well for me.
If you have substantial cash funds you need to park for a while, it's probably worth it. Does anyone want to take bets on how this will work when rates start to go down?
Alex
Warning- They Freeze Your Account If You Transfer In A Large Amount
I just opened an account and transferred in most of my savings. Then as soon as the funds showed "available" 4 days later, UFB froze my account and will not let me access funds or even withdraw 5 dollars unless I send a photo of myself holding my drivers license and a utility bill with my adress from the past 30 days. They are refusing to even let me speak with a supervisor. I have banked with many institutions over the past 40 years and never encountered anything like this. So please be very very careful.
Health Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 35546 |
| Year Established | 2000 |
| Employees | 1290 |
| Primary Regulator | OCC |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 1.84% |
| Return on Equity - YTD | 18.36% |
| Annual Interest Income | $422.6MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q1 2024vs Q1 2023 | $21.8B$18.94B |
| Loans | Q1 2024vs Q1 2023 | $17.89B$15.82B |
| Deposits | Q1 2024vs Q1 2023 | $19.23B$16.86B |
| Equity Capital | Q1 2024vs Q1 2023 | $2.19B$1.84B |
| Loan Loss Allowance | Q1 2024vs Q1 2023 | $187.3MM$161.1MM |
| Unbacked Noncurrent Loans | Q1 2024vs Q1 2023 | $171.7MM$95.9MM |
| Real Estate Owned | Q1 2024vs Q1 2023 | $1.8MM$4.3MM |