UFB Direct Preferred Savings and Money Market Are Now Rate Leaders


Update 4/15/23: The UFB Preferred Money Market and Preferred Savings Accounts are no longer available to new customers. They have been replaced by the UFB Premier Money Market and Savings Accounts (4.81% APY).

Deal Summary: UFB Preferred Money Market (5.02% APY), UFB Preferred Savings (5.02% APY), no minimum opening deposit.

Availability: Nationwide (internet bank)

Less than a month ago, California-based internet bank UFB Direct introduced two new accounts: UFB Preferred Money Market and UFB Preferred Savings, both of which offered 4.55% APY. As of yesterday, UFB Direct has upped the rate on both accounts to 5.02% APY.

As stated by a UFB Direct official,

Please note that existing customers with a UFB Preferred product [Savings or Money Market] will not have to do anything as the rates will be reflecting accurately on their account details page.

If you have either a UFB Preferred Money Market and/or a UFB Preferred Savings account, feel free to leave a comment if your rate was increased automatically.

UFB Preferred Money Market and Savings Account Details

Note: while the UFB Preferred MMA landing page and the UFB Preferred Saving landing page each lists five balance tiers ($0, $10k, $25k, $50k, and $100k), the new 5.02% APY currently applies to all tiers.

According to the UFB Preferred MMA landing page, there is a $10 monthly maintenance fee if the daily average balance drops below $5k. If the UFB Best Money Market account is closed mid-cycle, any accrued interest will be forfeited.

According to CSR, the UFB Preferred Money Market account offers limited checking writing, with a free ATM card available upon request. There is a $10 Excessive Transaction/Withdrawal fee for each transaction/withdrawal beyond the standard six allowed.

If you exceed the transfer limits on more than an occasional basis, we may convert
your account to one not subject to transfer limitations or close your account.

Other than the UFB Preferred Money Market Account’s potential monthly maintenance fee and checking writing capabilities, there is essentially no difference between the UFB Preferred Money Market Account and the UFB Preferred Savings Account. As stated on the MMA landing page,

The UFB Preferred Money Market offers the security
of a savings account with check-writing privileges.

ACH Transfer Limits and Hold Times

According to CSR, there are limits on ACH transfers initiated through UFB Direct during the first six months following account opening: $10k per day and $25k per rolling month; thereafter, the limits are $100k per day and $250k per rolling month. In response to the UFB Direct February 23, 2023 blog post, DA reader, Evil_Capitalist, provided the following comment.

I've got a UFB account and was using them for a couple of weeks last year when they had the highest rate back then. I found their website to be a bit MEH, but the thing that caused me to leave for another bank was their glacial like funds transfer times. Up to (9) days in some instances to move money IN.

Unlike some of the other top rate online banks out there right now, they also don't provide you an immediate deposit credit for deposits. They make you wait until the funds transfer has been 100% completed before the deposit shows up on your balance. They will often still put a HOLD on those funds even after waiting a very long time for them to even show up!

I would advise anyone thinking of moving their cash into UFB to consider all of the above. Granted... I left UFB about 5 months ago, so things may have changed, but I was just on the site this morning and nothing looks any different in terms of the web UI.

The following is a comment made by DA reader, 111, as part of a November 2022 Forum post discussion.

I've had a small free checking account with UFB for years. Each I time I have to request them to convert my savings account to a “new” savings account to get the higher rate (like today), I make sure I can still transfer internally to checking, with no limits. There are no “new account” ACH transfer restrictions on the checking account because it's not new. Also, of course, I can always transfer everything to checking and then write a check if I really want to vamoose. And in any case, I usually initiate the ACH (whether debit or credit) from another FI, where I know the rules and limits.


Headquartered in San Diego, UFB Direct offers its product line to all U.S. citizens and resident aliens, 18 years or older, who have a valid Social Security number and valid form of identification. Like all UFB Direct accounts, a UFB Preferred Money Market Account or UFB Preferred Savings account must be opened online.

Bank Overview

In October 2018, BofI Federal Bank (the former Bank of Internet USA) became Axos Bank, with all its separate divisions rebranding as Axos, with the exception of UFB Direct, which remains a separate branch with its own website. UFB Direct operates under Axos Bank’s FDIC Certificate and shares its financial history.

As stated on the bottom of every page of the UFB Direct website,

All deposit accounts through Axos Bank brands are not separately insured by the FDIC
from other deposit accounts held with the same ownership and/or vesting at Axos Bank.

UFB Direct/Axos Bank has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 6.64% (excellent) based on June 30, 2022 data. In the past year, UFB Direct/Axos Bank has increased its total non-brokered deposits by $2.71 billion, an excellent annual growth rate of 26.17%. Please refer to our financial overview of UFB Direct/Axos Bank (FDIC Certificate # 35546) for more details.

Established in 2000, Axos Bank is the oldest pure internet bank. It’s currently the 14th largest bank headquartered in California and the 113th largest bank in the country with assets in excess of $16 billion and more than 394,000 customer accounts. Axos Bank is part of the public company, Axos Financial, Inc.

How the UFB Preferred Money Market Account and UFB Preferred Savings Account Compare

When compared to nationally available Money Market Accounts and Savings Accounts tracked by DepositAccounts.com, that do not require large balances or direct deposit and do not have small balance caps, the UFB Preferred Money Market Account and Preferred Savings Account APYs currently rank first.

The above information and rates are accurate as of 3/14/2023.

To look for the best rates on liquid bank accounts, both nationwide and state specific, please refer to our Money Market Accounts Table and Savings Accounts Table.

Related Pages: savings accounts, money market accounts, nationwide deals, Internet banks

  |     |   Comment #1
Just now my UFB Savings acct. came up with a 5.02% APY listed, automatically - this time no message or call from me was needed. Either they're getting better at this, or they just like to see us jump through a minor hoop with every other rate increase.
  |     |   Comment #2
Brokered CDs, non-callable, are at 5% or higher today across all maturity points, even the 5 year !!
  |     |   Comment #5
Who’s offering 5 year 5% (non-callable)?
  |     |   Comment #6
Synchrony, Discover Bank, American Express, Live Oak and a few others.

Mals is correct...I'm right now looking at my Charles Schwab CD Rate table as
I post this (1:30 PM). Quite a few 18 month-ers paying a nice 5.40% also.
  |     |   Comment #3
If UFB had to pick one time to step up and treat their current customers with respect then this was certainly it. Just the upgrade to the prior 4.55% Preferred Savings took weeks. I’m the first to criticize poor service but extend my appreciation for the way this was handled today (they could have easily renamed this 5.02% account and made us wait at a critical time when short term Treasury rates have at least temporarily and jarringly boomeranged in the wrong direction).
  |     |   Comment #4
I decided to become a new customer today off of this news release. I chose the savings route because I don't need the money market features. Surprisingly, the system wasn't bogged or swamped down and I was able to sign up in about 10 minutes. I will be curious to see how long it takes for my initial fund to credit and start earning the 5.02 apy.
  |     |   Comment #7
Time for Republic of Chicago to raise their rates.
  |     |   Comment #8
I'll bet a whole bunch of banks/CUs were ready to pull the trigger,.. then hesitated 'cause of SVB.
  |     |   Comment #9
I'm waiting for Emigrant Bank to come out of the gate with the top rate like they often have in the past 8 months with their DSD and MSD online portals.  I am fully expecting the next "Vessel" for their next big rate offering will be Emigrant Direct.

I have a UFB account, but I am not a fan. They do not credit deposits until the ACH has literally cleared which can take up to 9 days most of the time. Their website is also on the funky side. Slow and bloated with often missing accounts and links that a refresh is required.

SO GLAD I have all my free cash sitting over at Primis Bank still earning that 5.03% APY, with 180 degree polar opposite experience.  Excellent website performance and INSTANT Deposit Credit for ALL deposits up to and including all 6 figure additions to your balance!  5.03% APY on 200 to 250k over 9 days adds up.  Primis pays you for it.  UFB sits on your money that whole time and gives you ZERO!
  |     |   Comment #14
That was yesterday. You might be waiting awhile for that increase.
And yes, I believe UFB sucks...not just because they don't provide free checks.

All Hail PRIMIS!
  |     |   Comment #16
I thought Primis lowered their rate within days of posting the 5.03%.
  |     |   Comment #18
They sure did; but only for new accounts... not existing.
And it was about two weeks later.
  |     |   Comment #17
When Primis first posted that 5.03% APY I was told by them that if I wanted withdraw more than $30K in a day by ACH, even if initiated externally, that it would be rejected.
  |     |   Comment #15
Yes, it seemed that Republic Bank of Chicago was really good at posting the highest rate within days of others raising their rates. Which is why I always hold back from transferring out of Republic to a higher rate elsewhere. I hope Republic comes through again by the end of the week.
  |     |   Comment #19
I more so hope the stock market comes out of this contagion-fear by the end of the week.
  |     |   Comment #10
To call the history of Axos Bank "colorful" may be the understatement of the century. https://www.rollingstone.com/politics/politics-news/axos-bank-trump-tower-donald-trump-1320670/

UFB Direct was my first venture into "online" only banks and immediately created concerns when my 125K ACH transfer from my credit union disappeared for nine days and, once posted had not earned a penny. Their robot support (evo) was frustrating and the call center in India for support, maddening. Eventually, I reached domestic support and received the courtesy and competence one should reasonably expect in a banking relationship.

That said, I have not made a subsequent deposit and have an exit strategy. I have another 150K looking for a new home while gathering a less than exciting 3.80% APY at Sallie Mae bank. Though tempted by the 5.02% APY, leaving that kind of money inert for ten days while UFB Direct floats it is untenable. Republic Bank also mentioned in comments does a hard pull on your credit. Why any of these institutions need a hard pull on incoming deposits is beyond me. No one should need to reduce their FICO score to make a deposit.

Wish there were more reliable banks like Ally and Sallie Mae offering competitive rates without all the Consumer bank crap. Missed Primis unfortunately.
  |     |   Comment #12
MBoI certainly can fit that square: good or bad times they STAY near/at the top in rates. Plus, unlimited external ACH, free checks, no fees and they answer the phone locally too. Messages are returned almost as fast as well. Online access is updated even DURING the business day.Didn't I mention FREE wires in and out too for the asking?
  |     |   Comment #20
I’m stating the obvious (hat tip to the entire group for being knowledgeable and already knowing this) but the UFB 5% rate as well as other leaders without a guarantee will need to be monitored on a daily basis, especially if you are maintaining large balances. I would already have in mind the when, where and how in terms of ACH transfers out during these highly volatile times. Nobody wants to lock in a 5% CD rate today if we think we can squeeze 6% or a bit better with patience. But I’m starting to think that’s where a lot of us are going to end up.
  |     |   Comment #21
I just checked my account and it st said the old rate not 5.02.
  |     |   Comment #22
I’ve felt very let down by All America/Redneck who a few months ago was one of the first to offer 4.5% (4.25% without 10 required debits) but did not raise even a whisker the last two statement cycles. With all the turbulence this past week I doubt we’ll see 5% from them on the 21st but 4.75% would surely help amidst all the uncertainty.
  |     |   Comment #23
@djc314726 ; Really?
So much for existing customers with a UFB Preferred product not having to do anything to get the new rate.
  |     |   Comment #24
My account details shows that I am receiving the 5.02% APY which does not change my overall opinion of this bank which is marginal at best.
  |     |   Comment #25
Banking relationships are affairs, not marriages unless you have an ironclad agreement, I would enjoy the rate for now. And when it’s time to go you’ll know.
  |     |   Comment #26
Just received notice via email that UFB will no longer be offering this Preferred Savings account @ 5.02% to new customers as of today, 4/13/2023. No rate change to existing account holders at this time.
  |     |   Comment #27
Best to watch their rate like a hawk on a daily basis now that things are headed in a downward direction. Mid-term Tbills (13, 17, 26 week) not bad for the time being if you need to bail quickly.
UFB Direct Adds New Rate-Leading Money Market And Savings Accounts
Deal Summary: UFB Preferred Money Market (4.55% APY), UFB Preferred Savings (4.55% APY), no minimum opening deposit.

Availability: Nationwide (internet bank)

California-based internet bank UFB Direct has two new accounts: UFB Preferred Money Market and UFB Preferred Savings, replacing the UFB Best Money Market and UFB Best Savings accounts. If you are familiar with the ins-and-outs of UFB Direct accounts, there are only two points you need to be aware of: 1) both accounts offer 4.55% APYs on all balances and, 2) if you are...

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UFB Direct New Best Money Market and Best Savings Are Rate Leaders
Deal Summary: UFB Best Money Market (4.11% APY), UFB Best Savings (4.11% APY), no minimum opening deposit.

Availability: Nationwide (internet bank)

If you perused yesterday’s Liquid Rates Summary, you probably saw that the top savings account and Money Market account rates were from California-based UFB Direct. Considering how aggressively UFB Direct has been positioning its products in the rates peloton in the recent past, seeing top rates is not surprising. What is a bit of a surprise is that these are two new accounts: UFB Best...

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UFB Direct Ups Money Market and Savings Account Rates
Deal Summary: UFB High Rate Money Market (3.91% APY), UFB High Rate Savings (3.91% APY), no minimum opening deposit.

Availability: Nationwide (internet bank)

Soon after I published yesterday’s Liquid Rates Summary, I was informed that California-based UFB Direct would be raising the rates on its UFB High Rate Money Market and UFB High Rate Savings accounts to 3.91% APY, effective December 1, 2022. As this is NOT a new account, all existing High Rate MMA and Savings accounts will automatically begin earning 3.91% today. There is no need to...

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UFB Direct Adds New Rate-Leading Money Market and Savings Accounts
Deal Summary: UFB High Rate Money Market (3.83% APY), UFB High Rate Savings (3.83% APY), no minimum opening deposit.

Availability: Nationwide (internet bank)

It’s been about three months since I last wrote about the liquid accounts offered by California-based UFB Direct, which means I’m probably writing about new accounts! DA reader, PugPower, described the situation quite aptly:

The only differences between the new “High Rate” accounts and the newly retired “Elite” accounts are the new name and the higher APYs. Note, when these new accounts were introduced, new balance tiers...

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UFB Direct Unveils Rewards Money Market and Rewards Savings Account
Deal Summary: UFB Rewards Money Market (2.21% APY), UFB Rewards Savings (2.21% APY), no minimum opening deposit.

Availability: Nationwide (internet bank)

Good news – APYs 40 bps higher

Slightly not so good news – these are new accounts

A few days ago, I noticed what I thought was a substantial rate hike (40 bps) on the Money Market and Savings accounts offered by UFB Direct. When I checked out UFB Direct’s website I saw the new higher rates and that the word “Rewards” had been added to both accounts....

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