On UFB Direct's website, I noticed they're making the most of the change in their Bankrate.com status. UFB Direct's parent, Union Federal Bank of Indianapolis, is now rated 4 out of 5 stars (sound). It had been as low as 1 star earlier this year. I had thought this improvement might have been due to their acquisition by Sky Financial Group, but this has not yet been completed and is not scheduled until this third quarter.
This High Yield Money Market Savings account has no minimum balance requirements and no monthly fees. It does not offer check writing, but it does come with an ATM card. UFB will reimburse up to $4.50 per statement period for ATM fees charged when using other banks' ATMs. If you want check writing, UFB Direct does offer a free checking account with no minimums.
The main problem with UFB Direct is the lack of an ACH bank-to-bank transfer system. So making deposits and withdrawals are not as convenient. However, it should be easy to link from other online banks like HSBC and GMAC Bank.