UFB Direct Review: High-Yield Savings, Money Market Accounts, and More

UFB Direct is a solid option if you're searching for a competitive interest rate on a money market account or savings account. That said, when comparing UFB Direct to the UFB Portfolio Savings: 4.01% APY

UFB Portfolio Savings

Start saving

UFB (Axos Bank), Member FDIC

Perks

Unlock up to 4.21% APY on savings when you combine Freedom Checking with Portfolio Savings. No monthly maintenance fees. No minimum deposit is required to open an account.

Fees

no monthly service fee

Annual Percentage Yield (APY)

The Annual Percentage Yield (APY) is accurate as of 12/09/2024. The interest rate and corresponding APY for savings is variable and is set at UFB's discretion. This is a tiered variable rate account. Interest rates may change as often as daily without prior notice. Fees may reduce earnings.

4.01%

Minimum Opening Deposit

$0

Pros

• High interest rate
• No monthly service fee
• No minimum opening deposit
• ATM card included

Cons

• May not be easy to deposit cash (Only cash accepting ATMs)

Insider’s Take

UFB Direct is an excellent option if you're searching for a competitive interest rate on a money market account or savings account. If you'd also like a checking account or CD, you might consider other institutions because UFB Direct doesn't have these accounts.

UFB Portfolio Savings review

Product Details

• Earn up to 4.01% APY*.
• No monthly maintenance fees.
• No minimum deposit required to open an account.
• Access your funds 24/7 with easy-to-use digital banking tools.
• Enjoy peace of mind with FDIC insurance up to the maximum allowance limit ® Certificate #35546.
• * The Annual Percentage Yield (APY) is accurate as of 12/09/2024. The interest rate and corresponding APY for savings is variable and is set at UFB's discretion. This is a tiered variable rate account. Interest rates may change as often as daily without prior notice. Fees may reduce earnings.

Show Pros, Cons, and More

UFB Direct Accounts Review

UFB Direct offers a high-yield savings account and money market account. You can also bundle your savings account with a checking account upon account opening and get an additional 0.20% APY on your savings balance if you meet certain requirements. UFB Direct does not offer any CDs, which a lot of other online banks have.

UFB Direct Savings Account Review

You may like UFB Portfolio Savings also pays 4.01% annual percentage yield (APY). Customers with existing savings accounts have to call customer service to get upgraded to the newest rate.

UFB Direct Money Market Account Review

You may favor the overdraft protection options, so you can find a better fit if you don't think UFB Direct's overdraft services work for you.

UFB Direct Online and Mobile Banking Experience

The UFB Direct mobile app is rated 4.7 out of 5 states in the Google Play store and 4.8 out of 5 stars in the Apple store. UFB Direct mobile banking has standard features; you can make mobile check deposits, check your transaction history, set up online bill payments, and analyze account balance trends. You can also access your account through online banking, which also includes similar features.

UFB Direct Interest Rates and Earnings

UFB Direct savings and money market account interest rates are higher than the national average and comparable to J.D. Power 2024 U.S. Direct Banking Satisfaction Study, which looks at overall customer satisfaction among online-only direct banks. However, Axos Bank is — it was ranked lower than the segment average in overall customer satisfaction for online checking providers. Meanwhile, the study found that Capital One and Ally Bank notably ranked among the highest in customer satisfaction for both online checking account and savings account providers.

UFB Direct Trustworthiness

We use ratings from the Better Business Bureau to see how banks respond to customer issues. The BBB gives UFB Direct an Bread Savings High-Yield Savings Account offers 4.20% APY. Interest rates tend to fluctuate, though, so this may change in the future.

Your decision between two online banking platforms also might ultimately depend on which types of accounts you'd like to open. UFB Direct has a high-yield savings account, a checking account, and a money market account. Bread Savings offers a high-yield savings account and CDs.

bank account methodology to rate the company's high-yield savings account and money market account. Our bank account methodology looks at interest rates, minimum opening deposits, monthly service fees, customer support availability, mobile app ratings, miscellaneous features, and the ethics and security of the company.

We use a weighted average to get our star rating, which means we weigh certain features, like interest rates and fees, at a higher weight percentage than others. We understand that these areas can more heavily impact a person's overall banking experience.

UFB Direct FAQs

Sophia Acevedo

Banking Editor

Sophia Acevedo was a banking editor at Business Insider. She has spent three and a half years as a personal finance journalist and is an expert across numerous banking topics. ExperienceSophia led Personal Finance Insider's banking coverage, including reviews, guides, reference articles, and news. She edited and updated articles about banks, checking and savings accounts, CD rates, budgeting, and general saving. Sophia was also a part of Business Insider's 2024 series "2025 savings rate forecastSophia has spent seven and a half years writing and editing as a journalist. She began her journalism career at her college newspaper, where she took on various roles.Sophia was nominated for an Axel Springer Award for Change in 2023 for her coverage of ABLE Accounts, tax-free savings accounts for people with disabilities. She was also a winner of a 2018 California Journalism Awards Campus Contest for her photography.She loves helping people find the best solutions for their unique needs and hopes that more people will find the tools to solve their financial problems. She’s inspired by stories of everyday people adapting to their financial circumstances and overcoming their fears around money.ExpertiseSophia's expertise includes:

• Bank accounts
• Savings and CD rate trends
• Budgeting
• Saving
• How banks operate

EducationSophia graduated from California State University Fullerton with a degree in journalism and a minor in political science.Sophia is a member of the National Association of Hispanic Journalists.She is an avid reader across a variety of genres, and she started running in 2021. She ran in the 2024 Los Angeles Marathon.

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Kit Pulliam

Banking reporter

Kit Pulliam (they/them) was a banking expert who specialized in certificates of deposit, savings accounts, and checking accounts. They’ve been reporting, editing, and fact-checking personal finance stories for more than four years. ExperienceIn college, Kit worked as an undergraduate research assistant in a psychology lab. While there, they found that they were passionate about writing and helping others write about topics that matter.Before Business Insider, Kit was an editorial specialist for Tax Analysts, diving into the tax code to help readers get the best information about a confusing but necessary subject.They find banking similar to taxes in that way: There are some things everyone needs to know because just about everyone needs to work with a bank — and you don’t want to end up with an account that doesn’t serve your needs.As interest rates changed, they enjoyed the fast pace of reviewing rates for products like CDs and high-yield savings, which can change daily and have a direct impact on readers’ money.Their work has been featured in Business Insider and MSN. They were part of the Milestone Moments series with Business Insider.ExpertiseTheir expertise includes:

• Certificates of deposit
• Savings accounts
• Checking accounts
• CD rates
• Bank reviews

EducationKit is an alumnus of Vanderbilt University, where they studied English and psychology and received the Jum C. Nunnally Honors Research Award for their senior thesis.Outside personal finance, Kit enjoys reading, film, video games, and cross-stitching. They are based in the DC area.

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Evelyn He

Compliance and Operations Associate

Evelyn He is a compliance and operations associate for Business Insider’s Personal Finance team. Evelyn ensures content accuracy and editorial independence so readers get the most up-to-date and objective financial advice, enabling them to make informed financial decisions.ExperienceAs part of the compliance team, Evelyn helps fact check Personal Finance stories and works to make sure that the language is clear, precise, and compliant with government regulations and partner guidelines. Previously, Evelyn worked as a compliance specialist for Apellis Pharmaceuticals and a legal assistant at the law firm Morrison Mahoney.ExpertiseEvelyn is an expert in the following areas:

• Compliance
• Quality assurance
• Affiliate marketing
• Search engine optimization (SEO)
• Content strategy

EducationEvelyn earned a bachelor’s degree in business administration from UMass Amherst and a master’s in marketing from Boston University. Evelyn has two dogs, Money and Tibber.

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