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UFB Direct Review: Savings

Nov. 12, 2019
Banking, Checking Accounts, Savings Accounts
ufb-direct-bank-review-checking-savings
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4.0 NerdWallet rating

Where UFB Direct shines:

  • High-yield savings account pays 1.00% APY, one of the best rates in the industry.
  • No monthly maintenance fee for high-yield savings.
  • Offers a money market account with strong rates and the ability to write checks.

Where UFB Direct falls short:

  • Doesn’t offer certificates of deposit.
  • You need at least $10,000 to earn the best rate on the high-yield savings account.
  • The money market account charges a monthly fee if the average daily balance drops below $5,000.


Where UFB Direct shines:

  • High-yield savings account pays 1.00% APY, one of the best rates in the industry.
  • No monthly maintenance fee for high-yield savings.
  • Offers a money market account with strong rates and the ability to write checks.

Where UFB Direct falls short:

  • Doesn’t offer certificates of deposit.
  • You need at least $10,000 to earn the best rate on the high-yield savings account.
  • The money market account charges a monthly fee if the average daily balance drops below $5,000.

The bottom line

UFB Direct, a division of online institution Axos Bank, offers definite advantages when it comes to interest rates. Its savings account pays up to 1.00% APY, and its money market account pays up to 1.00%. These rates are among the best you can find. However, you’ll need at least $10,000 to take advantage of UFB’s high savings rate and $25,000 for the highest money market rate.

Best if: You have a good chunk of money to deposit and want to earn a nice yield.

» Want to make your money go further? Explore the best high yield savings accounts.


Ratings methodology

NerdWallet’s overall ratings for banks and credit unions are weighted averages of several categories: checking, savings, certificates of deposit or credit union share certificates, bank experience and overdraft fees.

Factors we consider, depending on the category, include rates and fees, ATM and branch access, account features and limits, user-facing technology, customer service and innovation.

The stars represent ratings from poor (one star) to excellent (five stars). Ratings are rounded to the nearest half-star.

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