UFB Direct Review: Savings
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Overall bank rating
Savings
Money market
4.0
The bottom line:
UFB Direct, a division of online institution Axos Bank, offers a savings account that pays 1.81% APY. It also has a money market account that pays 1.81% APY and lets you write a few checks each month. But you’ll need to keep the money market account's average daily balance above a certain amount in order to avoid a monthly fee.
Best for: Customers who want an online savings account or money market account with a strong interest rate and don't mind banking online.
Penalty for outsize CFPB complaints: NerdWallet deducted 0.5 star from UFB Direct’s overall rating due to the volume of complaints on the Consumer Financial Protection Bureau database relative to the asset size of its parent bank, Axos Bank. For more information about this penalty, see our methodology page.
» Want to make your money go further? Explore the best high yield savings accounts
Pros
- No monthly maintenance fee for its savings account.
- 24/7 live phone support.
- Online chat.
- Highly rated mobile apps.
Cons
- Doesn’t offer checking accounts or certificates of deposit.
- The money market account charges a monthly fee if the average daily balance drops below $5,000.
Full review
Savings
Member FDIC
4.5
/5 NerdWallet ratingat UFB Direct
UFB Direct’s savings account earns a competitive rate on all balances. It is an online account with no minimum deposit requirement and no monthly fees. This account is the account we considered in the bank’s overall rating. We feel it’s the best offering for those who want to earn strong rates and avoid fees.
Money market
Member FDIC
3.5
/5 NerdWallet ratingat UFB Direct
UFB Direct's money market account is another savings account that earns a strong interest rate, though we did not consider it as part of the bank’s overall ranking. Unlike UFB Direct's Savings account, this account has a $10 monthly fee, though you can waive it if your average daily balance is at least $5,000. If you plan on keeping at least that much in your savings account, and want the ability to write up to six checks a month, this account might be a good choice for you.
» Learn more about money market savings accounts
Savings
Member FDIC
4.5
/5 NerdWallet ratingat UFB Direct
UFB Direct’s savings account earns a competitive rate on all balances. It is an online account with no minimum deposit requirement and no monthly fees. This account is the account we considered in the bank’s overall rating. We feel it’s the best offering for those who want to earn strong rates and avoid fees.
Money market
Member FDIC
3.5
/5 NerdWallet ratingat UFB Direct
UFB Direct's money market account is another savings account that earns a strong interest rate, though we did not consider it as part of the bank’s overall ranking. Unlike UFB Direct's Savings account, this account has a $10 monthly fee, though you can waive it if your average daily balance is at least $5,000. If you plan on keeping at least that much in your savings account, and want the ability to write up to six checks a month, this account might be a good choice for you.
» Learn more about money market savings accounts
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, banking 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.
