UFB Direct Review: Savings
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Overall bank rating
4.5
The bottom line:
UFB Direct, a division of online institution Axos Bank, offers a savings account with a high rate, no opening minimums and no monthly fee. The bank also has a high-yield money market account that has a strong rate, but it requires a minimum of $5,000 to avoid a monthly fee.
Best for: Digital banking customers who want a savings account or money market account with strong APYs and don’t need a checking account at the same bank.
» Compare more options: See the best high yield savings accounts
Pros
- High rate and 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
Money market
Member FDIC
3.0
/5 NerdWallet ratingHigh rate. The UFB Best Money Market account is one of UFB Direct's two savings accounts, though we did not consider this one as part of the bank’s overall ranking. The account's annual percentage yield is 4.21% APY for any balance.
Monthly fee unless you meet a steep minimum daily balance. Unlike the UFB Best 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 ratingHigh rate and no monthly fee. The UFB Best Savings account has a strong rate of 4.21% APY for any balance. This online account also has 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 a strong rate and avoid fees.
» COMPARE: See the best savings rates
Money market
Member FDIC
3.0
/5 NerdWallet ratingHigh rate. The UFB Best Money Market account is one of UFB Direct's two savings accounts, though we did not consider this one as part of the bank’s overall ranking. The account's annual percentage yield is 4.21% APY for any balance.
Monthly fee unless you meet a steep minimum daily balance. Unlike the UFB Best 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 ratingHigh rate and no monthly fee. The UFB Best Savings account has a strong rate of 4.21% APY for any balance. This online account also has 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 a strong rate and avoid fees.
» COMPARE: See the best savings rates
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.
