UFB Direct Review: Savings

Alice HolbrookSep 24, 2020

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Overall bank rating

UFB Direct

    4.0

    NerdWallet rating 

    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 0.20% APY, and its money market account pays up to 0.20%. These rates are competitive, but 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 for: Customers with high account balances who want a solid interest rate — and plan not to withdraw too often.   » Want to make your money go further? Explore the best high yield savings accounts

    Pros

    • No monthly maintenance fee for high-yield savings.
    • Offers a money market account with the ability to write checks.
    • Up to $50,000 allowed in mobile check deposits daily.
    • Unlimited number of savings transfers allowed each month.
    • 24/7 live phone support available.

    Cons

    • 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.

    RATING 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.