UFB Direct Review: Savings

UFB Direct's online savings and money market accounts earn strong rates.
May 5, 2022

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Overall bank rating

UFB Direct

at UFB Direct, Member FDIC

  • Money market

  • Savings

4.0

NerdWallet rating 

The bottom line:

UFB Direct, a division of online institution Axos Bank, offers a savings account that pays 3.01% APY. It also has a money market account that pays 3.01% 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

UFB Elite Money Market

Money market

Member FDIC

3.0

/5
 NerdWallet rating 
APY
3.01%
With $0 min. balance for APY
Learn more

at UFB Direct

UFB Direct's Elite 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 Elite 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.

UFB Elite Savings

Savings

Member FDIC

4.5

/5
 NerdWallet rating 
APY
3.01%
With $0 min. balance for APY
Learn more

at UFB Direct

UFB Direct’s Elite 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.

UFB Elite Money Market

Money market

Member FDIC

3.0

/5
 NerdWallet rating 
APY
3.01%
With $0 min. balance for APY
Learn more

at UFB Direct

UFB Direct's Elite 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 Elite 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.

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.