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There's no better feeling than earning a high return on your investment. When it comes to savings, banks often reserve their highest rates for certificates of deposit (CDs) as compensation for leaving funds in an account untouched for a set period of time.
However, the UFB Direct Portfolio Savings Account currently earns an astounding 5.15% APY. An interest rate this high not only places it among the best savings accounts around but also rivals what you can earn with many one-year CDs.
UFB Direct Portfolio Savings Account
- Our Rating 5/5 How our ratings work
- APY5.15%
UFB Direct breaks balances into five tiers, but, currently, there is only one interest rate.
- Minimum
Deposit RequiredN/A - Intro Bonus N/A
The UFB Direct Portfolio Savings Account has one of the highest interest rates we’ve seen for a high-yield savings account at up to 5.15% APY. Plus, there are no monthly fees and no minimum balance to open.
Overview
With one of the strongest high-yield savings interest rates on the market, as well as no monthly fees or minimum opening deposit, UFB Direct’s Portfolio Savings Account is an extremely attractive package.
Pros
- Strong interest rate
- No maintenance fees or minimum monthly balances
- Free complimentary ATM card
- Mobile app and SMS banking
Cons
- No signup bonus
- No associated checking account
UFB Savings Details
UFB Direct is an online-only division of Axos Bank. UFB Direct Portfolio Savings Account is the bank's high-yield savings account and currently earns 5.15% APY on all balances.
How much interest can you earn with a UFB Direct Portfolio Savings Account? If you deposited $10,000 into the high-yield savings account and added nothing more, at the end of one year, you would earn around $515. The UFB Direct Portfolio Savings Account carries no minimum opening or ongoing deposit requirements and no monthly service fees. Savings accounts also come with a free ATM card and access to over 91,000 fee-free ATMs across the country.
As an online bank, UFB Direct customers can access their accounts online or through its highly-rated mobile app. Customers can check balances, transfer funds, deposit checks, and more through the app. Something to keep in mind, especially if you're already an Axos Bank customer, is that UFB Direct accounts are FDIC insured up to $250,000 per depositor total, combined with deposits at Axos Bank or other divisions of the bank.
Recommended High-Yield Savings Accounts
| Bank Account | APY | Features | Learn More |
|---|---|---|---|
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5.30%
*Annual Percentage Yield (APY) is accurate as of 6/4/2024. Rate is subject to certain terms and conditions. You must deposit at least $5,000 to open your account and maintain $25 to earn the disclosed APY. Rate and APY may change at any time. Fees may reduce earnings. |
$5,000 min. deposit |
Open Account |
|
|
5.15%
UFB Direct breaks balances into five tiers, but, currently, there is only one interest rate. |
No minimum deposit |
Open Account |
|
Member FDIC |
0.50% - 4.60%
SoFi members with Direct Deposit or $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 4.60% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. Members without either Direct Deposit or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 10/24/2023. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet. |
No minimum deposit |
Open Account |
|
|
5.00%
Earn 5.00% APY on balances over $5,000. Balances of less than $5,000 earn 0.25% APY. Annual Percentage Yield is accurate as of May 6, 2024. Interest rates for the Platinum Savings account are variable and subject to change at any time without notice. |
$100 minimum deposit |
Open Account |
One-Year CDs
A certificate of deposit is a timed deposit account that requires you to agree to keep funds in the account for a specified time in exchange for guaranteed fixed interest rates. CD terms generally range from three months to five years, although there are shorter and longer CDs available through select financial institutions. Typically, the longer the CD term, the higher the interest rate offered, but it also extends the time funds are tied up in an account. One-year CDs are CD accounts with a one-year time commitment. Many one-year CDs offer competitive interest rates that can maximize your savings.
Best 1-Year CDs: Earn Over 4.00% APY With Low Risk
UFB Savings vs. One-Year CDs
It's rare to find a high-yield savings account that offers such a great interest rate, especially without having to meet monthly requirements, like a minimum balance or a set number of deposits. There are several one-year CDs that offer comparable rates, but you'll usually need to keep your money locked away for the full term length to avoid a costly fee.
For comparison's sake, here are several of the best one-year CDs currently available:
Popular One-Year CDs
Which Account Is Better: A High-Yield Savings Account or a CD?
While the best one-year CDs offer APYs that are comparable to UFB's high-yield savings account, you don't need to lock your money away for 12 months to get this high APY with UFB. Plus, if interest rates continue to rise, you can earn a higher interest rate with UFB's account, whereas a one-year CD will be locked in at the current rate. On the flip side, the interest rate for this account could theoretically drop, whereas a one-year CD's rate is guaranteed for the next year.
If you aren't 100% ready to lock away your money for the next year, the UFB Direct Portfolio Savings Account is a pretty clear winner. However, the best option often comes down to your specific financial goals and situation.
A high-yield savings account may be a good savings vehicle if you:
- Need access to funds over the next year
- Are building an emergency fund or another savings fund
- Don't want to pay penalties for withdrawing funds
- Want to add additional funds to your balance
A one-year CD might be a good option if you:
- Want to earn guaranteed returns
- Have funds you don't need access to for the next year
- Want access to higher interest rates
Ready to open an account? Start here.
Louie Patterson
Louie Patterson is a Finance Content Manager who specializes in banking topics such as account bonuses and CDs. With over seven years of professional editorial experience, their work has appeared in several publications, including USA Today and Consumer Affairs.
