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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 Secure Savings Account currently earns an astounding 5.25% 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 Secure Savings Account

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  • Our Rating 5/5 How our ratings work Read the review
  • APY5.25% More Info

    UFB Direct breaks balances into five tiers, but, currently, there is only one interest rate.

  • Minimum
    Deposit Required
    N/A
  • Intro Bonus N/A

The UFB Direct Secure Savings Account has one of the highest interest rates we’ve seen for a high-yield savings account at up to 5.25% 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 Secure Savings Account is an extremely attractive package.

Read the review

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 Secure Savings Account is the bank's high-yield savings account and currently earns 5.25% APY on all balances. 

How much interest can you earn with a UFB Direct Secure 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 $525. The UFB Direct Secure 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

BrioDirect High-Yield Savings Account

5.35% More Info

*Annual Percentage Yield (APY) is accurate as of 5/1/2024. 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
No monthly fee

UFB Direct logo

UFB Direct Secure Savings Account

5.25% More Info

UFB Direct breaks balances into five tiers, but, currently, there is only one interest rate.

No minimum deposit
No monthly fee

SoFi Checking and Savings

0.50% - 4.60% More Info

Customers earn 4.60% APY on savings balances when they set up recurring monthly direct deposit of their paycheck or benefits provider via ACH deposit. Alternatively, deposit at least $5,000 each month to earn 4.60% APY on your savings balance. Checking balances earn 0.50% APY

No minimum deposit
No monthly fee

CIT Bank logo

CIT Bank Platinum Savings Account

5.00% More Info

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
No monthly fee

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. 

piggy bank on calendar Related Article

Best 1-Year CDs: Earn Over 4.00% APY With Low Risk

Read More

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

Product Image 1-Year APY Learn More
Discover Bank logo

Discover Certificates of Deposit

4.70%

Synchrony Bank Certificates of Deposit

4.80%

Capital One 360 Certificates of Deposit

4.80%

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 Secure 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
High APY, Low Risk

Ready to open an account? Start here.

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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.