The UFB Direct Elite Money Market account is a high-yield savings account that offers a competitive interest rate, while providing access to your account through check-writing privileges or debit card access. Customers will enjoy a UFB Elite Money Market APY of up to 3.01%.
Secure application on issuer’s website.
UFB Direct Elite Money Market Account
APY: Up to 3.01% APY
Monthly Fees: No maintenance fees with balances of $5,000 or more
Free debit card and postage-paid envelopes
Some check-writing privileges
Bank from anywhere with mobile app and SMS banking
UFB Elite Money Market Features
UFB Direct’s Elite Money Market is an online-only account that is best for people who don’t require in-branch services or visits brick-and-mortar locations. Typically, the lower overhead of online banking provides consumers access to higher average percentage yields and lower fees.
UFB Direct offers pairs some of the aspects of checking accounts and high-interest savings accounts into its money market account. The interest rates are tiered by balance with the highest yields kicking in on balance of $25,000 or more.
The UFB premium money market APY is up to 3.01%, and currently, there is only one interest rate.
It’s important to understand that average percentage yields (APY) fluctuate as financial institutions adjust their rates to the market. If you’re interested in locking your savings in at a specific APY, consider a certificate of deposit (commonly referred to as a CD). CIT Bank offers a no-penalty CD that is particularly popular with risk-averse investors who want flexibility with their term CD.
Here’s a look at the different balance tiers associated with this account:
|Tier: $100,000 or greater|
This account has a monthly maintenance fee of $10. However, the monthly fee is waived when you have an account balance of $5,000 or more. If your balance falls below $5,000 you will be charged a maintenance fee.
Your deposits are FDIC insured up to the legal limits. The current FDIC deposit limit is $250,000 per depositor, per FDIC-insured bank. You can increase your coverage limit by the way that you title your account.
Benefits and Tools
In addition to the generous UFB APY of up to 3.01%, account holders have several other benefits available to them.
Mobile and Online Banking
UFB Direct offers digital tools for seamless remote banking. You can view your account and contact customer service online or through the UFB Direct app (Apple, Android). The mobile app allows users to view account history, transfer money, make mobile deposits, and perform bill payments.
If you don’t have internet access where you’re at, UFB Direct offers SMS banking to access account features. For customers that don’t want to use remote banking, account holders receive complimentary postage-paid envelopes to complete deposits through the mail.
Secure Website Guarantee
Some customers have a fear of online banking, which is why the bank offers an online safety guarantee. UFB Direct will cover 100% of any losses due to break-ins or funds that are lost, misplaced, or taken from your account without your authorization.
Free Debit Card
Customers also receive a complimentary Visa debit card to access their account through an ATM or initiate debit card transactions. There are no out-of-network ATM fees, but UFB Direct does not reimburse for fees charged by other banks. If you withdraw foreign currency, UFB Direct imposes a 1% fee.
How to Access Cash
Your UFB Elite Money Market account can be accessed in multiple ways. However, money market accounts have a limit of six transactions per statement cycle. These transactions include:
- Pre-authorized transfers (including transfers for overdraft protection)
- Telephone transfers or other electronic transmissions
- Online banking or mobile banking transfers
- Bill payment
- Transfers by check, draft or debit card
One of the major differences between a savings account and a money market account is the ability to have limited check-writing privileges. Each check that you write counts towards your six-transaction limit, but it is an option for UFB Elite Money Market account holders.
UFB Direct also has one branch location in San Diego, California. UFB hours are from 9 a.m. to 5 p.m. Monday through Friday, if you’d like to transact business in person.
Although the UFB Elite Money Market’s 3.01% APY is valuable, there are a few things to watch out for:
- Accrued interest could be forfeited interest based on when you close your account
- The premium interest rate drops at balances below $25,000
- Monthly fees are charged if your balance is below $5,000
A major drawback is that if you close your account mid-statement cycle, you will forfeit any interest that you’ve accrued. Additionally, if your account balance is zero at the end of a statement cycle, any accrued interest will be forfeited and your account will be closed. If you need to close your account, the optimal time to close it is just after the statement is generated.
If your balance falls below $5,000 you will be charged a monthly fee. This balance requirement is an average daily balance, so you can drop below $5,000 on a single day, but the average for the statement cycle needs to be $5,000 or more to avoid the fee. The monthly fee for is $10 per month if you do not meet the minimum balance requirements.
About UFB Direct
UFB Direct’s banking services are provided through a partnership with Axos Bank (Member FDIC). By partnering with one of the top online banks, UFB Direct can offer its existing customers and the general public access to the very best online and mobile banking services. All UFB Direct deposit accounts are FDIC insured up to the legal limits through its partnership with Axos Bank.
Axos Bank was formerly Bank of the Internet USA, one of the first digital banks in the world when it was founded in 1999. The bank has no physical branches, but provides all of your banking needs online and through its mobile app.
If you’d like to open an account to earn an APY of up to 3.01%, the easiest way is to open an account online. A UFB Elite Money Market account can be opened in just a few minutes.
To open your account, you’ll need the following items:
- Social Security Number
- Valid form of identification – Driver’s License or State ID
- U.S. address that is not a P.O. Box
- Requirement minimum deposit of $5,000
Additionally, you must be a U.S. citizen or a Resident Alien in order to open your account.