Most products on this page are from partners who may compensate us. This may influence which products we write about and where and how they appear on the page. However, opinions expressed here are the author's alone, not those of any bank, credit card issuer, airline or hotel chain.

A division of Axos Bank, UFB Direct® is an online-only bank that offers a high-yield savings account and a money market account, both with super-high APYs that rival most accounts out there. UFB Direct's high yields, no minimum deposit requirement and lack of fees make it an excellent choice for people who want to make the most out of their savings. However, the bank doesn’t offer certificates of deposit or have in-person services, so you'll need to look elsewhere for these offerings.

UFB Direct Savings Accounts

Account APY Monthly maintenance fee Best for Learn More
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.

$0

Best for savers looking for high APYs and a rare savings account ATM card

UFB Direct logo

UFB Direct Secure Money Market Account

5.25% More Info

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

$10 with options to waive More Info

No monthly maintenance fees with a $5,000.00 balance, otherwise fee is $10.00 per month.

Best for those who plan to keep at least $5,000 in the account and prefer writing checks

UFB Direct Pros and Cons

Pros

  • Very competitive APYs
  • Complimentary ATM card for easy access to your money
  • No minimum deposit requirement
  • Highly rated mobile app

Cons

  • Online only with no physical branches
  • Money market account requires a $5,000 balance to avoid a monthly fee
  • No checking account
  • No cash deposits

Who Is UFB Best For? 

UFB Direct offers some of the highest interest rates on the market with its savings and money market accounts. Depending on your situation, it might be a good option for you if any of the following is true:

  • You want to maximize your short-term savings.
  • You're not concerned about having your checking and savings accounts with different banks.
  • You want a savings account with ATM access (many similar banks don't offer this feature).
  • You want to access banking features even if you don't have an internet connection.

UFB Direct Secure Savings Account

Open Account

at UFB

  • 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.

The UFB Direct Secure Savings Account offers an incredibly high APY, making it easy to maximize your short-term savings. What's more, there's no monthly fee, and you don't need to maintain a minimum balance to earn interest.

When it comes to accessing your cash, most similar banks only allow transfers to and from external bank accounts. With UFB Direct, however, you'll also get an ATM card, which you can use to withdraw money at more than 91,000 ATMs nationwide. Note, however, that there is a $510 daily maximum for ATM withdrawals with this ATM card.

  • Interest rate: 5.25% APY
  • Minimum opening deposit: None
  • Minimum balance requirement: None
  • Monthly maintenance fee: None

UFB Direct Secure Money Market Account

Open Account

at UFB

  • Our Rating 4/5 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 Money Market account offers up to 5.25% APY on balances, which is competitive with the very best money market accounts. This account also doesn't feature a minimum opening balance requirement, which makes it a viable option regardless of how often you need to move your money around.

If you want a high-powered savings account with some of the features of a checking account, consider UFB's money market account. In addition to a high interest rate, the account also offers an ATM card, a Visa debit card and paper checks.

  • 5.25% APY
  • $10 monthly maintenance fee; waived with a $5,000 balance
  • ATM access and check-writing privileges

Banking Experience

If you decide to open an account with UFB Direct, here's what you can expect with the banking experience:

  • Easy funds access: You'll get an ATM card with the savings account, which is rare with this account type, and the money market account allows you to write checks. In both cases, you can deposit funds via bank transfer or mobile check deposit.
  • Highly rated mobile app: The UFB Direct mobile app has a 4.8-star rating on the App Store and 4.5 stars on Google Play. Customers can manage their accounts, make mobile check deposits, transfer funds and do some banking over text.
  • Well-rounded customer service: UFB Direct offers live chat via your online account, secure messaging and phone service. The bank has an A+ rating with the Better Business Bureau, but as of this writing it doesn't have enough customer reviews for a proper sample of the customer experience.

Benefits and Tools

  • SMS banking
  • FDIC insurance
  • Expanded FDIC coverage up to $150 million with InsureGuard+ Savings
  • Automatic logouts, SSL encryption and fraud protection

Drawbacks

Although UFB Direct offers outsized APYs on its high-yield savings and money market accounts, there are some potential downsides to consider:

  • No Checking Account: UFB doesn't offer a checking account, which may be a deal-breaker for consumers who prefer to have their checking and savings under one proverbial roof.
  • No Cash Deposits: As with other online banks, UFB Direct doesn't allow cash deposits, which may be an issue if you regularly use cash instead of a debit or credit card.
  • Issues With Past Changes: Customers have reported that when the UFB high-yield savings account changed names, existing customers needed to call and request the new, higher rates — it didn't happen automatically. While this doesn't seem to be the case for every customer, if you're a current customer and you aren't currently earning at least 5.25% APY, this is something you should look into.

Fees

The UFB Direct Secure Savings Account does not charge a monthly fee.

The UFB Direct Secure Money Market Account charges a $10 monthly fee, but you can get it waived if you maintain a balance of $5,000 or more.

How Does the UFB High-Yield Savings Compare?

Account APY Minimum deposit required Learn More
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.

N/A
CIT Bank logo

CIT Bank Savings Connect Account

4.65% More Info

Annual Percentage Yield is accurate as of July 27, 2023. Interest rates for the Savings Connect account are variable and subject to change at any time without notice.

$100
American Express logo

American Express High-Yield Savings Account

4.35% $0

UFB Savings vs. CIT Savings Connect

Both UFB Direct and CIT offer online savings accounts with high interest rates. However, UFB's APY is higher, giving you more value on your balance. Additionally, UFB Direct doesn't require a minimum balance to get started, while the CIT Savings Connect account requires a deposit of at least $100.

As far as access to your funds, both accounts offer bank transfers, but UFB also allows ATM withdrawals.

UFB Savings vs. American Express High Yield Savings

The American Express High-Yield Savings Account also offers a higher rate than you could get with a traditional savings account, but it pales in comparison to UFB Direct's savings product. UFB also offers easier access to your funds, making it better for people who want only a savings product. That said, American Express® also offers a rewards checking account, so it might be a better fit if you prefer to have both accounts in one place.

How Does the UFB Money Market Account Compare?

Although the UFB Money Market Account is a competitive offering, here's how it compares to other accounts:

Account APY Monthly maintenance fee Minimum deposit required Learn More
UFB Direct logo

UFB Direct Secure Money Market Account

5.25% More Info

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

$10 with options to waive More Info

No monthly maintenance fees with a $5,000.00 balance, otherwise fee is $10.00 per month.

N/A
CIT Bank logo

CIT Bank Money Market Account

1.55% More Info

Annual Percentage Yield is accurate as of March 31, 2023. Interest rates for the CIT Bank Money Market account are variable and subject to change at any time without notice.

$0 $100
Discover Bank logo

Discover Money Market Account

4.20% - 4.25% More Info

4.20% APY for balances under $100,000 and 4.25% APY Oor balances $100,000 and over. Annual Percentage Yield (APY) is accurate as of 12/22/2023.

$0 $2,500

UFB Money Market vs. CIT Money Market

UFB Direct's money market account offers a much higher APY compared to CIT, and it doesn't require a minimum deposit when opening your account. That said, if you don't have close to $5,000 to save, you may be better off with the CIT Money Market account, which doesn't charge a monthly fee.

UFB Money Market vs. Discover Money Market

The Discover® Money Market account offers a lower APY but doesn't require you to meet a sizable balance requirement to avoid a monthly fee. On the other hand, it does have a $2,500 minimum opening deposit, so you might need to do the math to determine whether the higher APY with UFB is worth the potential monthly fee.

How to Open an Account

Opening an account with UFB Direct takes roughly 15 minutes, according to the bank. You must be a U.S. citizen or resident alien to qualify. Before you get started, it's recommended to have your government-issued photo ID on hand.

  1. Visit the bank's website and click on the "Apply Now" button.
  2. Provide your name, Social Security number, valid email address and U.S. cell phone number and a valid U.S. address. 
  3. UFB will review your application and, if approved, provide you with the necessary information to fund your account.

About UFB Direct

UFB Direct logo and skyscraper

Slickdeals

UFB Direct is a division of Axos Bank, which was founded in 2000 as Bank of Internet USA. In addition to savings products, the bank also offers mortgage loans. With none of the overhead costs associated with physical branches, UFB is able to provide higher interest rates and lower fees than many banks and credit unions.

Is a UFB Savings Account Right for You? 

A UFB Direct account can be a good choice if:

  • You want to maximize your short-term savings.
  • You don't mind having your savings account and checking account with separate financial institutions.
  • You don't want to deal with a minimum balance or monthly fee on a savings account.
  • You have enough money to get the money market account monthly fee waived.
  • You want better access to your savings through an ATM card.

On the flip side, you may decide not to go with UFB Direct if:

  • You want all of your bank accounts under one roof.
  • You want to be able to make cash deposits.
  • You want quicker transfers between your checking and savings accounts.
  • You don't want to deal with the withdrawal limits of a money market account.

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

Frequently Asked Questions

  • Yes. UFB Direct is an FDIC member, so your funds are automatically insured for up to $250,000. With the bank's InsureGuard+ Savings feature, you can get up to $150 million in coverage. The bank also utilizes encryption and fraud protection features to keep your account safe.

  • If you have UFB's high-yield savings account, you'll be able to access your funds through bank transfers and ATM withdrawals. With the Money Market account, you'll get even more access, adding paper checks and a Visa debit card.

  • UFB Direct does not currently offer checking account products, but it does offer mortgage loans.

BL

Ben Luthi

Ben Luthi is a personal finance and travel writer and credit card expert. He has a degree in finance from Brigham Young University and worked in financial planning, banking and auto finance before writing full-time for NerdWallet and Student Loan Hero. Ben is now a full-time freelance writer and enjoys traveling and spending time with his two kids. His work has appeared in several publications, including U.S. News & World Report, USA Today, Money, Success and Slickdeals.