UFB Direct Banking Review | NextAdvisor with TIME

We want to help you make more informed decisions. Certain links on this page – clearly marked – may direct you to a partner website and allow us to earn a referral commission. For more information, see How we make money.

Good for high rates

UFB Direct Banking Review

Direct UFB

Good for high rates

UFB Direct Banking Review

  • inactive mortgage calculation icon

    No monthly transfer limit

  • idle savings calculation icon

    Great savings rate


UFB Direct is a strong online bank with competitive APYs in both money market and high yield savings accounts. But UFB Direct’s other account options are limited, with no current accounts or CDs.

NextAdvisor review


  • Attractive interest rates
  • No transfer limit
  • No minimum deposit for savings

The inconvenients

  • Limited account options
  • $5,000 minimum balance to waive the $10 monthly money market account fee

Additional Details

  • Free ATM Card with High Yield Savings Account
  • Access to 91,000 ATMs
  • No minimum deposit required
  • No limit on the number of transfers or withdrawals
  • Must maintain a $5,000 money market account to avoid monthly fees
  • Mortgage options through Axos Bank
  • ATM and POS cash withdrawal limits vary
  • Highly rated mobile app
  • UFB direct deposit accounts are FDIC insured

Editorial independence

We analyze and review banks without the influence of partnerships or advertising relationships. For more information on our scoring methodology, click here.

Full UFB Direct Review

UFB Direct is a division of Axos Bank, another online financial institution. It is a digital-only online bank, but you can visit its headquarters in San Diego, California. UFB Direct has a limited range of accounts, but competitive interest rates, strong customer service and a range of online banking features are just a few banking products.

Savings accounts

UFB Direct’s High Yield Savings Account is on our list of best savings account rates and offers a consistently competitive interest rate. There are no monthly maintenance service fees, minimum deposit requirements or minimum balance requirements.

The account comes with an ATM card that you can use to deposit and withdraw money from ATMs across the country, but you’ll also have options to bank entirely online or through a mobile app. For example, you can use mobile deposit for checks and SMS messaging for banking when you don’t have Wi-Fi, or transfer money using ACH and bank transfers. Unlike some other banks, there is no limit to the number of transfers or withdrawals you can make each month.

However, there are a few fees and limitations to keep in mind. Incoming wire transfers are free, but outgoing domestic transfers cost $35 each and outgoing international transfers cost $45 each. There are also certain limits on the amount you can withdraw with your ATM card, which may vary depending on whether you are making withdrawals at an ATM or making a transaction at a point of sale. Finally, you can transfer up to $30,000 to or from your account in a single day, and up to $60,000 per month.

Learn more: The highest savings account rate currently is 3.83% APY. Here’s where you can get it

Money market accounts

UFB Direct’s Money Market Account also has a competitive interest rate and online banking features similar to High Yield Savings.

The main difference between these two account types is the $10 monthly maintenance fee that you can incur with a money market account. You can avoid fees by maintaining at least a minimum balance of $5,000 each month.

The same fees apply to money market accounts as to savings accounts, including bank transfer limits, cash withdrawals and point-of-sale transactions.

Pro tip

UFB Direct deposits are FDIC insured up to $250,000 per user per account type. However, if you are also an Axos Bank customer and have deposits with that bank, your combined balance will be used to determine FDIC coverage. This means that you will be covered for up to $250,000 between your accounts with the two banks.

Others products

UFB Direct’s banking products are limited to high yield savings and money market accounts. However, it also offers several types of home loans, through its partner bank Axos Bank. Some features include multiple mortgage options, refinance services, and lender fee waivers if you meet certain conditions. Additionally, you can earn a percentage of cash back on your loan repayments with Axos if you also have a checking account with the bank.

Customer service

Compared to the other banks we’ve reviewed, UFB Direct scores highly for both customer service and communication. It offers great flexibility to customers when they need help.

You can reach UFB Direct by online chat, phone and mail. The bank’s site has a dedicated resource section with frequently asked questions for new and existing customers, and about the service. Although you can send a secure message through your online account to a representative, a direct bank email address is not readily available.

UFB Direct’s app is also highly rated on Google Play and the App Store, with 4.5 and 4.8 stars respectively. Customers appreciate the check deposit feature and simple banking tools. However, some reviewers mention connection issues and longer than expected bank transfer times.


UFB Direct does not list any accessibility efforts or support contacts on its website. We have contacted the bank for further information on the accessibility of the site, but have not received a response at the time of publication. We will share an update if it is available.

Is UFB Direct for you?

If you are looking to take advantage of competitive rates for your savings balance, UFB Direct is a good option.

Keep in mind that bank account options are limited. There is a high yield savings account and a money market account. Other common banking products, such as checking accounts and certificates of deposit, are not available. If you’re looking for one place to do all your banking to easily transfer between accounts at the same institution, you might want to consider other options.

But even beyond its exceptional rates, UFB Direct’s high-yield savings have big advantages. These include no fees, no minimums, and even no transfer or withdrawal limits, which can be helpful for months when you may have several unforeseen costs, such as car or house repairs.

However, if you’re interested in the bank’s money market account, be prepared to maintain a balance of at least $5,000 to avoid the $10 monthly fee.

UFB Direct also makes online banking easier with features that can help you streamline deposits and transfers online or through the mobile app. And ATM access means you’ll also have the ability to deposit and withdraw cash as needed. The bank does not offer a list of eligible ATMs on site, but once you have created your account, you can find an ATM locator on the online banking portal.

UFB Direct FAQs

Where is UFB Direct located?

There is a UFB Direct branch in San Diego, but otherwise the bank is online only.

Is UFB Direct insured by the FDIC?

Yes, UFB Direct deposits are FDIC insured up to the standard of $250,000 per account.

Does UFB Direct require a minimum balance?

No, UFB Direct does not require a minimum balance for its High Yield Savings or Money Market Accounts. However, you will need a minimum balance of $5,000 in your money market account to avoid a monthly service charge of $10.

Does UFB Direct have a checking account?

No, UFB Direct does not have a current account.

About Joan Ferguson

Check Also

Letter: Loans were once a norm in our capitalist society. And now? | Letters

Hey, I want my money back. I got a National Defense student loan in the …