UFB Direct is Axos Bank's FDIC-Member online arm that offers high-yield savings and online money market accounts. It is part of the 2000-founded online bank Axos Bank. Other than that, the UFB's parent bank, Bank of Internet USA, became Axos in 2018.

Users may also utilize over 91,000 ATMs and use the ATM finder and online banking to discover nearby ATMs. We have compiled one of the best UFB direct bank reviews that will help you decide whether UFB direct customer services and accounts suit your need or not.

UFB Direct Fees

UFB Secure Savings is free; however, its money market account charges $10 per month. Maintaining a $5,000 account balance waives your cost. Some extra costs cover:

• Non-sufficient funds: $25
• Withdrawal fee: $10
• Printed statements: $5
• Foreign exchange fee: 1% for debit cards

UFB direct customer services and banking provide overdraft protection notwithstanding transaction or withdrawal fees. Additionally, ATMs outside the network don't impose withdrawal fees, although some do.

UFB Direct Offerings

Here are some of the services that UFB Direct bank reviews noticed:

Freedom Checking Account

This account from UFB Direct does not require a minimum deposit or monthly maintenance fees. Moreover, 5.25% APY is available. By combining this account with the UFB Direct high yield savings account, customers can increase their profits and receive a total annual percentage yield of up to 5.45%. Moreover, the Freedom Checking account under UFB Direct customer services also offers a free debit card and access to over 90,000 ATMs.

InsureGuard+ Savings Account

The InsureGuard+ Savings Account is a savings account specifically designed for high-net-worth people. It offers up to $175 million in additional FDIC insurance coverage. In general, UFB direct high yield savings accounts offer up to $250,000 are the only ones that the FDIC protects. Rich people have to handle several bank accounts as a result of this. You may save all of your money in one location with UFB Direct's InsureGuard+ Savings account.

Secure Money Market

Like other top accounts, UFB Secure Money Market provides 5.25% APY on all balance categories. A monthly fee that may be waived distinguishes this account from a typical savings account. Moreover, avoiding the $10 monthly fee requires an average daily balance of $5,000 or greater.

You can use this UFB direct high yield savings account to write checks and get a debit card. You can use your phone to deposit checks into the money market account. Additionally, debit cards allow in $2,500 daily spending.

Benefits Of UFB

Competitive APYs

The UFB Direct bank reviews noticed that UFB Direct offers attractive APYs. Compared to typical banks, individuals may obtain larger savings interest. Higher APYs help your money grow quickly, and thus, those hoping to maximize savings might choose UFB Direct. This is why we recommend UFB Direct above other banks with lower interest rates: its high APYs help customers reach their financial goals faster.

No Minimum Balance

Opening a UFB Direct account requires no minimum balance, which allows customers to use it without a large initial expenditure. No minimum balance removes a key barrier to opening a new UFB Direct high yield savings account. Students, young people, and those starting with money might profit from this strategy.

Mobile Check Deposit

UFB direct customer services simplify mobile check deposits. Consumers may swiftly deposit checks using a smartphone using this service. Moreover, mobile check deposits are handy for busy people or those without access to traditional banks. Flexibility and easiness increase the consumer experience. Tech-savvy customers would appreciate this modern banking instrument, which matches the digital banking trend.

ATM Fee Reimbursements

Customers may save money by taking advantage of UFB Direct's ATM charge refund program. UFB direct customer services reimburse the expenses associated with using out-of-network ATMs; however, these may rapidly mount. Customers who often use ATMs that are not connected to their bank will find this feature very helpful.

UFB Direct offers more freedom in obtaining funds without having to worry about paying extra fees. This feature makes UFB Direct more appealing to clients who appreciate convenience and cost savings. By paying ATM fees back, UFB Direct makes itself more attractive and competitive in the banking industry.

Drawbacks Of UFB

Limited Account Options

UFB Direct lacks CDs and freestanding checking accounts, limiting account options. This may deter customers who want one bank to provide all their financial services. Those without a single checking account may have to go elsewhere for their financial needs.

Moreover, CDs are scarce, so long-term savers have fewer options. Also, because of this restricted product variety, customers may need UFB direct high yield savings accounts at many banks to meet their financial needs, which may be problematic.

Monthly Fee

Almost $5k is the minimum amount needed to keep the UFB Secure Money Market account open and avoid a $10 monthly charge. If a consumer is able to keep this balance, this demand may be beneficial to them. The $10 charge may lower the interest generated on the account since it adds up rapidly.

Moreover, this requirement could discourage people with low savings from creating an account. A large minimum balance requirement may be difficult for some users to meet, which reduces the accessibility of this account. Because of this, it's crucial to think about your ability to fulfill this prerequisite regularly.

No Physical Locations

People who like in-person banking may prefer something other than UFB direct. Since there are no branches, all banking is done by phone or online. This limitation may be tough for those who find Internet banking unpleasant or prefer in-person interactions. .

Is UFB Direct Right For You?

If saving money is your primary objective, UFB Direct may be right for you. UFB Direct is an online bank with lower fees and higher rates than many traditional banks. Its savings plans also provide some of the finest rates.

However, there might be better options for a one-stop banking solution than UFB Direct. Although selling mortgages via Axos Bank, UFB provides few personal banking products and no checking account.