Pros Explained

• Decent interest rates on deposit accounts: You can often get an excellent 澳洲幸运5开奖号码历史查询:annual percentage yield (APY) on savings and 澳洲幸运5开奖号码历史查询:premium money market accounts (but check current rates compared to the 澳洲幸运5开奖号码历史查询:best high-yield savings and 澳洲幸运5开奖号码历史查询:money market accounts). If you meet the minimum daily balance requirements, you can earn a competitive interest rate on your accounts.
• No minimum deposit to open a savings account: UFB's high-yield savings account has no minimum deposit, making it perfect if you're looking to open a savings account when you're just starting out.
• No ATM fees: UFB doesn’t have its own network of ATMs, but you can access any ATM in the U.S. While UFB won’t ding you with an out-of-network ATM fee, there might be a surcharge from the bank or company that operates the ATM.
  

Cons Explained

• Best rates require jumping through some hoops: To earn the best rates on UFB savings and MMAs, you'll have to: get $5,000 in monthly direct deposits to a UFB Freedom Checking account (0.05% APY bonus to savings and MMAs); maintain a minimum $10,000 balance among UFB savings accounts or MMAs (0.10% bonus); make 10 approved debit card transactions per statement cycle (0.05% bonus).

Who Is UFB Best For?

should appeal to most folks who want an online bank a💙ccount to park their money for long periods of time. It may be a part🅘icularly good fit for customers who:

• Have a fair amount of money to tuck away into savings—or might soon 
• Want a competitive interest rate on savings vehicles 
• Don’t have a lot of cash for a minimum required deposit 
• Want to open a savings account and anticipate a windfall of cash in the near future 
• Prefer a savings or premium money market account with a debit card and no monthly account fees 
• Want an online bank whose parent bank is well-established

What Does UFB Offer?

UFB offers a decent selection of 𝐆accounts with a full range of online services: 

• Checking account
• Savings account
• Money market account
• Around-the-clock personal banking

UFB Freedom Checking Account

UFB's Freedom Checking account offers a decent interest rate (for a checking account) with no hoops to jump through. This is a tiered variable account, though the different tiers may offer the same APY.

You can earn a 0.20% APY boost to your savings account rate if you open both a UFB Freedom Checking account and a Portfolio Savings account. You'll have a few requirements to meet:

• Receive at least $5,000 in monthly direct deposits to the checking account (0.05% APY bonus to savings or MMA)—you must complete this to unlock the following options
• Maintain a minimum balance of $10,000 in the checking account (0.10% bonus to savings or MMA)
• Make 10 approved debit card transactions per cycle (minimum $3 per transaction) (0.05% bonus to savings or MMA)
  

UFB Portfolio Savings Account

UFB’s Portfolio Savings account comes with a debit card and does not charge monthly maintenance fees. This account is particularly appealing because you don’t have to deposit a single cent to open one. The APY rates are as follows:

If y🎐ou anticipate a small windfall of cash in the near future—perhaps by way of an inheritance, sale of an asset, or a bonus at work—you might consider opeꦍning an account now. That way, you’ll have a place to tuck away that money when it comes.

You can use any ATM in the U.S. without paying out-of-network fees. However, other surcharge fees๊ might not be reimbursed.

UFB Portfolio Money Market Account

UFB’s money market account boasts a very competitive APY, with rates as follows:

UFB’s money market account has a $10 monthly account fee, which is waived if you maintain a daily minimum of $5,000.

UFB Customer Service

Banking customers can contact the customer service line seve🍒n days a week, 24-hours a day. There is also the standard option to reach out through the website and via a mobile app. Customers also can send a message through the dashboard.

While UFB offers different customer service options, its parent Axos ranks below average in customer satisfaction. Per the J.D. Power 2021 Direct Banking Satisfaction survey, Axos scored 627 out of 1,000 points. That’s a tad below the industry average of 701.

Other Financial Products Offered by UFB Direct 

• Mortgages

How to Bank With UFB

You can open an account online. You’ll need a valid ID and basic information such as your Social Security numb🔜er. Prospective account holders must be at least🔯 18 years old to apply.

Have questions🐲 and want to receive more information before making a decision? You can fill out a request form on its website.

Final Verdict

UFB Direct could be a good choice if you have a large sum of money you want in an online-only account. You’ll also need to mind the rules to avoid t♉he monthly maintenance fee, and you may need to deposit more money to earn the highest APYs available, depending on the cur🅠rent rates.

Those who don’t have as much to put into a deposit account would probably fare be🌼tter with a bank with lower minimum balance ꧅requirements.

Methodology

Investopedia is dedicated to providing consumers with unbiased, comprehensive reviews of banks. We collected over 20 data points acro🍸ss more than 80 banks, including available products, interest rates, fees, and accessibility, to ensure that our content helps users make the right decision for their savings and banking needs.