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UFB Direct Savings Account Review 2022: Checking Writing Capabilities With ATM Access

Katie Stiner

UFB Direct Savings Account, which comes with check-writing facilities and a free ATM card with a national network of fee-free ATMs.

Overall rating

4.8

Summary: UFB Direct Savings Account is a great option for clients who don’t mind handling their banking online and desire a strong interest-bearing online savings account.

UFB Direct Savings Account

ufb direct logo

3.83%

Est. APY

$0

Min. To Earn APY


Reviews

5

Account Opening

4.5

Fees

5

Deposits & Withdrawals

4.5

Features

4.5

Customer Service

5

Safe & Secure

Pros

  • Minimum deposits and Fee
  • Large footprint and ATMs
  • Check-writing capabilities
  • FDIC insured

Cons

  • No physical branches
  • Account options are limited
  • Information and documentation

Best For

  • Competitive interest rate
  • No minimum deposit is necessary
  • No recurring maintenance or account fees

Features

HQSan Diego, California, United States
Deposit InsuranceFDIC insured
Monthly Fee$0
Min. To Open$0
Min. Deposit For No Fee$0
Min. Balance For APY$0
Interest CompoundedDaily
State RestrictionsAvailable in all States

In depth review on UFB Direct Savings Account

UFB Direct is headquartered in San Diego, California, in the United States and is primarily an online bank.

The UFB Direct Account is best for people looking for a long-term online bank account. It might be an excellent fit for those who possess a sizable sum of money to put away in savings. Considering the outstanding APY rates it is offering, UFB Direct is also good for customers who are trying to get a good interest rate on their savings. Direct also attracts people who don’t have enough funds to make the minimum deposit required by other banks.

Individuals who prefer a savings or luxury money market account that includes a debit card and has no monthly account fees may also consider trying out the UFB Direct account. UFB Direct has a reputable parent company, Axos Bank, and is offering the same security and deposit insurance offered by large physical banks.

UFB Direct Savings Account is best for

  • Competitive interest rate: The UFB Direct Savings Account is considered a high-yield savings account, which means it pays higher-than-average interest. Any UFB customer can earn an APY that is much higher than the average rate offered by other financial institutions.
  • No minimum deposit is necessary: The UFB Direct savings account doesn’t have a minimum deposit to open an account. If you’re wanting to open a savings account because you’re just starting out, UFB’s high-yield savings account is suitable as it has no minimum deposit requirement.
  • No recurring maintenance or account fees: There are no service fees or monthly maintenance charges associated with the UFB Direct Savings Account. This is typical of any online bank, since they usually have lower fees than traditional banks.

UFB Direct Savings Account benefits

  • Minimum Deposits and Fees: No minimum deposits or maintenance fees are needed to start an account with UFB Direct, and there are no monthly service or maintenance costs to pay. To avoid having your account closed by UFB Direct, you must make a deposit into it within 30 days of opening.
  • Large Footprint and ATMs: You can use the free ATM card that comes with the UFB Direct High Yield Savings Account to access the funds in your savings account. Direct users have access to a nationwide network of 91,000 fee-free ATMs, which is a sizable ATM presence.
  • Check-writing capabilities: All of UFB Direct’s customers have access to check writing, which is unique among savings accounts. Additionally, it includes a complimentary order of checks with your registration.
  • FDIC insured: UFB’s savings accounts are FDIC insured in the same way that traditional bank accounts are. This protects you up to $250,000 per depositor in the case of a bank failure.

UFB Direct Savings Account drawbacks

  • No physical branches: Since this is an online bank, you won’t be able to use branch banking services in person.
  • Account options are limited: UFB Direct exclusively has three product categories: savings, premium money market accounts, and mortgages. If you expect your bank to be a one-stop shop for all your financial needs, you should look elsewhere.
  • Information and documentation: Even though UFB Direct has a stellar application powered by an amazing website for online banking, the bank’s website provides extremely little information and documentation compared to other conventional, physical banks.

Account opening

5

You can create an account online. A legitimate ID and basic information like your Social Security number should be readily available. The account opening procedure only takes a few minutes, and if you run into any problems when setting up your account, you can always contact UFB Direct customer service.

If you’re wanting to open a savings account because you’re just starting out, UFB’s high-yield savings account is suitable as it has no minimum deposit requirement.

Fees

4.5

There are no service fees or monthly maintenance charges associated with the UFB Direct Savings Account. This is typical of any online bank, since they usually have lower fees than traditional banks.

There are no hidden monthly fees or service charges that apply even if your balance falls below a particular threshold. This means that you don’t need to worry about making a specific number of deposits or making a specific number of transactions to avoid having to pay a monthly charge. But here are certain fees types like excess withdrawal, atm card replacement, etc which are pretty mandatory in any bank.

Type of FeeFee
Monthly Maintenance$0
Excess Withdrawal$10
Initial UFB Direct ATM Card$0
ATM Card Replacement with PIN$10
ATM Withdrawals$0
Paper Statement Fee$5
Incoming Wire Transfers$0
Domestic Outgoing Wire Transfer$35
International Outgoing Wire Transfer$45

Features

4.5

Some of the prominent features promised by UFB Direct Account are as follows:

  • No Minimum Deposit and No maintenance fee
  • One of the highest APY’s in the market
  • Interest Compounds Daily
  • Complete Online Banking at your Fingertips
  • Deposit Insurance

Six withdrawals from savings accounts is the maximum amount allowed per month under Federal Regulation D. UFB Direct may charge you a $10 excess-withdrawal fee each time you make more than the monthly maximum of six withdrawals. 

The interest offered by UFB Direct Bank is compounded daily. You can always check and track your savings account interest and compounding through the a calculator.

There is no minimum balance requirement for the UFB High-Yield Savings account to earn your APY. However, in the past, UFB imposed limits that prevented you from earning interest if your account’s average daily balance was less than $10,000. Even if this restriction isn’t in effect right now, if you find it challenging to keep $10,000 in your account, you might wish to register a different account just in case this one restriction is reinstated.

Deposits and withdrawals

5

Deposit options

  • ACH transfer
  • Wire transfer
  • Check deposit via mobile
  • Depositing money at specific ATMs

While there are no fees associated with receiving wire transfers at UFB Direct, it’s possible that the bank from which you are sending money may impose fees on outbound wire transfers. In order to avoid paying this cost, choose an alternative deposit option. As mentioned earlier, the UFB Direct Savings Account has no minimum opening deposit requirement.

Withdrawal options

  • ACH transfer
  • Wire transfer
  • Check Withdrawal
  • Using an ATM

You should also note that UFB Direct will charge customers a small fee if they choose to make an outgoing wire transfer.

You can make as many deposits and withdrawals as you need as there are no monthly charges and also no minimum balance requirements.

Customer service

4.5

The customer care line is available 24 hours a day, seven days a week to banking customers. Additionally, there is a standard way of getting in touch with customer service: through a mobile app and a website. The dashboard also allows users to send messages.

Safe and secure

5

One of the first factors to take into account when choosing a bank is its deposit insurance policy. Savings accounts with UFB are covered by the same FDIC protection as those with conventional banks. This protects you in the event of a bank failure up to a maximum of $250,000 per depositor.

Security and fraud are taken seriously at UFB Direct. 128-bit encryption is used on its website, and accounts are continuously checked for fraudulent behavior. Its online banking system will also automatically log you out after a certain amount of time if you don’t do anything. Additionally, UFB Direct has a functioning fraud and scam detection system in place that aids its clients in identifying current or potential fraud and recovering lost funds. 

Is UFB Direct Savings Account right for you?

This account is a smart choice for those who are afraid of hefty fees because it has no monthly maintenance cost. The free debit card and check-writing features will also appeal to customers who prefer not to deal with third-party money transfers when they have to access their money. UFB Direct has some of the highest-paying, FDIC-insured deposit accounts available. Additionally, its MMA still offers a high APY while offering features comparable to those in a checking account. So, it might be worth it to open an account if you like the features, security, strength, and transparency it offers.