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UFB Direct Savings Account, which comes with check-writing facilities and a free ATM card with a national network of fee-free ATMs.
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.
Deposits & Withdrawals
Safe & Secure
|HQ||San Diego, California, United States|
|Deposit Insurance||FDIC insured|
|Min. To Open||$0|
|Min. Deposit For No Fee||$0|
|Min. Balance For APY||$0|
|State Restrictions||Available in all States|
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.
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.
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 Fee||Fee|
|Initial UFB Direct ATM Card||$0|
|ATM Card Replacement with PIN||$10|
|Paper Statement Fee||$5|
|Incoming Wire Transfers||$0|
|Domestic Outgoing Wire Transfer||$35|
|International Outgoing Wire Transfer||$45|
Some of the prominent features promised by UFB Direct Account are as follows:
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.
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.
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.
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.
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.
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.