UFB Direct Review. Is It A Good Banking Option?

Updated: Jul 4, 2024

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Meet UFB Direct. Things You Should Know About UFB Savings and UFB Money Market Accounts

UFB Direct is a premium checking, money market, and savings account provider. It also offers a UFB Direct card, which is insured by FDIC. The service as a whole is provided by Axos Bank, a very reputable banking service provider located in San Diego, California. Axos Bank has quite the rep of offering several banking services, all of which are very useful and competitive. Their checking account service is immaculate and enables you to pay through checks.

Another great thing that UFB Direct service offers is the money market. The money market might be one of the best features that it has to offer, but it’s best left to people who are looking to invest. While the APY is relatively high, to get the most out of it, you’re going to need to invest a significant sum of money. But, keeping all that in mind, we’re going to give you a full, in-depth, insider review on UFB Direct, and the services offered by the full-stack bank themselves. 

UFB High Yield Savings Account

What Does the UFB Direct Offer? 

Checking account. When it comes down to the offer, there are many different things that you can do when you’re working with UFB Direct. One of the most prominent features is their checking accounts that come with Visa Debit Card. It allows you to pay any bill you like through checks – a great alternative to cash, debit, or credit payment. Checks are a popular option for more significant payments and purchases, due to their benefits over cash or credit payment.

Money market account. Another great thing that this service brings to the table is the money market. To get into the money market, you have to deposit a preset amount of money, which is currently set at $25.000 or greater. If you have a balance as high as this on your UFB Direct account, you can reap the benefits of a sky-high APY rate!

Savings account. You’ll also get the chance to open an exceptionally high-yield savings account. A savings account is an essential tool in the arsenal of any financially aware adult, and the variable rate savings options you’re going to get, along with the high APY, really make this feature fantastic. Any account savings balance holder will enjoy a competitive rate on balances that exceed $10.000.

If you’re looking to get the best service around, you should do all of your business in one place. UFB direct can offer you a debit card, checking account, savings account, and money market. If you want to get the best out of these offers, make sure to keep your money in one place.

Why Do We Like the UFB Direct?

To be honest, the sheer number of features that this banking service brings to the table makes it hard not to enjoy them. All of the features are masterfully executed and well optimized, making sure that any user is going to have an easy time understanding what they’re doing.

  • User-friendly website. The first thing to note about this service is the way that it looks and works. Everything associated with this service is done through the internet. There is a great, user-friendly website that is very functional. Every single feature and aspect of the service is explained in-depth, so that everyone is bound to understand it, no matter how good your knowledge of the topic is, or how high your internet navigation skills are.
  • Well-developed mBanking. The management is done through the website as well. The management system is completely streamlined, making managing your money market, checking account, savings account, debit card, or anything else an absolute breeze. But what makes the whole website that much better is the fact that it has a fully optimized mBanking option. Since all baking is done through the internet – the mBanking option allows you to manage your funds on the go.
  • Mortgage options. When it comes to the services, aside from the aforementioned, you get a lot of mortgage options. When you’re trying to purchase a home, the professionals at UFB are bound to help you get the best rates possible. If you need any information on the home equity line of credit or are simply looking to refinance, this service will help you every step of the way, too.
  • Good customer support. Another thing we like about the customer support team is that they’re going to help you with any issue you might experience while using the service. The customer service itself is helpful and is available to you 24/7. 
  • Reasonably priced. All of these services come at a very reasonable price, and the fees associated are virtually non-existent. There is no maintenance, opening, or annual fee on your account. There are no fees associated with the prepaid debit card you receive, either. 

What Can Be Better? 

Even though this banking service does come with many different benefits associated with it, some things could use some improvement.

  • Minimum deposit. One of the most significant things that this card has to improve in the future is the minimum amount of money that the money market, savings account, and checking account required to get a good APY. The APY offered is fantastic. But, for the full benefits of such an APY, you need to invest $10,000 into the high yield savings account or checking account and $25,000 into the money market.
  • Account closure fees. Another significant issue with this service is if you’re looking to close your account. If you close your account mid-session, all of your interest will be automatically forfeited. 
If you’re not too keen on forfeiting all of your interest, but you’re still looking to close your account, it’s best to wait until your session is over. This way, you can close your account without any penalty in the form of interest forfeiting.

UFB Direct under the Spyglass 

This bank brings quite a lot of different things to the table, all of which have different uses. We’ve gone over all of the features briefly in this review. In this section, we’re going to get in-depth into every feature. 

UFB Direct Money Market / Checking Account

The money market and checking account are both semi-integrated to one another. They serve as the very same account and come with some distinctive benefits that will benefit anyone looking to utilize them. The first thing to mention about these is the very high APY rate. To get the full benefits of the money market account, including the very high APY rate, you’re going to have to have a minimum of $25,000 deposited at the end of each cycle. But, there is an upside. If you’re looking to escape the maintenance fee, you’re going to have to have at least $5,000 at the start of each month. Each daily balance has to exceed $5,000 to avoid the fees.

A good thing about this is that you get check-writing privileges, allowing you to pay via check instead of credit or cash. Another redeeming aspect of the money market and checking account combination is the fact that there are no fees associated with it. As long as you keep your monthly balance above the mandatory initial investment of $5,000, you’re not going to have to pay any transference/maintenance fees whatsoever. There are also no fees associated with direct transfers, meaning you can transfer your money between accounts without fees through the eBanking or mBanking options. 

UFB Direct Savings Account

The savings account offered by UFB Direct is like any other savings account, with some key benefits. Again, just like in the money market, the APY is capped at 1.7%, which is a relatively high amount. There are no maintenance or service fees associated with your savings account. We’re going to get into the debit card a bit later in this review. A top-of-the-line feature about the UFB Direct savings account is the fact that you can bank anywhere, anytime. This service comes with all of the eBanking and mBanking tools you require to make sure you have access to your savings account at all times.

Since you’re going to need to direct transfers between your deposit accounts, having a mobile baking option is a real time-saving tool. The savings account is also supremely secured, much like everything else on this website. Security is the top priority for most online banking services, and UFB Direct has some top-of-the-line encryption to go along with it.

RELATED: Axos Bank Services Review, Consumer Credit Union Review

Other Benefits and Perks  

The UFB Direct doesn’t come with primary features only. While it does offer a great checking account, money market, and savings account option, it still has some key perks to supplement its features.

Low-Interest Mortgage Options 

One of the best features that are offered by this company is the low-interest mortgage option. If you’re looking to purchase a brand new home, or are merely looking for refinancing options, the UFB Direct team is here to help you along any step of the way. There is a $0 lenders fee placed on savings that exceed the very reasonable amount of $2500. If you’re looking to purchase a home, the mortgage rates are better than most in the industry, and considering this is a secondary feature – it is an enjoyable option. When you’re dealing with a mortgage, it’s reasonable to have a couple of questions. This is why the very active customer support team is always there to help. This is a full-service bank, meaning that you’re going to get anything you need in one centralized place. 

Debit Card

When you open a savings account with UFB Direct, you’re going to get the UFB Direct Debit Card. This is a great option, not because it stands out among other debit cards, but because it’s a great supplement to a great savings account. Through the Visa based debit card, you can access and use your funds as you wish, eliminating the need for writing checks if you’re not too keen on doing so. Having a good debit card always comes in handy, and having one integrated with a great savings account is even more useful.  

Mobile Deposits

Through this service, you can make fast check deposits with the UFB mBanking option. The application is so well optimized that you’re bound to have a fast, easy, and pleasant time depositing all of your checks. We’re going to get into the mBanking and eBanking features a little later in this article. As long as you have a working camera, all you need to do is snap a picture of the front and back of your endorsed check and upload it. All of these features are entirely free. 

UFB Direct Services are Ideal for Those Who 

  • Are experienced in eBanking and mBanking
  • Likes to do banking on the go
  • Wants high yield accounts
  • Looking for a free Visa debit card
  • And deals only with FDIC insured providers

What are Qualification Requirements? 

The qualifications for these services are surprisingly low. All qualifications that are associated with all these accounts are based on minimal federal requirements. All of the applications, registration, and qualification are made through the UFB direct website, which will guide you through the whole process. Once you apply for these services, you’re going to be brought to a page that will require you to fill up the following information:

  • First name
  • Last name
  • Your age
  • Your SSN
  • Valid address
  • Desired username
  • Desired password

If you’re looking to make a teen checking account, you can as long as you’re a minor between the ages of 13 and 17. If you’re looking to open an account as a minor, you’re going to have shared joint ownership with your parents/guardians. 

How to Apply for UFB Direct 

The whole application process is swift and is done via the internet. Since this bank is completely based on the eBanking platform, you need to apply online, too. You will be asked to create an account with UFB Direct and confirm it via your email address. After you’re finished, all that’s left is to apply for either a checking/money market account or savings account, deposit your money into them, and order a debit card.

The debit card will arrive shortly, and after that, all you need to do is download the app and start using this excellent service. The minimum amount you need to open an account is $5000, and as long as you keep it at that level annually, you’re not going to have to pay an annual, maintenance, or other fees. When you’re transferring money from your account to your savings account, you’re also going to have a fee-free experience. 

The Bottom Line  

The UFB Direct is a reputable full-stack bank, and it’s going to accommodate any needs you might have. The many features are only supplemented by additional features such as the debit card and the mortgage options. The APY is relatively high, although it does need some tweaking. All aspects considering the moderation, use, and monitoring of one of your accounts are going to be easy, as it’s done through a gorgeously designed website or mobile application. If you’re looking for a great money market/checking account and savings account option, you simply can’t go wrong with a service like UFB Direct. So, even if this service does have some faults, all of the features more than compensate for them. Also, check Quontic Bank Review.

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