Quick Look at UFB Direct Secure Savings Account

• Our Score: 5/5 stars

• APY: 5.25%

• Minimum Initial Deposit: None

• Sigh-Up Bonus: None

• Analysis: The UFB Direct Secure Savings Account stands out by offering one of the highest interest rates available for your savings. With an APY of up to 5.25% on all balances, it provides the bank’s top yield. There are no monthly maintenance charges, and no minimum deposit is necessary to open the account.

Features of UFB Secure Savings

UFB Direct Secure Savings includes standard online savings account features like secure mobile and online banking, alongside unexpected perks such as an ATM card. Although the APY has varied since the account’s inception, it currently stands at a competitive 5.25%.

1. APY

UFB Direct organizes balances into five tiers, though presently, they all share the same interest rate.

Tier 1: $0-$9,999.99

• APY: 5.25%

• Interest Rate: 5.12%

Tier 2: $10,000-$24,999.99

• APY: 5.25%

• Interest Rate: 5.12%

Tier 3: $25,000-$49,999.99

• APY: 5.25%

• Interest Rate: 5.12%

Tier 4: $50,000-$99,999.99

• APY: 5.25%

• Interest Rate: 5.12%

Tier 5: $100,000 or more

• APY: 5.25%

• Interest Rate: 5.12%

APYs can change as banks adjust their rates according to market conditions. It’s advisable to compare different accounts to find one that aligns with your financial objectives. For those interested in securing a fixed APY, a certificate of deposit (CD) could be a viable option. The CIT Bank No-Penalty CD is popular among cautious investors seeking flexible savings.

2. No Monthly Fees

UFB Direct does not impose any monthly maintenance fees, nor is there a minimum deposit required to open an account. Additionally, there are no fees for withdrawing funds.

3. No Minimum Balance Requirement

There is no minimum daily balance requirement for the UFB Direct Secure Savings Account. However, historically, UFB has had a policy where no interest is earned if the average daily balance is below $10,000. This policy is not currently in effect, but if maintaining a $10,000 balance is challenging, you might want to consider other accounts in case this policy is reinstated.

4. FDIC Insured

UFB Direct accounts are provided by Axos Bank, and deposits are insured by the FDIC up to $250,000 per account title. All deposits held with the same ownership at Axos Bank fall under the same FDIC insurance. You can increase your FDIC coverage by how you title your accounts.

Advantages and Tools

Alongside offering a competitive interest rate with a UFB Annual Percentage Yield (APY) of up to 5.25%, customers with a UFB Direct Secure Savings Account can benefit from various additional features.

There are no monthly maintenance fees or minimum balance requirements, allowing for flexible deposits and withdrawals.

1. Complimentary Debit Card

Customers receive a free ATM debit card to withdraw funds or make transactions.

2. Mobile and Online Banking

UFB Direct users can access their account history, perform transfers, and contact customer support through online banking or the mobile app. SMS Banking is also available for quick requests without internet access.

Checks can be deposited using the mobile app, enabling check deposits from anywhere via a smartphone.

3. Secure Website Guarantee

To alleviate concerns about online banking, UFB Direct offers a safety guarantee, covering 100% of any losses resulting from unauthorized account access or fund theft.

Accessing Your Funds with UFB Direct

As a UFB Direct Savings account holder, you can manage your account through the online portal, the mobile app, or with your ATM debit card. Transactions can also be conducted via phone or in person at a branch.

Customers can access their accounts globally using online banking or the mobile app, which is compatible with both Apple and Android devices. For those without internet, SMS banking is available.

The ATM debit card allows for cash withdrawals and debit transactions. While UFB Direct does not charge fees for using other banks’ ATMs, it does not provide reimbursements for any fees incurred. Additionally, a 1% fee is applied to foreign currency withdrawals.

You can conduct up to six transactions per statement cycle, including:

• Preauthorized transfers

• Telephone or electronic transfers

• Online or mobile banking transfers or bill payments

• Debit card withdrawals or transactions

UFB Direct operates a single branch located in San Diego, California, open Monday through Friday from 9 a.m. to 5 p.m.

Drawbacks

While the UFB Direct Secure Savings Account offers an appealing APY of up to 5.25% without any monthly fees, there are some considerations to keep in mind:

• If the account is closed before the end of a cycle, all accrued interest will be lost.

• Accounts that have a zero balance at the end of the monthly cycle will be closed, and any accrued interest will be forfeited.

Final Thoughts

For those planning to open a UFB Direct Secure Savings Account, you’ll need the following details to complete the online application:

• Social Security Number

• Valid identification (Driver’s license or State ID)

• A U.S. mailing address (cannot be a P.O. Box)

There are no initial deposit requirements, so funding your account immediately is not necessary. Applicants must be U.S. Citizens or Resident Aliens.

You can start your account opening process online via the UFB Direct Secure Savings Account page. The entire procedure should take less than 15 minutes.