UFB Direct Overview

UFB Direct, a division of Axos Bank, offers a range of high-yield savings accounts that charge no fees and in some cases don’t require minimum balances. If you want to earn the bank’s highest promotional annual percentage yield (APY), you’ll have to choose the savings and checking bundle and meet certain deposit, minimum balance and debit card transaction requirements. UFB Direct also offers expanded FDIC insurance on deposits up to $265 million and full online banking capabilities.

Pros and Cons

Axos Bank at a Glance

Suitable For?

UFB Direct’s Portfolio Savings is ideal for individuals looking for a hassle-free high-interest savings account with no maintenance or service fees and no minimum deposit requirements. The bank also offers a checking and savings bundle option, which can give you access to an even higher APY. However, you’ll need to meet certain requirements, including having at least $5,000 in monthly direct deposits, an average daily account balance of $10,000 or more and making at least 10 debit card transactions per month.

As a digital-only bank, UFB Direct may be a great fit for you if you’re comfortable with a full online and mobile banking experience — including SMS banking. If you prefer an in-person banking experience, this bank may not be the best option for you. UFB Direct doesn’t have physical branches.

Features/Highlights

Advantages over traditional banks

UFB Direct features several advantages compared to many traditional banks, including no monthly maintenance fees, no minimum deposit required to open a savings account and free transfers between direct deposit accounts. The bank also offers a checking and savings bundle that can help you earn an even higher high-yield APY on both accounts as long you meet certain qualifying requirements.

Additionally, UFB Direct offers expanded FDIC insurance on up to $265 million through its InsureGuard+ Savings feature.

Cutting-edge banking services

UFB Direct offers a virtual financial assistant 24/7 that answers questions related to your accounts and a simple user digital interface that allows you to manage your accounts easily through its website and mobile app. It also offers early direct deposits, online wire transfers and full protection against any losses that might be the result of unlikely break-ins or funds that are lost, misplaced or taken out of your account without your authorization.

Traditional banking services

In addition to savings and checking accounts, UFB Direct offers money market accounts and mortgages. Customers have access to an extensive network of over 90,000 ATMs at no cost.

Interest rates and fees

UFB Direct offers a high-yield APY that is 10X larger than the national average.

Customer service and online experience

UFB Direct offers 24/7 customer support by phone and through its virtual financial assistant, Evo. It also offers answers to many questions related to its accounts and financial services through extensive FAQ and Help sections on its website.

UFB Direct has a 2.9-star rating on Trustpilot, which is considered average. Some reviews have reported poor customer service while others have praised the bank for its banking features and customer experience.

Mobile app

The UFB Direct mobile app offers a simple user interface that allows you to manage all your accounts in one place. You can make mobile check and remote deposits, move funds between accounts and keep track of your account, deposit and bill payment histories. If you don’t have Wi-Fi, UFB Direct also offers the option of using SMS to access your account’s features.

UFB Direct’s mobile app is available for both iOS and Android. It has more than 15,000 ratings on the Apple store with a 4.8 average rating. On the Google Play store, it has 3,750 reviews with a 4.7 average rating.

Security

UFB Direct uses SSL encryption, two-step and biometric authentication, automatic logouts and regular account monitoring to detect potential fraud. The bank also offers expanded FDIC insurance on deposits of up to $265 million through its InsureGuard+ Savings feature.

UFB Direct has dedicated fraud specialists that can be contacted by phone 24/7.

Application Process

Opening an account with UFB Direct only takes 15 minutes and can be done online:

• Visit the website and navigate to “Savings.”
• Click on “Open My Account” under “UFB Portfolio Savings.” At this point you’ll have the option to add a checking account at no cost.
• Provide information, including personal details, Social Security number, valid government-issued ID and contact information.
• Fund the account if you want to start earning interest right away.
• Confirm all your information is accurate and submit your application for approval.

UFB Direct Summary

UFB Direct Portfolio Savings features a high-yield APY – 4.01% at the time of writing – with no fees and no minimum balance requirements. The bank also offers a checking and savings bundle account that can help you earn an even higher APY on both accounts – but you’ll need to meet certain requirements, including having at least $5,000 in monthly direct deposits, an average daily account balance of $10,000 or more and making at least 10 debit card transactions per month. UFB Direct offers a hassle-free digital experience that allows you to manage your accounts using its top-rated mobile app or even SMS if you don’t have an internet connection. As a division of Axos Bank, UFB Direct also offers expanded FDIC insurance on deposits up to $265 million.

Physical Address

UFB Direct (a Division of Axos Bank) Headquarters

4350 La Jolla Village Drive, Suite 140

San Diego, CA 92122

Disclaimer

AI was used in the generation of this content, along with human validation and proofreading. The content is not provided or endorsed by Axos Bank.