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- UFB Direct High Yield Savings Account Review
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The UFB Direct High Yield Savings Account offers many of the resources you'd expect from an online savings account, including mobile and online banking tools, as well as some you wouldn't expect, like a free ATM card. But the APY has decreased significantly in recent months and is no longer competitive with the best savings accounts. Further, the daily deposit and withdrawal limits that could be a hindrance to those who move large sums of money around. Find out if this account is a good fit for you in our UFB Direct High Yield Savings Account review below.
Rates as
of Feb. 15, 2021
| Offer | Our Score | APY | Best For |
|---|---|---|---|
UFB Direct High Yield Savings Account Member, FDIC |
Rating image, 4.5 out of 5 stars.
4.5 stars
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. |
APY: 0.20% | Best For: High APY |
Full UFB Direct Savings review
Top perks
Earn up to 0.40% APY: UFB Direct High Yield Savings Account holders who have a balance of $10,000 or more will earn 0.40% APY.
No maintenance fees or minimum deposits: UFB Direct requires no minimum deposit either to open an account or to avoid a monthly maintenance or service fee. However, you must deposit some money within 30 days of opening your account or UFB Direct might close it.
Get a complimentary ATM card: The UFB Direct High Yield Savings Account includes a complimentary ATM card that you can use to access your savings account funds. While ATM cards are common among checking accounts, they're relatively rare among savings accounts. This makes the UFB Direct High Yield Savings Account a good fit for those who want to quickly get money out of their savings account without having to first transfer the money to a checking account.
Bank from anywhere: The UFB Direct High Yield Savings Account includes a free online bank account where you can view your balance and transaction history, transfer funds, and pay bills. UFB Direct's mobile apps for Apple and Android devices enable you to do all of these things plus remotely deposit checks into your account. Most people will prefer to manage their funds in one of these ways, but if you're not connected to Wi-Fi, you can also manage your funds via SMS banking from anywhere.
FDIC insured: Finally, UFB's savings accounts are protected by the same FDIC insurance as traditional bank accounts. This covers you for as much as $250,000 per depositor, per institution, in the event of a bank failure.
What could be improved
Minimum balance to earn interest: Only those with $25,000 or more in their UFB Direct High Yield Savings Account will earn interest on their money. If you don't think you'll qualify for interest with the UFB Direct High Yield Savings Account, you're better off choosing a bank that's more generous to customers with low balances.
Deposit and withdrawal limits: UFB Direct allows you to deposit up to $250,000 when you fund your account, but after that, you're limited to $2,000 in deposits and withdrawals per day and $5,000 per month. After you've been a customer for 90 days, this rises to $15,000 per day and $25,000 per month, which is better, but it could still be an inconvenience for those hoping to deposit or withdraw a larger sum.
ATM access: UFB Direct does not have its own network of surcharge-free ATMs, nor does it partner with a nationwide network such as Allpoint to offer fee-free ATMs to its customers. Nor does it reimburse customers for ATM fees. UFB Direct does not charge any of its own fees when you use an ATM, but the ATM owner likely will, and you're responsible for paying these charges.
How to access your money
These are your options for depositing and withdrawing money from your UFB Direct High Yield Savings Account.
Deposit options
Here's how you can add money to your UFB Direct High Yield Savings Account:
- ACH transfer
- Wire transfer
- Mailed check
- Mobile-deposited check
UFB Direct doesn't charge for incoming wire transfers, but it's possible the bank you're transferring money from may charge for outgoing wire transfers. So choose a different funding method if you don't want to pay this fee.
While the UFB Direct High Yield Savings Account doesn't require any minimum opening deposit, you are required to put some money in the account within 30 days of opening it or else UFB Direct reserves the right to close your account.
Withdrawal options
You can withdraw money from your UFB Direct High Yield Savings Account using any of these methods:
- ACH transfer
- Wire transfer
- Request a mailed check
- ATM withdrawal
Note that if you choose to do an outgoing wire transfer, UFB Direct will charge you a small fee. You may also run into fees if you withdraw money at an ATM.
By federal law, you're limited to six "convenient" savings account withdrawals per month. This includes ACH transfers, recurring bill payments, or transfers made over the phone. ATM withdrawals and mailed checks do not count toward your six monthly withdrawals. If you exceed this amount, UFB Direct may charge you an additional fee.
Online savings account comparison
Like the UFB Direct High Yield Savings Account, the CIT Bank Savings Builder account employs a tiered APY system that is easier to qualify for the highest APY for most savers. It also has no monthly maintenance fees or ongoing balance requirements, so it's a smart choice for those with smaller balances.
The American Express High Yield Savings Account offers a high APY to all customers with no balance or monthly deposit requirements whatsoever. There are virtually no fees, so this account is good for making money.
Rates as of Feb. 15, 2021
This savings account is right for you if:
The UFB Direct High Yield Savings Account is not a great fit for those who want to earn an industry-leading APY and have large balances to move around. No monthly maintenance fee makes it a pick for fee-wary savers, and the addition of managing your money via SMS banking and withdrawing funds at any time using the provided ATM card are some things you can't find with most other savings accounts.
About the Author
Kailey has been writing about banks, credit cards, loans, and all things personal finance since 2012. She also writes for The Ascent's parent company, The Motley Fool. Her work has appeared on USA Today, CNN Money, Fox Business, and MSN Money. She's a graduate of the University of Wisconsin and happily lives in the woods of northern Wisconsin where she grew up.
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