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UFB Direct High Yield Savings Account Review: Surprising Accessibility for a Savings Account

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Savings accounts help you grow your money, but the trade-off is often limited access to your funds. This isn't the case with the UFB Direct High Yield Savings account, which offers check-writing capabilities and a complimentary ATM card with a nationwide fee-free ATM network. Read our full review to learn more about these rare perks as well as how its APY stacks up against other rates we've seen.

Rates as of May 25, 2022

Full UFB Direct Savings review

Top perks

Above-average APY: UFB Direct High Yield Savings Account holders who have a balance of $10,000 or more will earn an APY that's much higher than what you can get through brick-and-mortar banks.

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.

Large ATM network: UFB Direct customers have access to 91,000 fee-free ATMs across the country. You can look up the one nearest you using the ATM Locator tool on the bank's website.

Check-writing capabilities: UFB Direct gives all its customers check-writing capabilities, which is rare among savings accounts. And as a bonus, it throws in a free order of checks when you sign up.

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 app lets you do all of these things plus remotely deposit checks into your account. Most people prefer to manage their funds in one of these ways, but if you're not connected to wifi, 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 $10,000 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.

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
  • Mobile-deposited check
  • Cash deposits at select ATMs

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
  • Check withdrawal
  • ATM withdrawal
  • Point-of-sale withdrawal

Note that if you choose to do an outgoing wire transfer, UFB Direct will charge you a small fee.

Online savings account comparison

Like the UFB Direct High Yield Savings Account, the CIT Bank Savings Builder account uses a tiered APY system that is easier to qualify for the highest APY for most savers. It also has no monthly maintenance fee 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 May 25, 2022
Offer
 
 
 
Account
Rating
APY 0.81% Up to 0.55% 0.65%
Min. to earn APY $10,000 $25k or $100 monthly deposit for highest tier $1
Next Steps

This savings account is right for you if:

With no monthly maintenance fee, this account is a good pick for fee-wary savers. Plus, the complimentary debit card and check-writing capabilities will appeal to those who don't want to deal with external bank transfers when they need to access their funds.

On the other hand, the UFB Direct High Yield Savings Account is not a great fit for those who want to earn an industry-leading APY. If you're looking for a higher APY, check out our list for the best savings accounts for more options.

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