UFB Secure Savings Account Review: Surprising Accessibility for a Savings Account

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 Secure Savings Account, which offers a complimentary ATM card and a nationwide fee-free ATM network.

Read our full UFB Secure Savings Account review to learn more about these rare perks as well as how its APY stacks up against other rates we've seen.

UFB Secure Savings Account interest rate

This UFB Secure Savings Account will pay you 5.25% APY on your saved cash, which puts it near the top of the rates available from other banks. Plus, there's no minimum deposit to open this account or earn that APY.

Top perks

Above-average APY: UFB Secure Savings Account holders earn an APY of 5.25% -- that's much higher than what you can get through brick-and-mortar banks.

No maintenance fees or minimum deposits: UFB Secure Savings Account 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 Secure 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, making this account a good fit for those who want quicker access to their savings.

Large ATM network: UFB Direct customers have access to 91,000 fee-free ATMs across the country. You can look up the one nearest to you by logging in to UFB online banking and using the ATM Locator.

Bank from anywhere: The UFB Secure Savings Account can be accessed online, where you can view your balance and transaction history, transfer funds, and pay bills. UFB Direct's mobile app lets you do these tasks, plus remotely deposit checks. You can also manage your funds via SMS banking from anywhere if you're not connected to wifi.

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

Might need to reapply for higher APY: The UFB Secure Savings Account may not always pay you at the highest APY available for UFB savings accounts clients. We'll explain this in more detail below, but just know you may have to contact the bank if you notice your APY is lower than the best ongoing offer.

No physical branch locations: UFB is an online bank with no brick-and-mortar locations. If you value in-person consultations, you may want to check out another bank.

UFB's savings accounts have recently featured some of the highest rates you can find on the market, which can make them a great choice for those looking to earn the most interest. That said, if you've never banked with UFB before, it's important to know that the bank occasionally creates new savings accounts that feature higher APYs. These APYs are for new customers. Existing accounts, however, do not automatically get these higher rates.

That said, the bank does allow existing account holders to switch to a new account with the higher rates. But this requires asking the bank to make the switch; UFB will not do it unless you ask.

For example, if you are a current UFB savings account holder and do not currently have an account named "UFB Secure Savings Account," then you may not have the highest rate from UFB.

For some people, this extra work is a worthwhile tradeoff. UFB's savings rates are often quite a bit higher than competitive offers. The extra annual interest could add up.

But if this sounds like too much maintenance, you may want to consider another savings account. While most competitors don't offer rates as high as UFB, many do automatically increase the rates for all account holders -- new and existing accounts alike.

Here are your options for depositing and withdrawing money from your UFB Secure Savings Account.

Deposit options

UFB gives you plenty of ways to deposit funds into your account, such as:

• ACH transfer
• Wire transfer
• Mobile-deposited check
• Cash deposits at select ATMs

UFB Direct doesn't charge for incoming wire transfers, but 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 Secure 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 UFB Direct can close your account.

Withdrawal options

You can withdraw money from your UFB Secure Savings Account using any of these methods:

• ACH transfer
• Wire transfer
• Check withdrawal
• ATM withdrawal
• Point-of-sale withdrawal

UFB Direct doesn't charge withdrawal fees, except for outgoing wire transfers. It charges $35 for domestic outgoing wire transfers and $45 for international outgoing wire transfers.

• You want to earn one of the highest APYs on the market without paying a minimum fee.
• You'd like to access your savings with an ATM card.
• You can deposit money within 30 days of opening your account.

If UFB isn't right for you, check out our full list of the best high-yield savings accounts.

Keep reading about UFB

• UFB Secure Money Market Account
• Axos Bank Review (Axos Bank owns UFB Direct)

Our savings account methodology

At The Motley Fool Ascent, we rate savings accounts on a five-star scale (1 = poor, 5 = best). We evaluate all savings accounts across four main criteria: annual percentage yield (APY), brand and reputation, fees and minimum requirements, and perks that really make a difference -- think ATM access, linked checking accounts, or even branch access.

Our scores are weighted as:

• APY: 50%
• Brand and reputation: 20%
• Fees and minimums: 15%
• Other perks: 15%

Learn more about how The Motley Fool Ascent rates bank accounts.