UFB Direct High-Yield Savings Account: Earn up to 0.20% APY With No Fees or Minimum Balances

This online account offers all of the benefits and features you'd expect, plus a few you wouldn't!

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The UFB High-Yield Savings account offers one of the highest interest rates available for your money. The UFB APY is up to 0.20% on your balances, with a minimum of $10,000 to earn the highest interest rate. There are no monthly maintenance fees and no minimum balance to open your account.

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UFB High-Yield Savings Features

UFB Direct High-Yield Savings offers most of the features you’d expect from an online savings account, including secure mobile and online banking, as well as some you wouldn’t expect, like an ATM card. The APY has decreased significantly since the account’s original launch date and is no longer competitive with the best online savings accounts.


When you open a UFB High-Yield Savings account, you should have at least $10,000 in your account. Otherwise, you will not earn any interest on your balances. UFB Direct breaks balances into five tiers, but, currently, there are only two interest rates. The UFB High-Yield Savings APY is either 0% or 0.20%, depending on your average daily balance each statement cycle.

Average percentage yields (APY) fluctuate as financial institutions adjust their rates with the market. It’s one of the primary reasons to shop around for the account that best suits your goals. If you’re interested in locking in your money at a specific APY, consider a certificate of deposit (commonly referred to as a CD). The CIT Bank No-Penalty CD is a popular option with risk-averse investors who want flexibility with their savings.

Balance Tiers APY Rates
$0-$9,999.99 0% 0%
$10,000-$24,999.99 0.20% 0.20%
$25,000-$49,999.99 0.20% 0.20%
$50,000-$99,999.99 0.20% 0.20%
>$100,000 0.20% 0.20%

No Monthly Fees

UFB Direct does not charge monthly maintenance fees or require a minimum opening deposit. Nor does it charge fees to withdraw funds from your account.

No Minimum Balance

The UFB High-Yield Savings account has no minimum daily balance. However, you do not earn any interest if your account’s average daily balance is below $10,000. If maintaining a $10,000 balance will be difficult for you, you should consider opening a different account.

FDIC Insured

All UFB Direct bank products are offered by Axox Bank. Deposits are FDIC insured through Axos Bank. Your deposits are insured up to $250,000 per account title. All deposits that you have with the same ownership and/or vesting at Axos Bank are included under the same FDIC coverage. It is possible to extend your FDIC coverage based upon how you title your account.

Benefits and Tools

In addition to an attractive interest rate with a UFB APY of up to 0.20%, customers can enjoy other benefits with their UFB High-Yield Savings account.

There are no monthly fees and no minimum balance requirements, so you can deposit and withdraw as you need. Just keep in mind that the UFB APY drops to 0% if your average daily account balance falls below $10,000.

Free Debit Card

You’ll receive a complimentary ATM debit card to withdraw money at an ATM or make debit card transactions.

Mobile and Online Banking

UFB Direct customers can view their account history, make transfers and contact customer service through online banking or the mobile app. SMS Banking is also available when you’re without internet access or perform a request quickly.

Checks can be deposited through the app using mobile deposit. Use your smartphone to deposit checks anywhere you are.

Secure Website Guarantee

Some customers have a fear of online banking, which is why the bank offers an online safety guarantee. UFB Direct will cover 100% of any losses due to break-ins or funds that are lost, misplaced, or taken from your account without your authorization.

How to Access Your Money With UFB Direct

As a UFB High-Yield Savings customer, you can access your account online, through the UFB Direct mobile app or with your ATM debit card. Additionally, you can initiate transactions through the telephone or in-branch.

Customers have access to their account anywhere in the world through online banking and the mobile app. The UFB Direct mobile app is available for both Apple and Android devices. If you don’t have internet access, UFB Direct also offers SMS banking functionality.

Your ATM debit card can be used to withdraw cash or make debit card transactions. UFB Direct does not charge fees for using another bank’s ATM, but it does not reimburse them either. If you withdraw foreign currency from an ATM, there is a 1% currency conversion fee.

You are allowed up to six transactions per statement cycle from among these activity types:

  • Preauthorized transfers
  • Telephone transfers or other electronic transmissions
  • Online banking or mobile banking transfers or bill payments
  • Debit card withdrawals or transactions

UFB Direct has one branch in Southern California. It is located in San Diego, California and its hours are Monday through Friday from 9 a.m. to 5 p.m.

About UFB Direct

UFB Direct’s banking services are provided through a partnership with Axos Bank (Member FDIC). By partnering with one of the top online banks, UFB Direct can offer its existing customers and the general public access to the very best online and mobile banking services. All UFB Direct deposit accounts are FDIC insured up to the legal limits through its partnership with Axos Bank.

Axos Bank was formerly Bank of the Internet USA, one of the first digital banks in the world when it was founded in 1999. The bank has no physical branches, but provides all of your banking needs online and through its mobile app.


The UFB APY of up to 0.20% with no monthly fees is very attractive. However, there are some things to watch out for with the UFB High-Yield Savings account:

  • You’ll earn no interest if the average daily balance falls below $10,000
  • Limited to six transactions per statement cycle
  • Accounts closed mid-cycle forfeit all accrued interest
  • Zero-balance accounts at the end of the monthly cycle will be closed and all interest accrued will be forfeited


For readers who are ready to open a UFB High-Yield Savings account, you’ll need this information to complete your online application:

  • Social Security Number
  • Valid form of identification – Driver’s license or State ID
  • U.S. mailing address that is not a P.O. Box

There are no minimum deposit requirements, so you do not need to fund your account right away. You must be a U.S. Citizen or Resident Alien to apply.

You can open your account online from the UFB High-Yield Savings account page. It should take less than 15 minutes to open your account.

While we work hard on our research, we do not always provide a complete listing of all available offers from credit-card companies and banks. And because offers can change, we cannot guarantee that our information will always be up to date, so we encourage you to verify all the terms and conditions of any financial product before you apply.

Lee Huffman

Lee Huffman spent 18 years in banking and investments and now uses that insider knowledge to write about credit cards, travel, and other personal finance topics. Lee enjoys showing people how to travel more, spend less, and live better through the power of travel rewards. You can connect with him at BaldThoughts.com.

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