The UFB High-Yield Savings account offers one of the highest interest rates available for your money. The UFB APY is up to 1.51% 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.
UFB High Yield Savings Account Offer
UFB High-Yield Savings APY
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 1.51%, 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.
†Slickdeals updates APY weekly. Rates are accurate as of June 1, 2020.
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.
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.
UFB High-Yield Savings Bonus
Currently, there is no welcome bonus for new accounts.
Is UFB Direct 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.
UFB High-Yield Savings Account Benefits and Tools
In addition to an attractive interest rate with a UFB APY of up to 1.51%, 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.
You’ll receive a complimentary ATM debit card to withdraw money at an ATM or make debit card transactions.
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.
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.
Drawbacks to the UFB High-Yield Savings Account
The UFB APY of up to 1.51% 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
How to Open a UFB Savings Account
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.