UFB Direct is a subsidiary of Axos Financial institution, a diversified monetary providers agency that administers deposit accounts and credit score merchandise for on a regular basis customers, small companies, and industrial enterprises. Anybody with a U.S. tackle could make deposits and apply for loans.
UFB Direct has a targeted however aggressive lineup of deposit accounts, together with financial savings, checking, and cash market choices. Like many different U.S.-based on-line banks, UFB Direct offers FDIC insurance coverage as much as $250,000 on all deposit accounts. For top-net-worth people, UFB additionally presents expanded FDIC insurance coverage as much as $265 million via its InsureGuard+ Financial savings program. The financial institution presents some good value-added perks, together with enrollment in Quicken’s FinanceWorks, a free budgeting device, and cell deposit capabilities via its highly-rated app.
UFB Direct additionally presents mortgage loans for single-family residence purchases via Axos Financial institution, with waived lender charges on eligible mortgages of $250,000 or extra for present prospects.
Key Options
UFB Portfolio Financial savings Account
This account requires no minimal opening deposit or month-to-month upkeep payment. The bottom yield is 3.76% APY on all balances. Prospects who bundle this account with UFB Freedom Checking can earn as much as 3.96% APY by assembly qualifying actions: $5,000+ in month-to-month direct deposits (+0.05% APY), sustaining $10,000+ minimal every day steadiness in checking (+0.10% APY), and finishing 10+ debit card transactions per assertion cycle (+0.05% APY). The account features a free optionally available ATM card.
UFB Freedom Checking Account
This interest-earning checking account requires no minimal opening deposit and has no month-to-month upkeep payment. The account earns 2.00% APY on checking balances when bundled with UFB Portfolio Financial savings – roughly 25 instances the nationwide common for checking accounts. The account comes with a complimentary debit card and entry to over 91,000 fee-free ATMs nationwide, plus as much as $10 in out-of-network ATM payment reimbursements month-to-month.
UFB Portfolio Cash Market Account
This account requires a $5,000 minimal steadiness to keep away from the $10 month-to-month upkeep payment. The yield is 3.76% APY on all balances. The account comes with a free optionally available debit card and consists of check-writing privileges for added flexibility.
Extra Options
UFB Direct presents free person-to-person (P2P) transfers via Popmoney and integrates with cell pockets apps like Apple Pay, Samsung Pay, and Google Pay. Buyer help is accessible 24/7 by telephone (besides on federal holidays) and by way of on-line chat on weekdays from 8am to 5pm Pacific Time.
The financial institution’s cell app earns robust opinions in each app shops (4.8 and 4.7 stars from over 17,000 customers) and consists of cell test deposit, account transfers, invoice pay, and customer support contact. UFB Direct additionally offers FinanceWorks, a Quicken-powered private accounting program, to each depositor at no cost.
Benefits
- Aggressive Charges on Financial savings and Checking
UFB Direct’s 3.76% APY base financial savings charge is aggressive, with the power to spice up it to three.96% via bundling. The Freedom Checking account’s 2.00% APY is phenomenal – a $10,000 checking steadiness earns $200 yearly versus $0 at most conventional banks. - No Month-to-month Charges or Minimal Deposits
Each financial savings and checking accounts have $0 minimal deposit necessities and no month-to-month upkeep charges, making it simple to get began no matter your monetary scenario. - 24/7 Buyer Assist
In contrast to many on-line banks with restricted help hours, UFB Direct presents round the clock customer support by telephone, offering help everytime you want it. - Large ATM Community
Entry to 91,000+ fee-free ATMs nationwide, plus as much as $10 month-to-month in out-of-network ATM payment reimbursements, ensures handy money entry. This community exceeds main banks like Chase, Financial institution of America, and Wells Fargo. - Robust Digital Instruments
Cellular test deposit is seamless via the highly-rated app, and FinanceWorks offers highly effective budgeting instruments at no extra cost. Free P2P transfers via Popmoney deal with casual cost-sharing conditions with out charges.
Disadvantages
- Charge Enhance Requires A number of Qualifying Actions
Whereas the three.96% APY high charge is enticing, reaching it requires bundling accounts and finishing three separate qualifying actions. Prospects who can’t meet all necessities earn the bottom 3.76% APY, which is aggressive however not distinctive. - No Bodily Branches
On-line-only banking means no in-person service, notary providers, secure deposit bins, or face-to-face help for complicated transactions. - No CDs or Retirement Choices
UFB Direct doesn’t supply CDs or tax-advantaged retirement accounts resembling IRAs. This can be a vital hole for savers in search of fixed-rate merchandise or long-term retirement financial savings. - Excessive Minimal Steadiness for Cash Market
The cash market account requires a $5,000 minimal steadiness to keep away from the $10 month-to-month payment, which may burden prospects with out substantial liquid reserves. Competitor banks like Ally don’t require minimal balances on their cash market accounts. - Restricted Credit score Choices
Apart from mortgage loans, UFB Direct doesn’t supply private loans, auto loans, scholar loans, or bank cards. Different on-line banks like Uncover Financial institution have extra complete credit score product lineups. - Frequent Product Modifications
UFB Direct often introduces new account sorts with totally different charges, and present prospects aren’t routinely upgraded. The financial institution doesn’t proactively notify prospects of those modifications.
Closing Phrase
UFB Direct presents a powerful mixture of aggressive charges and fee-free banking for digitally-savvy prospects. The addition of the Freedom Checking account considerably enhances the financial institution’s enchantment, offering one of many few checking accounts that earns significant curiosity whereas charging no charges.
The account lineup works greatest for patrons with common direct deposits who preserve wholesome checking balances and may meet the bundle necessities. The 24/7 buyer help and highly-rated cell app make the online-only expertise manageable.
Nonetheless, the shortage of CDs and retirement accounts limits UFB Direct’s enchantment as a complete banking answer. Prospects in search of fixed-rate merchandise, tax-advantaged financial savings, or in-person banking ought to rigorously take into account whether or not the aggressive charges justify these limitations.
