UFB Direct is a subsidiary of Axos Financial institution, a diversified monetary companies agency that administers deposit accounts and credit score merchandise for on a regular basis shoppers, small companies, and business enterprises. Anybody with a U.S. handle 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 gives FDIC insurance coverage as much as $250,000 on all deposit accounts. For top-net-worth people, UFB additionally gives expanded FDIC insurance coverage as much as $265 million by its InsureGuard+ Financial savings program. The financial institution gives some good value-added perks, together with enrollment in Quicken’s FinanceWorks, a free budgeting device, and cellular deposit capabilities by its highly-rated app.
UFB Direct additionally gives mortgage loans for single-family house purchases by Axos Financial institution, with waived lender charges on eligible mortgages of $250,000 or extra for present clients.
Key Options
UFB Portfolio Financial savings Account
This account requires no minimal opening deposit or month-to-month upkeep price. The bottom yield is 3.76% APY on all balances. Clients 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 each day steadiness in checking (+0.10% APY), and finishing 10+ debit card transactions per assertion cycle (+0.05% APY). The account features a free non-compulsory ATM card.
UFB Freedom Checking Account
This interest-earning checking account requires no minimal opening deposit and has no month-to-month upkeep price. 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 price 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 price. The yield is 3.76% APY on all balances. The account comes with a free non-compulsory debit card and consists of check-writing privileges for added flexibility.
Further Options
UFB Direct gives free person-to-person (P2P) transfers by Popmoney and integrates with cellular pockets apps like Apple Pay, Samsung Pay, and Google Pay. Buyer assist is on the market 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 cellular app earns robust evaluations in each app shops (4.8 and 4.7 stars from over 17,000 customers) and consists of cellular verify deposit, account transfers, invoice pay, and customer support contact. UFB Direct additionally gives FinanceWorks, a Quicken-powered private accounting program, to each depositor at no cost.
Benefits
Aggressive Charges on Financial savings and CheckingUFB Direct’s 3.76% APY base financial savings charge is aggressive, with the power to spice up it to three.96% by bundling. The Freedom Checking account’s 2.00% APY is outstanding – a $10,000 checking steadiness earns $200 yearly versus $0 at most conventional banks.
No Month-to-month Charges or Minimal DepositsBoth 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 state of affairs.
24/7 Buyer SupportUnlike many on-line banks with restricted assist hours, UFB Direct gives round the clock customer support by telephone, offering help everytime you want it.
Large ATM NetworkAccess to 91,000+ fee-free ATMs nationwide, plus as much as $10 month-to-month in out-of-network ATM price reimbursements, ensures handy money entry. This community exceeds main banks like Chase, Financial institution of America, and Wells Fargo.
Sturdy Digital ToolsMobile verify deposit is seamless by the highly-rated app, and FinanceWorks gives highly effective budgeting instruments at no further cost. Free P2P transfers by Popmoney deal with casual cost-sharing conditions with out charges.
Disadvantages
Price Increase Requires A number of Qualifying ActivitiesWhile the three.96% APY prime charge is enticing, attaining it requires bundling accounts and finishing three separate qualifying actions. Clients who can’t meet all necessities earn the bottom 3.76% APY, which is aggressive however not distinctive.
No Bodily BranchesOnline-only banking means no in-person service, notary companies, secure deposit packing containers, or face-to-face assist for advanced transactions.
No CDs or Retirement OptionsUFB Direct doesn’t provide CDs or tax-advantaged retirement accounts equivalent to IRAs. This can be a important hole for savers in search of fixed-rate merchandise or long-term retirement financial savings.
Excessive Minimal Steadiness for Cash MarketThe cash market account requires a $5,000 minimal steadiness to keep away from the $10 month-to-month price, which might burden clients with out substantial liquid reserves. Competitor banks like Ally don’t require minimal balances on their cash market accounts.
Restricted Credit score OfferingsAside from mortgage loans, UFB Direct doesn’t provide private loans, auto loans, pupil loans, or bank cards. Different on-line banks like Uncover Financial institution have extra complete credit score product lineups.
Frequent Product ChangesUFB Direct sometimes introduces new account sorts with completely different charges, and present clients aren’t robotically upgraded. The financial institution doesn’t proactively notify clients of those modifications.
Closing Phrase
UFB Direct gives a powerful mixture of aggressive charges and fee-free banking for digitally-savvy clients. 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 finest for purchasers with common direct deposits who keep wholesome checking balances and may meet the bundle necessities. The 24/7 buyer assist and highly-rated cellular app make the online-only expertise manageable.
Nonetheless, the dearth of CDs and retirement accounts limits UFB Direct’s enchantment as a complete banking answer. Clients in search of fixed-rate merchandise, tax-advantaged financial savings, or in-person banking ought to rigorously think about whether or not the aggressive charges justify these limitations.
