[📌 Update February, 2023 – UFB Direct bumped up their yields again this month following the Fed’s latest rate hike on February 1st. Both their Elite Savings account and Elite Money Market account now come with an APY (annual percentage yield) of 4.55%. This is up from 4.21% APY in January. See details below.]
UFB Direct is a division of Axos Bank. Both banks are fully digital, online banks that have no physical branches.
They also share the same FDIC insurance (certificate #35546), so if you currently have a deposit account with Axos Bank that balance amount will count towards your FDIC limit with UFB Direct as well.
UFB Direct offers two variable rate deposit accounts with highly competitive yields. These are:
- Elite Savings account
- Elite Money Market account
Both currently hold the same APY (annual percentage yield) of 4.55% however, there are a few notable differences between the two accounts which we’ll go over in our review below.
In this post you'll learn:
Elite Savings Account
UFB Direct’s Elite Savings account was just launched in August of 2022 originally as a “Rewards Savings” account, but then changed the name of the account shortly after launching.
It has zero monthly maintenance fees and no monthly direct deposit requirements to earn the advertised interest rate and APY.
It also comes with no minimum deposit requirement.
Rate
| Balance Tier | APY |
| $0 – $9,999.99 | 4.55% |
| $10k – $24,999.99 | 4.55% |
| $25k – $49,999.99 | 4.55% |
| $50k – $99,999.99 | 4.55% |
| $100k + | 4.55% |
Although all balance tiers pay the same yield currently, this may change in the future.
To put this yield into perspective, the current national average for a savings account sits at just 0.35% APY according to FDIC data.
The most competitive variable-rate savings accounts are now yielding over the 4.00% APY mark, with these accounts by UFB Direct among the rate leaders.
Compounding and Crediting Interest
Interest on the UFB Direct Savings account is compounding daily and you start earning interest on the same business day that they receive your funds.
Interest is credited back to the account monthly and can remain for further compounding or can be transferred to an external account which has been set up for direct deposit.
Deposits and Withdrawals
If funding the savings account via ACH transfer please allow 2 – 3 business days before your account is actually opened.
Once you set up an external account for direct deposit into your UFB Elite Savings account, you will be able to make free direct deposits at your convenience.
You are limited to 6 withdrawals per month per federal regulation D.
Features
✅ Free ATM card to make cash withdrawals from your Elite Savings account.
✅ Digital tools for 100 percent remote banking.
✅ Free transfers between external bank account and UFB Direct Elite Savings account.
✅ SMS messaging to access your account when you’re without any internet connection.
✅ Mobile Check Deposit for depositing physical checks via your smartphone.
Elite Money Market Account
UFB Direct’s Elite Money Market account comes with the same APY as the Elite Savings account. The major difference between these two is that the money market account comes with a minimum balance requirement of $5,000 to avoid a $10.00 monthly fee.
Rate
| Balance Tier | APY |
| $0 – $9,999.99 | 4.55% |
| $10k – $24,999.99 | 4.55% |
| $25k – $49,999.99 | 4.55% |
| $50k – $99,999.99 | 4.55% |
| $100k + | 4.55% |
To put this yield into perspective, the current national average for a money market account sits at just 0.48% APY per FDIC data.
UFB Direct uses the same daily balance method for compounding the interest on your Elite Money Market account. Dividends are paid monthly as well.
📌 Please Note – There is no complimentary ATM card associated with the Elite Money Market account.
Final Thoughts
UFB Direct’s Elite Savings account and Elite Money Market account both come with extremely competitive yields that are among the highest yields in the country at the moment.
The newly launched Elite Savings account appears to be the more attractive offer of the two as it comes with no minimum deposit or balance requirements and no monthly fees whereas the money market account requires you to maintain a $5,000 balance to avoid a $10/month fee.
The free ATM card and free transfers between direct deposit accounts add to the convenience of the Elite Savings account as well. These are features many online savings accounts do not offer.
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