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:
- Priority Savings account
- Priority Money Market account
Both currently hold the same APY (annual percentage yield) of 5.06% however, there are a few notable differences between the two accounts which we’ll go over in our review below.
Priority Savings Account
UFB Direct’s Priority Savings account was launched back in August of 2022 originally as a “Rewards Savings” account then was rebranded as the “Elite Savings” account before settling on “Priority Savings” account.
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 | 5.06% |
| $10k – $24,999.99 | 5.06% |
| $25k – $49,999.99 | 5.06% |
| $50k – $99,999.99 | 5.06% |
| $100k + | 5.06% |
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 0.42% APY according to FDIC data.
The most competitive variable-rate savings accounts, however, are offering yields just above the 5.00% APY mark.
How Does UFB Direct’s Priority Savings Account Compare
Take a look at the table below comparing UFB Direct’s Priority Savings account versus other competitive online savings account offers.
| Bank | Min. Balance | APY |
| Citibank | $1.00 | 4.05% |
| Citizens Access | $0.01 | 4.50% |
| PNC Bank | $1.00 | 4.65% |
| UFB Direct | $0.00 | 5.06% |
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 Priority 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 Priority Savings account.
✅ Digital tools for 100 percent remote banking.
✅ Free transfers between external bank account and UFB Direct Priority 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.
Priority Money Market Account
UFB Direct’s Priority Money Market account comes with the same APY as the Priority 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 | 5.06% |
| $10k – $24,999.99 | 5.06% |
| $25k – $49,999.99 | 5.06% |
| $50k – $99,999.99 | 5.06% |
| $100k + | 5.06% |
To put this yield into perspective, the current national average for a money market account sits at just 0.63% APY per FDIC data.
UFB Direct uses the same daily balance method for compounding the interest on your Priority Money Market account. Dividends are paid monthly as well.
📌 Please Note – There is no complimentary ATM card associated with the Priority Money Market account.
How Does UFB Direct’s Priority Money Market Account Compare
Take a look at the table below comparing UFB Direct’s Priority Money Market account versus other competitive online savings account offers.
| Bank | Min. Balance | APY |
| CFG Bank | $1,000 | 5.17% |
| Northern Bank Direct | $5,000 | 4.95% |
| TotalDirectBank | $2,500 | 4.95% |
| UFB Direct | $5,000 | 5.06% |
Final Thoughts
UFB Direct’s Priority Savings account and Priority Money Market account both come with extremely competitive yields that are among the highest in the country at the moment.
The Priority 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 Priority Savings account as well. These are features many online savings accounts do not offer.
WARNING: DO NOT DEPOSIT MONEY IN A UFB SAVINGS ACCOUNT
in September 2022, I used the ‘bankrate.com’ website to search for a high-yield savings account. UFB Direct ‘Rewards Savings’ variable rate account was listed with a 2.61% APY. This was a competitive rate at the time, so, I opened an account on the UFB Direct website.
My September through December 2022 monthly statements indicated that I received a 2.61% APY on my savings for each of those months … the APY was ‘fixed’, not ‘varaible’. I became suspicious that something wasn’t right with the UFB Direct ‘Rewards Savings’ account because my September through December 2022 monthly statements indicated that I received a 2.61% APY on my savings for each of those months … the APY was ‘fixed’, not ‘variable’, and the APY on other banks’ high-yield variable rate savings accounts had risen to between 3.00% and 4.00% by December 2022.
Finally, when I received my January 2023 monthly statement indicating that I again received a 2.61% APY on my UFB Direct ‘Rewards Savings’ account, I stumbled upon an article on the ‘https://apyguy.com’ website which indicated that UFB Direct launched their high-yield ‘Rewards Savings’ account in August 2022, but changed its name to ‘Elite Savings’ shortly after launching. Furthermore, their ‘Elite Savings’ account earned 3.83% in November 2022, 4.11% in December 2022 and 4.21% in January 2023.
UFB DIRECT NEVER SENT A LETTER TO THEIR CUSTOMER BASE INFORMING THEM OF THE NAME CHANGE FROM ‘REWARDS SAVINGS’ TO ‘ELITE SAVINGS’ AND ANY RAMIFICATIONS THAT THE NAME CHANGE ENTAILED.
After I received my January 2023 monthly statement and I read the ‘https://apyguy.com’ website article, I contacted the UFB Direct customer support desk (Ms. Krismoo?) to: (1) determine why my monthy statements still used the name ‘Rewards Savings’ instead of ‘Elite Savings’ and (2) request the unpaid interest earned on my ‘Rewards (a.k.a. Elite) Savings’ account for October 2022 through January 2023.
UFB DIRECT CUSTOMER SUPPORT (Ms. Krismoo?) DISMISSED MY REQUESTS AND REFUSED TO CONNECT ME WITH A MANAGER.
After my frustrating experience with UFB Direct Customer Support, I closed my account.
WARNING: SOMETIME BETWEEN JANUARY AND FEBRUARY OF 2023, UFB DIRECT CHANGED THE NAME OF THEIR ‘ELITE SAVINGS’ TO ‘BEST SAVINGS’.