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Rating: 9 / 10 (Excellent)
2 Customer Reviews - see all comments
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UFB Direct, founded in 1999, is a division of BofI Federal Bank, and is headquartered in San Diego, California. UFB Direct is one of the most established and reputable banks in the nation. It is FDIC insured and has a rating of A+ in the Better Business Bureau. In addition to money market accounts, UFB Direct also offers checking and savings accounts.
 
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How Do We Rate UFB Direct?

Breakdown

4.5/5
APY Rates
4.5/5
Fees and Restrictions
4.5/5
Perks

Our Overall Rating: 4.5 / 5 (Excellent)

UFB Direct's Secure money market accounts are an excellent option for those who don’t have much time for bank visits and prefer an online bank experience instead. UFB Direct’s money market accounts offer competitive APYs on all balances and require a minimum deposit of $5,000. The bank is FDIC insured, and has an excellent A+ rating on the BBB.

UFB Direct allows customers to manage and track their money market accounts online, and offer live customer support 24/7 through email, chat, and over the phone. Additionally, the bank offers perks such as limited check-writing and a Visa debit card for ATM withdrawals. Unlike other banks reviewed by us, UFB Direct allows customers to use any ATM they want for withdrawals and provides customers with free postage-paid envelopes for mail deposits.

Bottom line is, UFB Direct is a great option to consider if you’re looking for a money market account with competitive interest rates, that you can manage online, or through a mobile app, without going through the hassle of traditional banking.

UFB Direct Account Features

APY Rates - 4.5 / 5

UFB Direct Secure market accounts offer competitive APYs, with interest compounded daily. The bank’s money market accounts are FDIC insured up to the maximum permitted by Federal law, which is $250,000. UFB Direct money market accounts can be funded by mail, online, using mobile check deposit, wire transfers, and direct deposit. Customers can open a money market account with a minimum deposit of $5,000 and must keep a minimum balance of the same amount to avoid monthly fees.

Some of the perks of having a UFB Direct money market account, is that customers are allowed to write a limited amount of checks for each cycle and may also request a Visa debit card for ATM withdrawals. Customers have a daily limit of $310 for ATM withdrawals and can use any ATM they want. Since UFB Direct is a branchless bank, customers can manage their accounts online or using the bank’s mobile app, which is extremely convenient for those who don’t have time for bank visits.
APY (Annual Percentage Yield)
Up to 4.01%
Minimum Balance for Promotional APY
$5,000
Minimum Balance to Avoid Monthly Fee
$5,000
Minimum Opening Deposit
$5,000
Check Writing
Yes
Debit Card
Yes
Physical Branches
UFB Direct is a branchless bank, so all transactions must be conducted online, over the phone, on the bank's mobile app, or by mail.
Integration with Other Online Accounts
Savings
ATM Locations
You may use any ATM machine with a daily withdrawal limit of $310.
Methods of Deposits
Mail Check
Mobile Check Deposit
Wire Transfer
Online Transfer
Direct Deposit

UFB Direct Fees and Penalties

Fees and Restrictions - 4.5 / 5

UFB Direct doesn’t charge monthly fees on money market accounts that maintain a minimum balance of $5,000. However, if the balance is less than $5,000, the bank will charge customers a monthly fee of $10. UFB Direct may also charge additional fees if customers exceed the six transactions per cycle established by Federal law.
Monthly Fee
$10 monthly maintenance fee if the account balance is less than $5,000.

UFB Direct Financial Strength and Reputation

Perks - 4.5 / 5

UFB Direct is a division of BofI Federal Bank, and is one of the first branchless banks established in the US. The Better Business Bureau rates it A+, despite only having one review posted on its profile. The bank is not on Trustpilot, and apparently no complaints have been filed against it with the CFPB.
Year Founded
1999
Live Help 24/7
Yes
Contact Methods
Phone
Email
Chat
BBB Rating
A+
Date Collected
2018-10-03

Company Profile

Full Name
UFB Secure Money Market Account
Company Website
https://www.ufbdirect.com
Headquarters
4350 La Jolla Village Drive, Suite 140, San Diego, CA, 92122
Top Rated
VISIT SITE

  • Easy access to cash
  • Withdraw funds online, phone, or ATM
  • No minimum balance requirements or service fees
  • Check writing included
  • 24/7 banking
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Latest UFB Direct Reviews

Bill C

7/2/2020
UFB is not worth the time and effort. They are slow to respond to inquiries. They consider a matter closed when they respond whether or not the customer is satisfied. Their advertised phone numbers get you nowhere except an interminable long wait queue. The only thing they did quickly and correctly for me was to transfer all my funds to my credit union after the worst three-month banking experience of my life. Save yourself a lot of grief and frustration: avoid UFB like COVID-19.

A
anand m

3/30/2019
With all the competition in banking, there is absolutely no reason why anybody else should make the mistake of opening an account with this ridiculous excuse of an online bank. Go to any one of their competitors. There's a reason why their ratings are so low. After i open the account with this bank 3 weeks ago, i felt there was something wrong with this bank and i did not get positive feelings, therefore i instructed them to close my account and return my money but i have to yet receive the money. I have spoken to many representatives at the bank, they just seem to be false promisses and dont want me to close the account, they also have very poor rating with other client that confirmed... Read More

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