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UFB Direct Bank Premier Savings Review

UFB Direct Savings
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Emma Street
Jun. 15, 2023
3 min read
Emma Street
UFB Direct Savings Summary
UFB Premier Savings is one of two savings accounts available from UFB Direct Bank. The bank’s products and services are provided by its parent company, Axos Bank, established in 1999. The Premier Savings account offers competitive APY rates with no monthly maintenance fees or minimum deposit requirement. This fully online bank offers a range of digital tools, including an intuitive mobile app and secure online banking.

Pros

  • No minimum deposit or monthly maintenance fees
  • 24/7 customer service support

Cons

  • No physical branches except the head office in California
  • Must be a US citizen or permanent resident to open an account

UFB Direct Savings at a glance

9.2
Editorial score

Fees?

Most products are fee free
8.0

Security

FDIC insured, SSL/AES encryption and supports 2 factor authentication
10.0

Customer service

Early morning, evening and weekend service with multiple communication options. No dedicated fraud team
8.0

Online experience

Excellent user friendly site with transparency of rates and full online banking capabilities
10.0

Mobile experience

Excellent mobile app with all mobile banking features enabled, including digital check deposits
10.0

UFB Direct Savings UFB Direct Savings Visit Site

Advantages Over Traditional Banks 

UFB Direct Bank is a fully digital online bank with no physical branches. Its parent company Axos Bank was originally called Bank of Internet USA. and was one of the first digital banks in the world. Online banks offer several advantages over traditional brick-and-mortar banks, including convenience, advanced technology, and 24/7 accessibility.

UFB has lower fees compared to many traditional banks because it doesn't have the overhead costs associated with maintaining physical branches and can pass on the savings to customers.

The UFB Premier Savings account offers a competitive APY of 4.81%, which compares favorably with other online banks. This account has no maintenance or service fees and no minimum deposit requirement.

Cutting-Edge Banking Services

UFB’s online banking services enable you to manage your savings account, view transaction history, transfer funds between accounts, and deposit checks remotely via your smartphone.

And if you find yourself in a Wi-Fi black spot with no internet access, UFB provides the functionality to manage your account via SMS messaging. 

Traditional Banking Services

UFB Direct Bank’s banking products include savings accounts and purchase and refinance mortgages. As it’s an online bank, it doesn't have physical branches, but you can access your account from any computer, tablet, or smartphone with an internet connection. 

The UFB Premier Savings Account comes with a complimentary ATM card so you can easily access your savings account funds. This is a notable feature given that ATM cards are standard with checking accounts, but they aren’t always available for savings accounts. With the UFB Direct Bank ATM card, you can get money from your savings account without transferring it to a checking account first.

It offers free withdrawals from over 90,000 ATMs nationwide and an online locator to help you find your nearest ATM. UFB Direct Bank also provides financial advice and assistance for customers looking to make informed decisions about their finances.

Interest Rates and Fees

As of 16th May 2023, UFB Premier Savings Accounts come with a rate of 4.81% APY for all account balance tiers. There's no minimum deposit requirement and no requirement to pay monthly fees. UFB also offers another savings account, the UFB High-Yield Premier Money Market, which includes check-writing privileges. 


Monthly Fees
APY
Minimum balance required to earn interest
UFB Premier Savings
No fees

4.81%
$0

Customer Service and Online Experience 

UFB Direct Bank's customer service team is available 24 hours a day, seven days a week. You can reach them by phone at 1-877-472-9200 or via online chat with a virtual assistant. You can also send a secure email message through the bank’s app.

The UFB Direct Bank website has a short FAQ section and useful blog articles covering various topics, including building your credit history, achieving financial resilience, and money-saving strategies. Its app is intuitive to navigate and use while signing up for an account, is straightforward, and takes about 15 minutes. 

To get started, you’ll need to provide details such as a phone number, address, email address, social security number, and valid form of ID. To open an account, you must also be a US citizen or permanent resident.

Mobile App

The UFB Direct Bank mobile app is available for both iOS and Android devices. It provides an easy-to-navigate interface and account access wherever you are in the world. Features include checking account balances, transferring funds, viewing transactions, and sending secure messages to customer service. There are some helpful videos available online to help you learn how to use the app effectively. 

Security 

UFB Direct Bank takes the security of its customers seriously. It uses a variety of methods to protect your data, including SSL encryption, intrusion detection technology, firewalls to block unauthorized access, monitoring activities for fraud, and signing you out after a period of inactivity.  A dedicated fraud team is available to assist you if you believe you have been a victim of fraud. 

The website has tips on personal security, such as creating strong passwords and identifying scams, and can help you make informed decisions about your finances. UFB Direct Bank is committed to providing a secure, reliable banking experience for all its customers. FDIC is insured up to $250,000 for an individual account and $500,000 for a joint account, with options to extend coverage if necessary.

Summary

UFB Direct Bank is a reliable option for anyone looking for a savings account with competitive rates and no hidden fees. Its range of digital features, including online banking and mobile apps, enables you to access your account anywhere.

The bank's customer service team is available 24/7 to offer help via phone or email, ensuring you get the support you need when managing your finances. UFB Direct Bank also takes security seriously by using encryption technology and monitoring activities to keep your data safe.

Methodology

This review was created using information from the UFB Direct website and its privacy and security notices.

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Emma Street
Written by
Emma Street
Emma holds a BSc in Computer Science and has worked in software development for 15+ years as a support analyst, developer, and technical writer. Emma currently specializes in low-code software and web development, and has extensive experience in the fields of InsureTech and FinTech, with a keen understand—and enthusiasm for!—the intersection of personal and corporate finance and technology.
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