UFB Direct A subsidiary of Exos Bank, a diversified financial services firm that manages deposit accounts and credit products for everyday consumers, small businesses and commercial enterprises. Anyone with a US address can make deposits and apply for loans.
UFB Direct has a focused but competitive lineup of deposit accounts, including savings, checking, and money market options. Like many other US-based online banks, UFB Direct offers FDIC insurance up to $250,000 on all deposit accounts. For high net worth individuals, UFB also offers extended FDIC insurance up to $265 million through its InsureGuard+ Savings program. The bank offers some nice value-added perks, including enrollment in Quicken’s FinanceWorks, a free budgeting tool, and mobile deposit capabilities through its top-rated app.
UFB Direct offers mortgage loans for single-family home purchases through Access Bank, with lender fees waived for existing customers on eligible mortgages of $250,000 or more.
Key Features
UFB Portfolio Savings Account
This account does not require a minimum opening deposit or monthly maintenance fee. Base yield is 3.76% APY on all balances. Customers who bundle this account with UFB Freedom Checking can earn up to 3.96% APY by completing qualifying activities: $5,000+ in monthly direct deposits (+0.05% APY), maintaining a minimum daily balance of $10,000+ in checking (+0.10% APY), and 10+ per statement cycle (+0.05% APY). Debit card transaction complete to do The account includes a free optional ATM card.
UFB Freedom Checking Account
This interest-earning checking account requires no minimum opening deposit and has no monthly maintenance fees. When bundled with UFB Portfolio Savings, this account earns a 2.00% APY on checking balances—about 25 times the national average for checking accounts. This account includes a complimentary debit card and access to more than 91,000 fee-free ATMs nationwide, plus up to $10 in monthly out-of-network ATM fee charges.
UFB Portfolio Money Market Account
This account requires a minimum balance of $5,000 to avoid the $10 monthly maintenance fee. Yield on all balances is 3.76% APY. The account comes with a free optional debit card and includes check writing privileges for added flexibility.
Additional features
UFB Direct offers free person-to-person (P2P) transfers through PopMoney and integrates with mobile wallet apps like Apple Pay, Samsung Pay, and Google Pay. Customer support is available 24/7 by phone (except federal holidays) and online chat weekdays from 8am to 5pm Pacific Time.
The bank’s mobile app gets strong reviews in both app stores (4.8 and 4.7 stars from over 17,000 users) and includes mobile check deposit, account transfers, bill pay, and customer service contact. UFB Direct also provides FinanceWorks, a Quicken-powered personal accounting program, to each depositor at no charge to each depositor.
Benefits
- Competitive rates on savings and checking
UFB Direct’s 3.76% APY base savings rate is competitive, with the ability to increase it to 3.96% through a bundle. The Freedom Checking Account’s 2.00% APY is extraordinary—a $10,000 checking balance earns $0 a year at most traditional banks. - No monthly fees or minimum deposits
Both savings and checking accounts have minimum deposit requirements and no monthly maintenance fees, making it easy to get started regardless of your financial situation. - 24/7 customer support
Unlike many online banks with limited support hours, UFB Direct offers round-the-clock customer service via phone, providing assistance whenever you need it. - Large scale ATM network
Access to 91,000+ fee-free ATMs nationwide, plus 10 monthly out-of-network ATM fees of up to $10, ensures easy cash access. This network exceeds that of large banks such as Chase, Bank of America, and Wells Fargo. - Strong digital tools
Mobile check deposit is seamless with the highly rated app, and FinanceWorks provides powerful budgeting tools at no extra charge. Free P2P transfers through PopMoney with no fees handle informal cost-sharing situations.
Disadvantages
- A number of qualifying activities are required for a rate increase
While the 3.96% APY top rate is attractive, achieving it requires bundling accounts and completing three separate qualifying activities. Customers who can’t meet all requirements earn a base 3.76% APY, which is competitive but not unusual. - No physical branches
Online-only banking means in-person service, notary services, safe deposit boxes, or face-to-face assistance for complex transactions. - There are no CDs or retirement options
UFB Direct does not offer CDS or tax-advantaged retirement accounts such as IRAs. This is a significant gap for savers seeking fixed-rate products or long-term retirement savings. - High minimum balance for money market
A $5,000 minimum balance is required in a money market account to avoid the $10 monthly fee, which can burden customers without liquid reserves. Rival banks like Halif do not require minimum balances on their money market accounts. - Limited credit offers
Other than mortgage loans, UFB Direct does not offer personal loans, auto loans, student loans, or credit cards. Other online banks such as Discover Bank have a more comprehensive credit product lineup. - Products change frequently
UFB Direct occasionally introduces new account types with different rates, and existing customers are not automatically upgraded. The Bank does not proactively notify customers of these changes.
The last word
UFB Direct offers a strong combination of competitive rates and fee-free banking for digitally secure customers. The addition of the Freedom Checking Account significantly increases the bank’s appeal, and provides one of the few checking accounts that earn meaningful interest while charging no fees.
The account lineup works best for regular direct deposit customers who maintain a healthy checking balance and can meet the bundle requirements. 24/7 customer support and a highly rated mobile app make the online-only experience manageable.
However, the lack of CDS and retirement accounts limits UFB Direct’s appeal as a comprehensive banking solution. Customers seeking fixed rate products, tax-advantaged savings, or personal banking should carefully consider whether competitive rates justify these limitations.