UFB Premier Savings Account
APY Savings
Minimum Deposit
Our Rating
Fees
UFB Preferred Savings Account
APY Savings
Minimum Deposit
Promotion
Our Rating
Table Of Content
UFB Premier savings is offered by UFB Direct, which is a digital bank that exclusively provides online deposit accounts and mortgage services, and operates as a division of Axos Bank, a digital bank with comprehensive banking options.
The account offers very competitive rates on savings and decent features for savers.
Main Features
Here are the main features you can find when opening a UFB Direct Savings Account:
Well Above Average APY: The current rate for the UFB Premier Savings is Up to 5.25% APY. This is far higher than the rates typically offered by bricks and mortar banks, but it can also be compared favorably with many online hysa.
No Maintenance Fees: Many bank accounts have maintenance fees with a variety of waiver criteria to avoid the charges. However, this can add a layer of complexity to managing your account. Fortunately, this is not something you need to worry about with the UFB Premier Savings, as there are no maintenance fees at all, makes it one of the best no-fee savings accounts.
No Minimums: UFB also requires no minimum amount to open or maintain the account. While you can open the account with no money, UFB does require that you deposit something within 30 days of opening your account or your account may be closed.
ATM Access: UFB provides a complementary ATM card with the Premier Savings account, which allows for easy access to your money as and when you like. You can log into the online banking platform to use the ATM locator and discover your nearest machine.
Large ATM Network: This point follows on from the previous, but UFB customers have access to a large ATM network with over 91,000 fee free machines throughout the country. Some machines also allow deposits, so you can deposit cash, which is quite unusual for an online account.
Excellent Mobile App: UFB Direct has an excellent app, which you can use to manage all aspects of your account. This includes checking your transaction history, viewing your balance, initiating transfers and even remotely depositing checks.
SMS Banking: If you don’t have access to WiFi, you can continue to manage your account, using SMS messaging to access your account features.
FDIC Coverage: Finally, you have the reassurance of FDIC insurance which offers the same coverage as you would receive with a traditional bank account. This provides up to $250,000 of coverage should the bank fail.
Benefits | Limitations |
|---|---|
Well Above Average APY | Online Only |
No Maintenance Fees or Minimums | No Checking Account |
ATM Access With Large ATM Network | Potential Overdraft Fees |
Excellent Mobile App | Cash Deposits Could be a Problem |
SMS Banking | |
FDIC Coverage |
Limitations To Consider
No bank account or financial product is without flaws, and the UFB PPremier Savings has some limitations to consider before you open an account.
- Online Only: The UFB Premier Savings account is online only, so you will have no access to branch support. If you run into a query or issue, you will need to rely on online or phone support.
- No Checking Account: If you’re looking to move all of your banking across to a new institution, you will struggle with UFB Direct, as its product line up does not include a checking account.
- Potential Overdraft Fees: While this is typically not too big an issue with savings accounts, if you do accidentally slip into the red, you may incur fees and charges.
- Cash Deposits Could be a Problem: Depending on your location, you may not have access to an ATM which allows cash deposits in your local area.
UFB Premier Savings vs LendingClub Savings
Both the UFB Premier and LendingClub savings are online accounts with similar APYs. Additionally, both accounts provide a free ATM card and don’t impose monthly maintenance fees. However, there are one or two key differences, which may determine which is a better option for you.
Firstly, while the LendingClub Savings has a $100 minimum initial deposit, there are such requirements for the UFB Premier. The other key difference is that while UFB has 24/7 customer support, the LendingClub customer support helpline is only available from 8.30 am to 12 midnight ET Monday through Friday and 8 am to 8 pm on the weekends.
UFB Preferred Savings vs Capital One Savings
UFB Premier Savings | LendingClub Savings | |
|---|---|---|
APY | Up to 5.25% | 5.00% |
Fees | $0 | $0 |
Minimum Deposit | $0 | $100 |
At first glance, the UFB Premier and Capital One savings accounts appear very similar. Both accounts have no minimums or monthly service fees, and a fully functional app which includes mobile check deposit.
However, Capital One does have a limited branch network where you can access in person support. Currently, there are approximately 755 Capital One branches including the cafe style locations. But, the Capital One ATM network is far smaller, with only 2,000 Capital One ATMs.
This potential to access in person support does come at a cost, with the Capital One APY falling well below the rates offered with UFB Premier. Currently, the Capital One Savings rate is 3.4% APY, which is over 1% lower than UFB.
UFB Premier Savings | Capital One Savings | |
|---|---|---|
APY | Up to 5.25% | 4.25% |
Fees | $0 | $0 |
Minimum Deposit | $0 | $0 |
How to Deposit and Withdraw Money
Although UFB does not have physical branches, there are several ways to deposit and withdraw money from your Premier Savings account.
You can deposit money into your account via ACH or Wire transfer. While wire transfers tend to be a little quicker, they can involve fees. Although UFB does not impose a fee for incoming wire transfers, you are likely to incur a charge from the sending bank.
The other deposit methods include using the mobile check deposit feature within the UFB Direct app and cash deposits at a select number of ATMs.
There are also several ways to withdraw funds including ATM withdrawals or you can request a check withdrawal. You can also initiate an ACH or wire transfer. However, fees do apply to wire transfers. For example, outgoing wire transfers incur a $35 or $45 fee for domestic and international transfers respectively.
Should I Open a UFB Direct Savings Account?
There is no easy answer to this, as it will depend on your unique circumstances and requirements. However, there are a few questions that you can ask yourself to determine if this account is a good fit for you.
- Do you need a checking account? If you’re simply looking for a new savings account, the UFB Premier Savings is worthy of serious consideration, but if you also need a checking account with the same financial institution, you’ll need to look elsewhere.
- Do you need branch support? This is a fairly obvious one, but if you’re the type of person who prefers to have face to face support when you have an issue or query, the UFB Direct is not the right bank for you.
- Are you looking for the highest APYs? If you are simply interested in a savings account offering the highest APY, the UFB Premier is hard to beat.
- Do you have spotty WiFi? If you’ve found yourself feeling frustrated about not being able to complete a banking transaction due to a lack of WiFi, you’ll appreciate the SMS banking feature offered with UFB Premier Savings.
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Advertiser Disclosure
The product offers that appear on this site are from companies from which this website receives compensation.
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Opening a UFB Direct Savings Account
As we’ve covered, this is an online only account, so UFB has made it very easy to open your account from the comfort of your home in a matter of minutes with a few simple steps.
- Visit the UFB Direct Website: You’ll need to start the process by visiting the official UFB Direct website. You can explore the Premier Savings details and begin the application by clicking on “Savings” on the top bar and selecting UFB Premier.
- Confirm your Status: When you click on the “Open an Account” button, you’ll be directed to a screen with three options: new customer, existing customer and returning applicant. If you’re an existing customer, you’ll be able to login and have some of the application form pre-filled according to your profile.
- Complete the Application: This is quite standard and will look a little familiar if you’ve applied for an online bank account before. You’ll need to complete all of the mandatory fields including your full name, address, date of birth, Social Security Number and contact details. You will also need to create a username and password.
- Verify Your ID: As with all banks and financial institutions, UFB is required to verify the identity of applicants before opening a new account. Fortunately, this is quite simple as you can provide details of your driver’s license, passport or other government issued ID when prompted.
Can I Open a Joint Savings Account?
Yes, you can open a joint account, you’ll simply need to indicate this when prompted on the application form. You will need to provide all of the pertinent details about the second applicant and UFB will also need to verify their identity.
FAQs
How do you close a UFB Premier Savings account?
The easiest way to close your Preferred Online Savings account is to call the customer support line. An UFB representative can guide you through the closure process and activate your request.
How much can I withdraw from UFB Premier Savings?
There are no limits to how much you can withdraw from your UFB Preferred Online Savings account.
Can I transfer my IRA to a UFB Premier Online Savings?
Yes, you can transfer your IRA to a Preferred Online Savings account, but you should evaluate all of the tax implications before you make any decisions to move money around.
Can you direct deposit into a UFB Premier savings account?
Yes, you can arrange to have your salary, pension or other payment direct deposited into your Preferred Savings account.
Does UFB Direct offer a health savings account?
No, UFB does not have any health savings accounts at this time.
Does UFB Direct offer an IRA savings account?
UFB does not currently offer an IRA savings account.
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How We Rate And Review Savings Account: Methodology
The Smart Investor team has conducted an in-depth analysis of savings accounts offered by banks and credit unions tailored to the needs of savers. Our review focused on four key categories, with specific considerations for savers, and here's how we rated them:
- Savings Rates and Terms (40%): We thoroughly examined the interest rates provided by financial institutions, along with any unique terms and conditions attached to their savings accounts. Higher scores were awarded to banks and credit unions, offering competitive rates, reasonable minimum deposit requirements, and minimal fees, ensuring savers get the best value for their money.
- Savings Account Features (30%): This category assessed the array of features designed to cater to savers' needs, including fees, minimum deposit requirements, mobile app functionality, ATM access, and withdrawal options. Financial institutions providing a diverse range of features and convenient banking solutions received higher ratings in this category, reflecting their commitment to meeting the specific needs savers.
- Customer Experience (20%): The ease of account opening, the responsiveness of customer service, the usability of mobile apps (thoroughly tested by our team), and the bank's policies for assisting customers were evaluated in this category. Banks and credit unions offering seamless account opening processes, efficient customer service, and user-friendly digital platforms were rated higher, ensuring a positive banking experience for savers.
- Bank Reputation (10%): We considered the reputation of each financial institution, incorporating ratings from trusted sources such as JD Power, TrustPilot, and local Better Business Bureau reviews. Higher scores were awarded to banks and credit unions with positive reputations and satisfied customers, reflecting their reliability and trustworthiness.
By weighing these categories appropriately and focusing on factors relevant to savers, our review provides valuable insights to help residents of the state make informed decisions when selecting a savings account.
