UFB Direct is an online-only bank that is a division of Axos Bank. It offers two primary savings products—the UFB Portfolio Savings and the UFB Portfolio Money Market Account—as well as an add-on checking account.
UFB Freedom Checking Account
UFB Direct doesn’t offer a standalone checking account, but it does offer an interest-bearing checking account that can be added to other UFB accounts. This account comes with a free debit card and up to $10 in domestic ATM fee reimbursem*nts per month.
The Freedom Checking account allows you to earn an additional up to 0.20% APY on your savings. The money deposited into a Freedom Checking account doesn’t actually earn interest. Instead, it’s added as a “boost” to an existing savings or money market account. To earn the full boost, you’ll have to meet the following requirements:
- Unlock 0.05% APY after setting up $5,000 in monthly direct deposits
- Unlock an additional 0.10% APY when you keep a minimum balance of $10,000
- Earn an extra 0.05% APY when you complete ten debit transactions per statement cycle
UFB Portfolio Savings
The UFB Portfolio Savings account offers up to 5.15% APY on all balance tiers, which is comparable to the best high-yield savings accounts. The account has no minimum deposit requirements, no minimum balance requirements and no monthly fees.
The account comes with an ATM card that can be used to withdraw cash at more than 91,000 ATMs across the country. Account holders can transfer cash between a linked external bank account or withdraw up to $510 per day using the ATM card.
It’s free to transfer money, and you can make unlimited transfers, but there are a few limits to be mindful of:
- Maximum initial deposit: $250,000
- Maximum daily incoming or outgoing transfer: $30,000
- Maximum monthly transfer: $60,000
InsureGuard+ Savings Account
The InsureGuard+ Savings Account account is a special account for high-net-worth individuals. It provides expanded FDIC insurance coverage up to $175 million.
Typically, the FDIC only insures accounts up to $250,000. For this reason, high-net-worth individuals have to manage multiple bank accounts. UFB Direct’s InsureGuard+ Savings account allows you to save all of your money in one place.
UFB Portfolio Money Market
The UFB Portfolio Money Market also boasts up to 5.15% APY on all balance tiers, similar to other top money market accounts. The primary difference between this account and the regular savings account is a waivable monthly fee. To avoid the $10 monthly fee, account holders must maintain an average daily balance of at least $5,000.
This account also gives you access to a debit card and allows you to write checks. You can even deposit checks into the money market account right from your phone. Debit card holders are limited to a daily spending maximum of $2,500 per day.
