Last Updated: Sep 4, 2024
UFB’s savings account has one of the highest APYs (5.15%) in the industry, plus no monthly fees – making it a top choice.
Written by Kevin Payne Written byKevin PayneContributor Kevin Payne is a personal finance writer based in Cleveland. He’s written financial and travel content for numerous online publications such as Time, Newsweek, Fox Business and USA Today, is the budgeting enthusiast behind Family Money Adventure and the host of the Family Money Adventure Show.
Edited by Jared Macarin Jared Macarin is an editorial veteran who joined the MarketWatch Guides team after more than 20 years in the newspaper industry. He has written for, edited for or designed more than 50 newspapers across the country, winning numerous awards.Learn more about Jared Macarin
Reviewed by Andrew Latham Andrew Latham is a Raleigh-based certified financial planner (CFP) and the content director at SuperMoney.com. He has over 10 years of experience specializing in debt, investment and retirement strategies. When he’s not working, Andrew enjoys hiking, traveling, learning languages and working out with his wife and son.Learn more about Andrew Latham
Edited by Jared Macarin Jared Macarin is an editorial veteran who joined the MarketWatch Guides team after more than 20 years in the newspaper industry. He has written for, edited for or designed more than 50 newspapers across the country, winning numerous awards.Learn more about Jared Macarin
Reviewed by Andrew Latham Andrew Latham is a Raleigh-based certified financial planner (CFP) and the content director at SuperMoney.com. He has over 10 years of experience specializing in debt, investment and retirement strategies. When he’s not working, Andrew enjoys hiking, traveling, learning languages and working out with his wife and son.Learn more about Andrew Latham
Why Trust Us
Here’s a breakdown of how we reviewed and rated top banks and credit unions
154 Institutions Monitored Our team reviewed 154 of the country’s largest and most prominent financial institutions, from big banks like Chase and Bank of America to credit unions like Navy Federal Credit Union and PenFed Credit Union.
688 Products Studied Total number of checking, saving, CDs, and money-market accounts that inform our review ratings.
719 Rates Tracked The accounts with an annual percentage yield (APY) several times the national average rate receive the highest scores. Accounts with the lowest APY offering (under 1%) earn the least points.
10 Professionals Consulted Before we began our research process, we consulted with financial advisors and industry experts to ensure our evaluations covered the banking product aspects that matter most to potential customers.
UFB Portfolio Savings is an online savings account that currently earns one of the highest rates on the market. This high APY applies to all balances – a huge benefit over competitors that only offer the highest rates for large deposits.
There are also no monthly fees and no minimum deposit requirement, making UFB a great option for most savers.
UFB Portfolio Savings accounts are FDIC-insured up to the legal limit of $250,000 ($500,000 for joint accounts), keeping your deposits safe.
Today’s Top Banking Offers
You could get over 10 times** the average national savings account rate with our featured partners below.
*Annual Percentage Yield
**Accurate as of August 2024, assuming FDIC average savings rate of 0.46% and $2,500 deposit.
UFB Portfolio Savings Interest Rate
UFB Portfolio Savings is a high-yield savings account available through the online bank UFB Direct, a division of Axos Bank. Its rates are more than 10 times the national average savings rate of 0.50% APY, according to Curinos.
UFB Direct does not charge monthly maintenance fees on UFB Portfolio Savings.
When you open a Portfolio Savings account, you get a free debit card and fee-free access to more than 91,000 ATMs nationwide. The bank doesn’t charge a fee for out-of-network ATM use, but the ATM owner may impose a fee. UFB Direct also does not place limits on the number of funds transfers you can make each month.
| Account Name | APY* | Minimum Opening Deposit |
|---|---|---|
| Portfolio Savings | 5.15% | None |
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UFB Direct vs. Competitors
The best high-yield savings accounts generally offer APYs ranging from 4% to 5%. UFB Portfolio Savings currently ranks among the top high-yield savings accounts for earning power. A recent MarketWatch Guides consumer banking survey showed that 62% of Americans earn less than 3% APY on their savings or money market accounts.
With no monthly fees and convenient fee-free ATM access, UFB Portfolio Savings offers enough flexibility to compete with the top savings accounts. Still, there are other online banks and credit unions that may offer higher rates on savings accounts along with valuable account features and benefits.
Here’s a look at how UFB Portfolio Savings compares to its competitors.
| Bank | APY* | Minimum Opening Deposit |
|---|---|---|
| Ally | 4.20% | $0 |
| American Express | 4.25% | $0 |
| Barclays | 4.50% | $0 |
| Discover | 4.20% | $0 |
| Marcus | 4.40% | $0 |
| SoFi | Up to 4.50% | $0 |
| UFB Direct | 5.15% | $0 |
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Use our savings calculator to compare UFB Direct’s Portfolio Savings to savings accounts from other banks.
UFB Direct Account Terms
UFB Portfolio Savings has a few fees, along with some conditions and limitations. Here’s a look at bank fees you may pay as a UFB Direct account holder:
- Paper account statement: $5
- Debit card foreign currency conversion fee: 1%
As an account holder, you have unlimited free bank transfers, allowing you to move your money in and out of your savings account as needed. However, there are daily and monthly transfer limits associated with the account. UFB Direct also places daily limits on ATM transactions:
- Maximum transfer to your account at funding: $250,000
- Maximum daily transfer limit (after funding): $30,000
- Maximum monthly transfer limit (after funding): $60,000
- ATM cash withdrawals: $510 daily
- Point-of-sale ATM card transactions: $500 daily
You can open a UFB Portfolio Savings account in minutes online through the bank’s website. You must be 18 years of age and a U.S. citizen or resident alien to apply. Like most banks, UFB Direct asks you to provide certain personal information to verify your identity, including:
- Valid government-issued ID
- Social Security number
- Valid U.S. mailing address
- Mobile phone number
- Email address
You can choose to set up your savings account as an individual, joint, trust or minor account. Minor accounts are available for individuals ages 13 to 17 and require a parent or guardian to be the primary owner of the account.
The Bottom Line: UFB Portfolio Savings
UFB Portfolio Savings is a solid choice for anyone who wants to make the most of their savings deposits. Finding a savings account with a high APY is the first step to earning more on your money, but it’s not the only detail to consider when choosing a savings account.
Other factors to take into account in your decision include bank fees, account requirements, convenience, security, customer service and your banking needs. UFB Direct stacks up well in these categories as well.
FAQ: UFB Direct
UFB Portfolio Savings is a legitimate online high-yield savings account. Deposits made to UFB Portfolio Savings accounts are FDIC-insured up to legal limits through Axos Bank, UFB Direct’s parent company.
UFB Direct’s Portfolio Savings account currently earns 5.15% APY on all balance tiers. UFB Portfolio Money Market also currently earns 5.15% APY on all balance tiers, but it requires a minimum deposit of $5,000 to open.
UFB Direct is a division of Axos Bank, and all bank products and services available through UFB Direct are through Axos Bank.
*Rates accurate as of September 12, 2024
**Data accurate at time of publication
Editor’s Note: Parts of this story were auto-populated using data from Curinos, a research firm that collects data from more than 3,600 banks and credit unions. For more details on how we compile daily rate data, check out our methodology here.
If you have feedback or questions about this article, please email the MarketWatch Guides team at [email protected].
Meet the Team
Kevin Payne Contributor
Kevin Payne is a personal finance writer based in Cleveland. He’s written financial and travel content for numerous online publications such as Time, Newsweek, Fox Business and USA Today, is the budgeting enthusiast behind Family Money Adventure and the host of the Family Money Adventure Show.
Learn more about Kevin Payne
Learn more about Jared Macarin
Jared Macarin Editor
Jared Macarin is an editorial veteran who joined the MarketWatch Guides team after more than 20 years in the newspaper industry. He has written for, edited for or designed more than 50 newspapers across the country, winning numerous awards.
Learn more about Jared Macarin
Learn more about Andrew Latham
Andrew Latham Reviewer
Andrew Latham is a Raleigh-based certified financial planner (CFP) and the content director at SuperMoney.com. He has over 10 years of experience specializing in debt, investment and retirement strategies. When he’s not working, Andrew enjoys hiking, traveling, learning languages and working out with his wife and son.
Learn more about Andrew Latham
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