Who owns UFB bank?
UFB Direct is a reputable online bank with a competitive rate for its savings and money market accounts. While limited in the account options it offers, UFB Direct is a good option for someone looking for a high-yield savings vehicle.
UFB Direct is a reputable online bank with a competitive rate for its savings and money market accounts. While limited in the account options it offers, UFB Direct is a good option for someone looking for a high-yield savings vehicle.
UFB Direct is an online-only bank that was established in 1999. It is a division of Axos Bank. In the past, UFB Direct has had minimum balance requirements to earn interest, but now its two accounts offer competitive interest rates on all balances. No checking accounts or CDs are offered.
UFB Secure Savings are insured by the Federal Deposit Insurance Corporation (FDIC) through Axos Bank for up to $250,000 making them as safe as brick-and-mortar banks.
UFB Direct is a division of Axos Bank, which is an online bank that reports holding over $18.4 billion in assets. UFB Direct offers high-yield deposit accounts as well as home lending products.
The UFB Secure Savings account offers one of the highest available APYs on the market. With a competitive yield of 5.25% APY, this account is a great option for those wanting a low-risk way to compound their cash savings.
Local customers are welcome to visit our headquarters located at 4350 La Jolla Village Dr., Suite 140, San Diego, CA 92122.
Bank | APY* | Our take |
---|---|---|
Milli | 5.50% | Best overall |
SoFi Checking & Savings | 4.60% | Best for maximizing your savings Best for those who value flexibility |
UFB Direct | 5.25% | Best for those who value convenience |
FNBO Direct | 5.15% | Best for those who want extra security features |
UFB Secure Savings
Earn up to 5.25% APY* with no maintenance fees or minimum balance requirements. Harness the power of compound interest and reach your financial goals faster.
APY | Minimum deposit requirement | |
---|---|---|
First Foundation Online Savings Account | 5.00% | $1,000 |
Salem Five Direct eOne Savings | 5.01% | $10 |
Synchrony Bank High Yield Savings | 4.75% | $0 |
Betterment Cash Reserve | 4.75% | $10 |
How big is UFB bank assets?
Assets and Liabilities | ||
---|---|---|
Assets | Q3 2023vs Q3 2022 | $19.93B$17.32B |
Loans | Q3 2023vs Q3 2022 | $16.94B$15.21B |
Deposits | Q3 2023vs Q3 2022 | $17.72B$15.33B |
Equity Capital | Q3 2023vs Q3 2022 | $1.93B$1.7B |
Bank | Forbes Advisor Rating | Products |
---|---|---|
Chase Bank | 5.0 | Checking, Savings, CDs |
Bank of America | 4.2 | Checking, Savings, CDs |
Wells Fargo Bank | 4.0 | Savings, checking, money market accounts, CDs |
Citi® | 4.0 | Checking, savings, CDs |
![Who owns UFB bank? (2024)](https://i.ytimg.com/vi/QKmQf0NxUiw/hq720.jpg?sqp=-oaymwEcCNAFEJQDSFXyq4qpAw4IARUAAIhCGAFwAcABBg==&rs=AOn4CLBWVkAJ_VWRe937_HTkY1Pq_h6XNw)
APY stands for annual percentage yield, and it is the rate of return you can earn on your investment in a given year. The higher the APY, the more interest you earn. The more funds you have in your account, the more money you'll make.
First, log into your UFB Direct, online bank account. Once you make it to your personalized dashboard, click move money. From the sub header click wire transfers, then fill out the information below. When you're ready, click continue.
UFB Direct Secure Savings Account is the winner when it comes to earning interest. The account currently earns an ultra-competitive rate of 5.25% APY on all account balances. CIT Bank Platinum Savings still earns an only slightly less impressive rate of 5.05% APY.
UFB Direct: The High Yield Savings account from UFB Direct earns a 5.25 percent APY on all balances and requires no minimum deposit amount. Popular Direct: The Select Savings account from Popular Direct earns a 5.2 percent APY, with a minimum opening deposit of $100.
Don't Do It. The 5.25% high yield account sounds exciting and the bank is reviewed very well by financial news outlets, but don't do it. The customer service is terrible and the UI of the site itself is very clunky. They've, without reason, sent random emails threatening to lock me out or close my account.
Some disadvantages of a high-yield savings account include few withdrawal options, limitations on how many monthly withdrawals you can make, and no access to a branch network if you need it. But for most people, these aren't major issues.
Although each financial situation is unique, it doesn't typically make sense for you to keep all of your money in a high-yield savings account. After all, most high-yield savings accounts limit withdrawals to only six per month, so a checking account is typically a better place to store your spending cash.
Exceptional Interest Rates, Innovative Financial Solutions
Earn up to 5.25% APY* with no maintenance fees or minimum balance requirements.
How often does UFB direct compound interest?
UFB sweetens the deal with an optional ATM card, giving you direct access to your money. Plus, your balance compounds daily, helping your savings grow faster.
Annual percentage yield, or APY, is a percentage that reflects the amount of money, or interest, you earn on money in a bank account over one year. APY includes compound interest. You can use a compound interest calculator to quickly see what you'll earn with a given APY.
No financial institutions currently offer 7% interest savings accounts. But some smaller banks and regional credit unions are currently paying more than 6.00% APY on savings accounts and up to 9.00% APY on checking accounts, though these accounts have restrictions and requirements.
Bank | APY | Min. deposit to open |
---|---|---|
DollarSavingsDirect | 5.00% | $0 |
CommunityWide Federal Credit Union | 5.00% | $1 |
Laurel Road | 5.00% | $0 |
Varo Bank | 3.00% to 5.00% | $0 |
Multiple banks offer 5% on a savings account, such as Varo Bank and CIT Bank. Investing platforms like Betterment and Wealthfront also have 5% savings accounts for new customers.
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