Summary: UFB Direct, based in San Diego, is an online division of Axos Bank. It offers checking, savings and money market accounts, as well as home equity loans. As an online bank, UFB Direct has no physical branches.
UFB Direct products and services
Here is a look at the products offered by UFB Direct:
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Freedom Current Account: UFB Direct’s Freedom Checking account has no monthly maintenance fees or minimum deposit requirements. It also offers 5.15% APY. Customers can increase their returns by bundling this account with the UFB Secure Savings account, which can earn them a combined APY of up to 5.35%. The Freedom Checking account also includes a free debit card and access to over 90,000 ATMs.
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Portfolio savings: The UFB Portfolio Savings account is a high-yield savings account that offers up to 5.15% APY on all balances. There are no maintenance or service fees and no minimum balance is required. It also comes with a debit card. This account is on our list of the 10 best high-yield savings accounts available today.
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Portfolio Money Market Account: This account offers up to 5.15% APR with no monthly maintenance fees on balances of $5,000 or more. If your balance falls below this threshold, you will be charged a $10 monthly maintenance fee.
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Mortgages: UFB Direct offers home equity loans through Axos Bank, which waives the full lender fee on loan amounts of $250,000 and more, or reduces its lender fee by $200 on loan amounts under $250,000 when certain conditions are met.
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UFB Direct Fees
Here’s a closer look at the fees you may incur as a UFB Direct customer:
Advantages and disadvantages of UFB Direct
Here are some of the key pros and cons to consider before becoming a UFB Direct customer:
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Advantages:
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Competitive interest rates on checking and savings accounts: UFB offers an effective annual interest rate of well over 5% for its checking and savings accounts.
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Customer service 24/7: Customers can receive support 24/7 by phone and secure messaging.
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Disadvantages:
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Monthly account management fee for the money market account: Account holders with balances of less than $5,000 will be charged a monthly fee of $10.
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No physical branches: UFB is an online-only bank, meaning customers don’t have the added convenience of visiting a physical branch.
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Customer service and mobile banking experience
The UFB Direct mobile app allows customers to conduct banking from their mobile devices. They can deposit checks, check account balances and history, transfer funds between accounts, pay bills, contact a customer service representative and more. The app is available for download on both the App Store and Google Play and has an average rating of 4.8 on both stores.
UFB Direct customer service representatives are available 24 hours a day by phone and secure messaging.
Frequently Asked Questions
Which bank owns UFB Direct?
UFB Direct is an online division of Axos Bank.
Is UFB Direct covered by the FDIC?
Yes. As part of Axos Bank, UFB Direct is an FDIC-insured financial institution. This means that customer deposits are protected up to $250,000 per depositor per category of ownership. Note that deposits at UFB Direct are combined with any deposits you have at Axos Bank or other Axos Bank divisions to determine FDIC insurance coverage.
What is the bank code for UFB Direct?
The bank code of UFB Direct is 122287251.
Is UFB Direct Bank reputable?
Yes. UFB Direct is a legitimate and reputable online bank. It offers several deposit account options with low fees and competitive interest rates, as well as low-cost home equity loans.