Earn one of the highest APYs available on balances above $10,000.
UFB Direct offers competitive rates on most of its deposit accounts, but its High Yield Savings product affords you the chance to net a respectable 2.25% APY. However, you’ll need to deposit at least $10,000 to earn any interest at all.
| APY | 2.25% |
|---|---|
| Fee | $0 |
| Minimum deposit to open | $100 |
| Minimum balance to earn interest | $10,000 |
| Interest compounding | Daily |
| Monthly transaction limit | 6 |
What are the benefits of the UFB High Yield Savings account?
This account has a suite of useful benefits that could help you maximize your savings:
- High APY. With a balance higher than $10,000, you can earn 2.25% APY — one of the highest rates available for savings accounts.
- No monthly fees. There’s no monthly service fee to keep this account open.
- Transparency. UFB Direct has a disclosure form that outlines all possible fees, which could help you avoid extra charges.
- Solid online tools. The online banking platform allows you to send money through text or email, manage all of your bank accounts — including ones with other institutions — and more.
- Optional ATM card. You can get a free ATM card that comes with fee reimbursements on all ATM transactions.
What should I look out for?
Despite this account’s strengths, be aware of its drawbacks:
- No ATMs and only one branch. There are no official UFB Direct ATMs and the only branch is located in San Diego, California.
- Balance requirements. You won’t earn any interest on balances below $10,000.
- Difficult cash deposits. You won’t be able to deposit cash into this account unless you visit the San Diego branch.
- Limited account offerings. UFB Direct only has savings and checking accounts and mortgages, which could be limiting if you want to do all of your banking in one place.
- Processing times. The first $200 of check deposits will be available on the next business day, while the remaining funds will be accessible on the second business day.
- High fees. You’ll be charged $35 to send a domestic wire transfer, $45 to send an international wire, $10 per check and more.
Compare with other savings accounts
How do I apply?
This account is only available online, but the application process is straightforward:
- Visit the UFB website and click Savings.
- Click High yield savings.
- Click Open an account.
- Select whether you’re a new applicant, returning applicant or existing customer.
- Enter your personal information and click Start application.
- Choose between an individual, joint, trust or minor account, then select the High yield savings account.
- Read and accept the account disclosures and privacy policy.
- Upload a picture of your ID to speed up your application or fill in the fields manually.
- Proceed through each of the steps and provide your address, contact information, ID number, Social Security number and employment information.
- Review and submit your application.
Eligibility
- At least 18 years old
- US citizen or legal permanent resident
- US mailing address
- US mailing address
- State-issued ID
Required information
- Name, date of birth and address
- Contact information such as phone number and email
- Government-issued ID number
- Social Security or tax ID number
- Employment information
How do I deposit or withdraw money?
Once your account is open, there are a number of ways you can access your money:
Deposits:
- Online or wire transfer
- Direct deposit
- Mobile check deposit
- Mail a check
- Cash — only at the San Diego branch
Withdrawals:
- At an ATM
- Online or wire transfer
- Visit the San Diego branch
How can I get in touch with customer service?
If you’re not in San Diego, there are a few other ways you can get in touch:
- Online. Send a secure message through your online account.
- Phone. Call customer service at 877-472-9200, weekdays from 9 a.m. to 5 p.m. PT.
- Fax. Send a fax to 858-350-0443.
- Email. Visit the contact page on the website to send an email.
- Live chat. Use the live chat feature on the website.
Bottom line
If you have a solid chunk of savings already built up, this account pays one of the highest interest rates available. The account also comes with an optional ATM card and a number of other useful features. But you won’t earn any interest unless you’ve got at least $10,000 in the account.
Not sure if it’s right for you? Compare other savings options to find out what else is out there.
