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UFB High Yield Savings account review

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You'll need at least $10,000 to earn interest.’s rating: 3.3 / 5.0


UFB Direct’s High Yield Savings product comes with an optional ATM card and online tools to send money through text and email. But you’ll need to deposit at least $10,000 to earn any interest at all.






Minimum deposit to open


Minimum deposit to open$100
Minimum balance to earn interest$10,000
Interest compoundingDaily
Monthly transaction limit6
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Expert review

Peter Carleton

Review by

Peter Carleton is a writer that covers banking and investing, breaking down what you need to know about where you put your money. When Peter's not thinking about cutting-edge banking apps and robo-advisors, he runs a creative agency and spends his spare time cooking or reading.

Expert review

The UFB High Yield Savings account is best for those who have a solid chunk of savings already built up. The account comes with an optional ATM card and a number of other useful features.

But with a minimum balance of $10,000 you’ll only earn 0.4% APY.

You’ll find higher interest rates with lower minimum requirements at other banks. As always, compare your options when choosing a savings account.

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:

  • 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.
  • Low APY. Even if you meet the$10,000 minimum balance, you’ll earn a low 0.4% APY.

Compare with other savings accounts

Name Product Interest rates (APY) Fee Minimum deposit to open Interest earned
American Express® High Yield Savings
Enjoy no monthly fees and a competitive APY with this online-only savings account. Accounts offered by American Express National Bank, Member FDIC.
Axos Bank High Yield Savings
No monthly maintenance fees. No minimum balance requirements. Interest compounded daily.
Aspiration Spend & Save Account

1.00% on $0 to $10,000 but you’ll need to be enrolled in Aspiration Plus and make at least $1,000 in debit card purchases a month
$0 per month or $7 per month for Aspiration Plus ($5.75 per month if you pay annually)
Deposits are fossil fuel-free and insured by the FDIC. Enjoy a spend and save combo account with unlimited cash back rewards and a $100 bonus when you spend $1,000 in your first 60 days.
CIT Bank Money Market
A savings account with a higher-than-average rate and minimal fees.
SoFi Money
SoFi Money® is a cash management account that charges no account fees to save, spend, and earn cash back rewards when you spend on brands you love.
Chase Savings
$5 per month
(can be waived)
A simple savings account with low, waivable monthly fees and a $150 signup bonus when you meet deposit and balance requirements.

Compare up to 4 providers

How do I apply?

This account is only available online, but the application process is straightforward:

  1. Visit the UFB website and click Savings.
  2. Click High yield savings.
  3. Click Open an account.
  4. Select whether you’re a new applicant, returning applicant or existing customer.
  5. Enter your personal information and click Start application.
  6. Choose between an individual, joint, trust or minor account, then select the High yield savings account.
  7. Read and accept the account disclosures and privacy policy.
  8. Upload a picture of your ID to speed up your application or fill in the fields manually.
  9. Proceed through each of the steps and provide your address, contact information, ID number, Social Security number and employment information.
  10. Review and submit your application.


  • At least 18 years old
  • US citizen or legal permanent resident
  • 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:


  • Online or wire transfer
  • Direct deposit
  • Mobile check deposit
  • Mail a check
  • Cash — only at the San Diego branch


  • 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.

Frequently asked questions

Savings account ratings

★★★★★ — Excellent

★★★★★ — Good

★★★★★ — Average

★★★★★ — Subpar

★★★★★ — Poor

We analyze top savings accounts and rate them one to five stars based on factors that are most important to you. These factors include: interest rates, monthly fees, minimum deposits, customer service and account features.

Read the full methodology of how we rate savings accounts.

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