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UFB High Yield Savings account review

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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 2.15% APY. However, 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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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 2.15% 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

Name Product Interest rate (APY) Fee Minimum deposit to open
Earn 20x the national savings account average with no fees or minimums.
Enjoy no monthly fees and a competitive APY with this online-only savings account.
$15 per month
(can be waived)
Earn one of the highest annual percentage yields (APYs) if you live in one of 42 eligible states, and access your money by ATM, check or bill pay.
A super-high interest rate if you're in the habit of saving at least $100 per month or have $25K in the bank.
$5 per month
(can be waived)
Get a $150 bonus when you open a new Chase Savings account, deposit a total of $10,000 or more in new money within 10 business days and maintain a $10,000 balance for 90 days.
Earn a competitive rate with a balance higher than $10,000.

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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.

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.

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