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UFB Direct Premium Money Market Account review

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Maintain easy access to your money, but at a low interest rate.

finder.com’s rating: 3.1 / 5.0

★★★★★

The online UFB Direct positions its money market account as a premium product with check writing privileges and a debit card. But you’ll earn a low APY and you’ll need have at least $5,000 to avoid the monthly fee.

Up to 0.40%

APY

$10 per month

Fee

$5,000

Minimum deposit to open

Details

APY0.40% on balances of $25,000+
0.10% on balances of $0 to $24,999.99
Fee$10 per month
To waive the feeMaintain a minimum $5,000 average daily collected balance
Minimum deposit to open$5,000
Minimum balance to earn interest$0
Interest compoundingDaily
Monthly transaction limit6
Fee per transaction over the limit$10
Go to site
More Info

Expert review

Kelly Waggoner

Review by


Kelly Waggoner is US editor-in-chief at Finder. She's worked with publishers, magazines and nonprofits throughout New York City, including ghostwriting a how-to on copyediting for the Dummies series. Between projects, she toys with words, flips through style guides and fantasizes about the serial comma's world domination.

Expert review

UFB Direct’s Money Market account is best for those looking to save at least $5,000. The account has daily compounding interest, so you’ll earn a better return on your savings. But to earn the highest rate at 0.4% APY, you’ll need to keep more than $25,000 in your account.

You’ll find higher interest rates with lower fees and minimums at other banks. As always, compare your options when choosing a money market account.

What are the benefits of a money market account with UFB Direct?

If you can afford its minimum balance requirements and will make use of the bank’s other premium services, it could be a good choice. The UFB Direct Money Market Account comes with perks that include:

  • Powerful financial tools. Manage your money with the free FinanceWorks tool.
  • Daily compounded interest. Interest is compounded daily in the account, so you ‘ll earn interest on the amount you deposit every day.
  • Easy access to your money. Use a linked debit card or write checks against the account.
  • Upfront fee structure. You’ll know exactly what you’ll pay for the UFB Direct Money Market Account to avoid any surprises.

As with most savings accounts, your deposits are insured by the FDIC for up to $250,000.

What should I look out for?

Keep these potential drawbacks in mind before opening a UFB Direct Money Market Account:

  • Low APY. You’ll need to keep over $25,000 to earn 0.4% APY — a rate much lower than the competition.
  • $5,000 minimum opening deposit. You can’t open the account unless you can meet the hefty minimum. Many online banks have much lower minimum deposits, or none at all.
  • $10 monthly fee. Avoid the fee by maintaining a $5,000 average daily balance. Contrast this with other online banks that offer similar rates with no fees at all.
  • No cash deposits. An online bank, UFB Direct doesn’t offer a way to deposit cash to your account.
  • Transaction limits. You’ll pay a $10 fee for each transaction beyond the 6 in a statement period.

If you’re looking for an account with minimal to no fees, you’ll want to keep looking. As always, compare your options when looking for a money market account.

Compare with similar money market and savings accounts

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Name Product Interest rates (APY) Fee Minimum deposit to open Interest earned More info
CIT Bank Savings Builder High Yield Savings Account

0.95% on $25,000+ or set up a direct deposit of $100+ each month
0.79% on $0 to $24,999
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No account opening or maintenance fees. Daily compounding interest. Earn one of the nation's top rates
CIT Bank Money Market
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Discover Money Market

0.85% on $100,000+
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This money market account offers a competitive APY.
UFB Direct Premium Money Market Account

0.40% on $25,000+
0.10% on $0 to $24,999.99
$10 per month
(can be waived)
$5,000
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Enjoy the security and earning potential of a savings account while maintaining the flexibility to write checks.
BBVA Money Market

0.45% on $1,000,000+
0.33% on $100,000 to $999,999.99 for 3 months (0.30% after)
0.21% on $10,000 to $49,999 for 3 months (0.15% after)
$15 per month
(can be waived)
$25
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Earn a promotional APY for your first 3 months and access your money by ATM, check or bill pay.
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Name Product Interest rates (APY) Fee Minimum deposit to open Interest earned More info
American Express® Personal Savings High Yield Savings
1.00%
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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
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CIT Bank Savings Builder High Yield Savings Account

0.95% on $25,000+ or set up a direct deposit of $100+ each month
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No account opening or maintenance fees. Daily compounding interest. Earn one of the nation's top rates
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A simple savings account with low, waivable monthly fees and a $150 signup bonus when you meet deposit and balance requirements.
Citibank® Account Package
Citibank® Account Package

0.13% on $500,000+
0.08% on $25,000 to $99,999.99
0.04% on $0 to $24,999.99
$25 per month
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$0
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Earn a $400 bonus after opening new eligible checking and savings accounts and completing required activities.
BBVA Money Market

0.45% on $1,000,000+
0.33% on $100,000 to $999,999.99 for 3 months (0.30% after)
0.21% on $10,000 to $49,999 for 3 months (0.15% after)
$15 per month
(can be waived)
$25
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Earn a promotional APY for your first 3 months and access your money by ATM, check or bill pay.
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How do I open an account?

Open an account at UFB Direct entirely online:

  1. Go to UFB Direct’s website
  2. Click Open Account at the top of the screen.
  3. Select whether you’re a new applicant, returning applicant or existing customer.
  4. Create an online account and click Start Application.
  5. Select the account you’d like to open.
  6. Proceed through the rest of the steps, entering your personal information and financial details.

Eligibility

To open a UFB Direct Money Market Account, you must:

  • Be at least 18 years old.
  • Be a citizen or legal permanent resident of the United States.
  • Have a US mailing address.
  • Have a Social Security number.

Required information

When you apply for an account, you’ll provide:

  • Your name and contact information.
  • Your date of birth and Social Security number.
  • Your email address and phone number.
  • A copy of your driver’s license or passport.

How do I deposit or withdraw money?

Though it’s an online bank, UFB Direct offers multiple ways to deposit and withdraw money from your money market account.

Deposits

  • ACH transfer
  • Mobile check deposit
  • Online transfer
  • Mailed check
  • Wire transfer
  • Direct deposit

Withdrawals

  • Online transfer
  • ATM withdrawal
  • Cashed check at another bank
  • Outgoing wire transfer

How do I contact customer service?

You can’t visit a branch of UFB Direct, but you can reach support in two ways:

  • Call 877-472-9200 toll-free from 9 a.m. to 5 p.m. PT.
  • Log in to your account and send a secure message.

Frequently asked questions

Savings account ratings

★★★★★ — Excellent

★★★★★ — Good

★★★★★ — Average

★★★★★ — Subpar

★★★★★ — Poor

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Read the full methodology of how we rate savings accounts.

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