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UFB Direct Premium Money Market Account review

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Earn a high rate of interest while maintaining easy access to your money.

finder.com’s rating: 3.1 / 5.0

★★★★★

The online UFB Direct positions its money market account as a premium product that comes with premium fees. It’s a safe place to store your money while earning a high annual percentage yield (APY) with the flexibility of check-writing privileges and a debit card. But this bank may be charging too much for its own good.

1.70%

APY

$10 per month

Fee

$5,000

Minimum deposit to open

Details

APY1.70% on balances of $25,000+
0.50% 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
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More Info

Expert review

Kelly Waggoner

Review by


Kelly Waggoner is editor-in-chief of Finder US. 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 for those looking to earn a high interest on $25,000 or more. The interest is compounded daily, so you’ll earn a better return on your savings.

But to open this account, you’ll need to deposit at least $5,000 and maintain it to avoid the $10 monthly maintenance fee. Other online banks offering a similar account have lower fees and minimums.

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:

  • A high 1.7% APY. Earn this rate on balances equal to or over $25,000
  • 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:

  • $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

Name Product Interest rate (APY) Fee Minimum deposit to open More info
CIT Bank Money Market
1.80%
$0
$100
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A savings account with a higher-than-average rate and minimal fees.
Discover Money Market
1.50%
$0
$2,500
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This money market account offers a competitive APY.
UFB Direct Premium Money Market Account
1.70%
$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
0.80%
$15 per month
(can be waived)
$25
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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.
CIT Bank Savings Builder High Yield Savings Account
1.75%
$0
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Special offer: up to $300 sign up bonus. Commit to saving $100 a month and watch your savings stack up at 1.75% APY.
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Compare up to 4 providers

Name Product Interest rate (APY) Fee Minimum deposit to open More info
American Express® Personal Savings High Yield Savings
1.60%
$0
$0
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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.
Discover Online Savings Account
1.60%
$0
$0
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Take advantage of a high-interest online savings account with no fees, no minimums and more.
Barclays Online Savings
1.60%
$0
$0
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Earn 20x the national savings account average with no fees or minimums.
UFB Direct High Yield Savings
1.70%
$0
$100
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Earn a competitive rate with a balance higher than $10,000.
BBVA Money Market
0.80%
$15 per month
(can be waived)
$25
Go to site
View details
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.
CIT Bank Savings Builder High Yield Savings Account
1.75%
$0
$100
Go to site
View details
Special offer: up to $300 sign up bonus. Commit to saving $100 a month and watch your savings stack up at 1.75% APY.
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Compare up to 4 providers

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

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★★★★★ — Good

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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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