UFB Direct Money Market Account review June 2019 | finder.com

UFB Direct Premium Money Market Account review

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UFB Direct Premium Money Market Account
  • Email and text messaging alerts
  • Free suite of online banking tools
  • Free limited check-writing privileges
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Earn a high rate of interest while maintaining easy access to your money.

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.

APY2.45% 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

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 2.45% 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.

Compare with similar money market and savings accounts

Name Product Fee Minimum deposit to open Minimum balance to earn interest Interest rate (APY)
$15 per month
(can be waived)
$25
$0
2.40%
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.
$10 per month
(can be waived)
$5,000
$0
2.45%
Enjoy the security and earning potential of a savings account while maintaining the flexibility to write checks.
$0
$100
$25,000 or set up a direct deposit of $100+ each month
2.45%
A super-high interest rate if you're in the habit of saving at least $100 per month or have $25K in the bank.
$0
$0
$0
2.00%
A high-interest, fee-free online bank account that helps you save.
$0
$100
$0
1.85%
Reach your savings goals with a CIT Bank Money Market account. $100 minimum opening deposit.
$0
$5
$0.01
1.77%
With no fees and a high interest rate, this account gives you plenty of incentive to save.

Compare up to 4 providers

Name Product Fee Minimum deposit to open Minimum balance to earn interest Interest rate (APY)
$0
$1
$1
2.51%
A first step in helping you build a free financial plan for the life you want and automate your investments at a low cost.
$0
$0
$1
2.10%
Enjoy no monthly fees and a competitive APY with this online-only savings account.
$5 per month
(can be waived)
$0
$0
0.01%
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.
$0
$1
$0
2.30%
Get one of the highest interest rates available without high balance requirements or fees.
UFB Direct High Yield Savings
UFB Direct High Yield Savings
$0
$100
$10,000
2.45%
With an APY of up to 2.45%, it's UFB Direct's highest-yielding savings account.
$0
$100
$25,000 or set up a direct deposit of $100+ each month
2.45%
A super-high interest rate if you're in the habit of saving at least $100 per month or have $25K in the bank.

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.

Bottom line

UFB Direct’s Money Market Account is a premium account for those who want to earn interest with flexible access to their cash. However, it doesn’t offer many features to make up for its premium pricing. Other online banks offer similar products that have lower fees and minimums. Before opening an account, compare other money market accounts offering rates and features to best fit your situation.

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