UFB Direct is the online-only division of Axos Bank. It offers a handful of banking products including high-yield savings accounts, money market accounts (MMAs), and mortgages. UFB Direct can be a good option if you’re looking for competitive savings rates. But they don’t provide stand-alone checking accounts or certificates of deposit (CDs), which means the bank is not a fit if you’re looking for those products. Our section on alternative bank options may help if you’re in need of those types of accounts.
Rates are current as of Aug. 26, 2025 and are subject to change.
UFB Direct at a glance
UFB Direct
| Checking accounts | $0 monthly fee with no minimum deposit requirement (must be bundled with a savings account) |
| Savings accounts | Earn 4.01% annual percentage yield (APY) with no minimum deposit requirements, earn up to 4.21% APY for meeting certain criteria |
| Money market accounts | Earn up to 4.01% APY, $10 monthly fee waived with a $5,000 balance |
at UFB Direct
- Year Founded: 2000
- Company Headquarters: San Diego, CA
- CEO: Gregory Garrabrants
Bank details checked Aug. 26, 2025.
Pros
- Competitive interest rates for savings and money market accounts
- Can access expanded Federal Deposit Insurance Corp. (FDIC) coverage up to $265 million for high-net-worth individuals
- No fees or minimums on savings or checking accounts
Cons
- No stand-alone checking account
- Does not offer credit cards or CDs
- High minimum balance for money market accounts to waive the monthly maintenance fee
Who is UFB Direct good for?
UFB Direct could be a good option for those seeking an online bank that offers a competitive high-yield savings account without any fees or minimums and ready to bundle it with a checking account to earn the maximum yield offered. It may also appeal to high-net-worth individuals who need expanded FDIC insurance up to $265 million.
Who shouldn’t use UFB Direct?
UFB Direct is an online bank without a stand-alone checking account and only waives up to $10 in ATM fees. For this reason, you’ll probably want to avoid UFB Direct if you need just a checking account or are frequently unable to access any of the 91,000 fee-free ATMs in its network.
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UFB Direct rates and products
UFB Direct offers high-yield savings accounts and money market accounts with competitive rates. While the bank does offer a checking account, it must be linked to an existing UFB Direct savings account and cannot be opened as a solo account. Additionally, UFB Direct offers a range of mortgage products as well as a savings account for high-net-worth individuals.
| UFB Direct product | APY |
|---|---|
| UFB Portfolio Savings Account | Up to 4.01% APY |
| UFB Freedom Checking Account | Up to 2.00% APY |
| UFB Portfolio Money Market Account | 4.01% APY |
| Bank details checked Aug. 26, 2025 | |
|---|---|
| UFB Portfolio Savings Account | |
| APY | Up to 4.01% APY |
| UFB Freedom Checking Account | |
| APY | Up to 2.00% APY |
| UFB Portfolio Money Market Account | |
| APY | 4.01% APY |
UFB Portfolio Savings account
UFB Direct offers a free, high-yield savings account with no minimum deposit requirements or monthly maintenance fees. Earn up to 4.01% APY, which is competitive with some of the best overall high-yield savings accounts. Even better, you can earn up to 4.21% when you open a UFB Freedom Checking account, as well (we’ll get to that in a moment).
The account includes a complimentary ATM card that you can use to access over 91,000 ATMs nationally with daily withdrawal limits up to $510. The UFB savings account has a few additional limits:
- $250,000 maximum opening deposit
- $30,000 maximum daily transfer
- $60,000 maximum monthly transfer
UFB Direct InsureGuard+ Savings account
UFB Direct’s InsureGuard+ Savings account functions like its standard savings account but provides expanded FDIC insurance up to $265 million. Typically, the FDIC provides standard coverage of up to $250,000 per bank. With the InsureGuard+ Savings account, UFB sweeps deposits to multiple accounts at member institutions in amounts under the standard FDIC insurance maximum.
Receive just one statement and manage your money through a single relationship. Account minimums start at $1.25 million and include competitive interest rates.
UFB Freedom Checking account
UFB Direct doesn’t have a stand-alone checking account but does offer a checking account that you can add to other UFB accounts.
With the UFB checking account, you can access your funds 24/7 with its online banking tools and take advantage of its network of ATMs as well as up to $10 in ATM fee reimbursement. The checking account offers a boost of up to 0.20% APY when paired with a savings account but you must meet certain criteria to unlock the checking account bonuses:
- Unlock 0.05% APY with $5,000 in monthly direct deposits
- Earn an additional 0.10% APY with a minimum balance of $10,000
- Earn an extra 0.05% APY with 10 approved debit transactions per statement cycle
UFB Portfolio Money Market account
UFB Direct offers a top rate on its money market accounts with the security and rates of a savings account and the ability to write checks. It also offers a free debit card. While the APY is comparable to its base savings account at 4.01% APY, it has a $10 monthly maintenance fee that can be waived with a $5,000 balance.
Though UFB Bank has limited deposit products, it does offer a variety of mortgages through Axos Bank, including:
- Conforming mortgage loans: Conforming loans are mortgages that meet criteria set by Fannie Mae and Freddie Mac. Conforming loans are capped based on your county, but it’s $806,500 in most counties. Loan requirements include good to excellent credit and easy-to-document income.
- Non-conforming loans: These mortgages do not meet Fannie Mae and Freddie Mac. They are for borrowers with loans that are over the conforming limit, or less than stellar credit. You may be eligible for lender fees to be waived if you have a deposit account with UFB Direct.
- FHA loans: The FHA loans allow for down payments as low as 3.5%. They also have more flexible qualification guidelines with lower credit scores and down payment requirements.
- Portfolio loans: The Portfolio loan program provides loans from $150,000 to $30 million. These loans do not meet Fannie and Freddie guidelines, with the lender setting the terms instead.
- VA loans: VA loans are available to veterans, active duty members, and surviving spouses. The Department of Veterans Affairs guarantees these loans and may require no down payment.
- Jumbo/Super Jumbo loans: Jumbo and super jumbo loans exceed Fannie and Freddie conforming loan limits.. At Axos, these mortgages cover large loans of $30 million or more.
- Home equity loans/home equity lines of credit: Home equity loans allow you to borrow against the value of your home. UFB Direct offers home equity loans, HELOCs ranging from $30,000 to $250,000, and cash-out refinancing ranging from $50,000 to more than $5 million.
You can apply for a mortgage online or by phone. Lender fees are waived on eligible mortgages of $250,000 or more for existing Axos or UFB Direct account holders.
UFB Direct platform and customer support
UFB Direct is an online-only bank offering 24/7 online access through its desktop or mobile app. Check your account balances, view your transaction history, transfer funds, and more. You can even deposit your checks remotely using your mobile camera or computer scanner. For more information on digital banks, check out the best online banks and credit unions.
You can contact customer service directly through UFB’s platform. Through its parent bank, Axos, you can access a 24/7 phone number as well as the ability to submit a secure message or use its live chat service.
Is UFB Direct secure?
UFB Direct is a secure bank with standard FDIC insurance of up to $250,000 with no reported data breaches. For high-net-worth individuals, it also offers the ability to insure up to $26500 million by sweeping your deposits to multiple accounts at member institutions in amounts below the $250,000 FDIC insurance maximum.
UFB Direct user reviews
UFB Direct’s customers rate the bank at an average of 2.8 out of five stars according to review site, Trustpilot. The online bank has an A+ rating with the Better Business Bureau and only a small number of complaints filed, all of which have been closed. Users report that it can be challenging to contact a live customer service representative or that they’ve had issues moving money out of their accounts.
Compare UFB Direct alternatives
If UFB Direct doesn’t quite suit your needs, consider SoFi and Ally as alternatives for an online bank.
UFB Direct |  SoFi® (Member FDIC) |  Ally Bank |
|---|---|---|
| Top checking account APY | Top checking account APY | Top checking account APY |
| 2.00% | 0.50% | Up to 0.25% |
| Monthly fee | Monthly fee | Monthly fee |
| N/A | N/A | N/A |
| Top savings account APY | Top savings account APY | Top savings account APY |
| 4.01% (4.21% if you qualify for the checking-related boost) | Up to up to 3.80%%.1 Get a 0.70% Boost on Savings APY to up to 4.50% for up to 6 months on new accounts with eligible Direct Deposit. Terms apply.2 | 3.50% |
| Online only? | Online only? | Online only? |
| Yes | Yes | Yes |
| Learn more | Learn more | Learn more |
| View offer at UFB Direct | View offer at SoFi | View offer at MoneyLion |
Is UFB Direct right for you?
UFB Direct may be right for you if you’re seeking an online bank that offers a competitive, high-yield savings account without any fees or minimums. It may also be right for high-net-worth individuals who need FDIC insurance up to $265 million. However, it is an online-only bank that doesn’t offer a stand-alone checking account and isn’t right for those who need access to in-person branches.
Frequently asked questions
Is UFB Direct safe?
Yes, UFB Direct is a safe bank with standard FDIC deposit insurance up to $250,000. For high-net-worth individuals, it offers a sweep account allowing you to be protected to $265 million in expanded FDIC insurance. While it is an online-only bank, it is as safe as a traditional brick-and-mortar option.
Which bank owns UFB Direct?
UFB Direct is owned by Axos Bank and serves as its online-only division. Axos Bank was established in 2000 and has roughly $20 billion in assets. Axos Bank offers mortgages in addition to the traditional banking products offered by UFB Direct.
Where is UFB Direct located?
While UFB Direct lists its headquarters in San Diego, California, it is an online-only bank that doesn’t offer branches or its own branded network of ATMs. While it is as safe as a brick-and-mortar alternative, those who need physical locations should consider another bank.
SoFi disclaimer
1:
SoFi members who enroll in SoFi Plus with Eligible Direct Deposit or by paying the SoFi Plus Subscription Fee every 30 days or SoFi members with $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 3.80% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Eligible Direct Deposit amount required to qualify for the stated interest rate. Members without either SoFi Plus or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 1/24/25. There is no minimum balance requirement. If you have satisfied Eligible Direct Deposit requirements for our highest APY but do not see 3.80% APY on your APY Details page the day after your Eligible Direct Deposit arrives, please contact us at 855-456-7634. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet. See the SoFi Plus Terms and Conditions at https://www.sofi.com/terms-of-use/#plus.
2: 0.70% Savings APY Boost
Earn up to 4.50% Annual Percentage Yield (APY) on SoFi Savings with a 0.70% APY Boost (added to the 3.80% APY as of 8/5/25) for up to 6 months. Open a new SoFi Checking & Savings account with Eligible Direct Deposit by 1/31/26. Rates variable, subject to change. Terms apply at sofi.com/banking#2. SoFi Bank, N.A. Member FDIC.