- UFB Direct has discontinued UFB Secure Savings and introduced a new product called UFB Portfolio Savings. The annual percentage yield (APY) has been adjusted from 5.25% to apy%. The UFB Portfolio Savings accounts has one of the most competitive rates on the market. It also requires no minimal deposit to open an account
- The UFB Portfolio Savings account comes with an ATM card you can use to make withdrawals and deposits at local ATMs and for some purchases.
- There aren’t monthly fees with this account, which makes it easier to profit from any interest earned.
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On This Page
- Key Takeaways
- Our top picks for savings accounts
- Is the UFB Direct high-yield savings account right for me?
- UFB Direct savings account interest rate
- How much can I earn with a UFB savings account?
- How the UFB savings account interest rate compares
- How to open a UFB savings account
- Other savings options at UFB Direct
- Our top picks for savings accounts
- FAQ: UFB Direct savings account
- Related topics
On This Page
- Key Takeaways
- Our top picks for savings accounts
- Is the UFB Direct high-yield savings account right for me?
- UFB Direct savings account interest rate
- How much can I earn with a UFB savings account?
- How the UFB savings account interest rate compares
- How to open a UFB savings account
- Other savings options at UFB Direct
- Our top picks for savings accounts
- FAQ: UFB Direct savings account
- Related topics
UFB Direct High-Yield Savings Account Rate 2024
Sarah Stasik - Personal Finance
+ 1 other
Reviewed By
Blake Esken - Los Angeles Times
Advertiser Disclosure
UFB Portfolio Savings Account
FDIC Insured
Rates rates_last_updated
Rates rates_last_updated
APY
apy%
Monthly Fee
$0.00
Minimum Opening Deposit
$0.00
Why We Like It
Editor's take
The UFB Portfolio Savings Account offers an impressive 4.57% APY with no minimum balance requirement, so you can earn a high interest rate regardless of the amount of your funds.
Although the UFB savings account is an online-only account, it offers digital tools such as SMS Banking so that you can bank even without Wi-Fi. You’ll also receive a complimentary ATM card, a rare feature seen with savings accounts, making this account a solid choice for those who want more access to their savings.
PROS
- Competitive APY of apy% (national average is 0.46%)
- No maintenance or service fees
- No minimum deposit requirement
- Complimentary ATM card
- Free transfers between direct deposit accounts
- FDIC-insured
CONS
- No in-person banking
- Although the number of transfers is unlimited, you’re limited to $60,000 in transfers monthly
- Must have a residential U.S. address, and P.O. Box addresses don’t count
Is the UFB Direct high-yield savings account right for me?
A UFB Direct savings account may be right for you if you want to invest in high-yield savings that you retain easy access to.
Note that while UFB Direct offers a very competitive savings account rate, there are other investments with potentially higher returns — though they come with matching risks.
UFB Direct is also an online bank, so you won’t have access to branch support. This may be a deal breaker for those who prefer to do their banking in person.
Always consider any financial product in light of your personal budget and spending needs as well as your money management goals.
Pros and Cons of a UFB Direct High-Yield Savings Account
- apy% APY is one of the highest on the market
- You get an ATM card, which isn’t common with online savings accounts
- No monthly maintenance fees
- No minimum deposit requirements
- As of October 2024, all accounts earned the apy% APY without minimum balance requirements
- The tiered APY structure could come back in the future
- No local branches for in-person support
- Must have a residential U.S. address, and P.O. Box addresses don’t count
- While the number of transfers is unlimited, you’re limited to $60,000 in transfers monthly
▶︎ Learn More about UFB Portfolio Savings
UFB Direct savings account interest rate
You can earn up to apy% APY with a UFB Portfolio Savings account, which is considered a high-yield savings account. As of September 2024, all balance tiers earn this competitively high rate, but that can be subject to change at any time.
Technically, the UFB Portfolio Savings account is considered a tiered product. That means the amount of interest you earn on your balance depends on your balance total.
According to UFB, its balance tiers in the past were:
- $0 to $9,999.99
- $10,000 to $24,999.99
- $25,000 to $49,999.99
- $50,000 to $99,999.99
- $100,000 or more
Should UFB high-yield savings accounts return to the tiered structure to determine APY, accounts with higher balances may earn a higher APY than accounts with lower balances.
UFB Portfolio Savings Account
| APY | Monthly fee | Minimum opening deposit | Minimum balance requirement |
|---|---|---|---|
| apy% | $0 | $0 | $0 |
This high-yield savings account doesn’t charge monthly maintenance fees. Nor does it require a minimum balance or minimum opening deposit. This lets you access the savings rate even if you’re starting small, and it helps ensure the interest you earn is profit and not eaten up with monthly fees.
You can get an ATM card to make it easier to access your savings. You can also make an unlimited number of transfers from this savings account without paying a transfer fee, but the total dollar amount you can transfer per day and month is limited.
How much can I earn with a UFB savings account?
The amount you earn with a UFB Direct high-yield savings account depends on:
- How much you deposit into the account: Interest payments are calculated by applying the APY rate to your balance.
- How long you keep money in the account: Interest adds up slowly over time, so you earn more over longer terms.
- How often you withdraw money from the account: If your balance is always rising and falling as you use savings and replenish it, you’ll earn less interest over time than you would by keeping a consistent higher balance.
The UFB high-yield savings account compounds interest daily and applies interest earnings in a single credit monthly. That means each day, the daily compound interest calculation applies to your balance. This can help you earn a little more than you would if interest was compounded monthly. It also means that if you carry a high balance for most of the month and then make a withdrawal for an emergency expense late in the month, you don’t lose the interest-earning benefit of that higher balance for the entire month.
To understand how savings can add up over time with a UFB Portfolio savings account, consider the hypothetical examples in the tables below.
Interest Earned on $5,000 Initial Deposit and Additional Deposit of $200 per Month
| Years | Interest earned | Total balance |
|---|---|---|
| 1 | $266.09 | $7,666.09 |
| 3 | $853.11 | $13,053.11 |
| 5 | $1,578.43 | $19,733.88 |
| 10 | $3,570.50 | $32,570.50 |
| 15 | $7,283.71 | $47,283.71 |
Figures are correct as of September 2024. The calculations shown are just a simple example. Always seek advice from a qualified professional before making important financial decisions or long-term agreements.
This example assumes you do not take any money out of the account in the savings period. As you can see, the apy% rate really causes savings to add up. If you followed this savings plan for 15 years, you would only have contributed a total of $36,000 yourself, which means our profit on the account is more than $23,000.
Interest Earned on $1,000 Initial Deposit and Additional Deposit of $100 per Month
| Years | Interest earned | Total balance |
|---|---|---|
| 1 | $53.78 | $2,253.78 |
| 3 | $175.96 | $4,775.96 |
| 5 | $318.71 | $7,318.71 |
| 10 | $774.88 | $13,774.88 |
| 15 | $1,394.27 | $20,394.27 |
Figures are correct as of September 2024. The calculations shown are just a simple example. Always seek advice from a qualified professional before making important financial decisions or long-term agreements.
Even if you have a reduced current ability to save, a high-yield savings account and sticking to a consistent plan results in some pretty impressive outcomes. In this hypothetical, you end up with almost $30,000 in savings after 15 years, but you only contribute $18,000 of that yourself.
To better understand how much you could earn, try using our savings calculator below or refer to our savings calculator guide.
Compound Interest Calculator With Monthly Contributions - UFB Direct
Estimated Future Balance
0
Important Note: The savings estimates provided on this platform are meant for general information purposes only and should not be considered financial advice. We strongly encourage you to check with the specific financial institution for an accurate estimate before applying for any financial product.
How the UFB savings account interest rate compares
The average national deposit rate for savings accounts is 0.46% as of August 2024, according to data from the FDIC. Given this figure, the UFB Portfolio Savings account rate is more than 11 times the national average, making it a highly competitive APY.
The apy% APY also makes the UFB Portfolio Savings account one of the more competitive high-yield savings accounts, as competitors tend to offer products with APYs ranging from 4.25% to 5.5%. You can see how the UFB Portfolio Savings account APY compares to that of other accounts in the table below.
UFB Portfolio Savings Account APY vs. Other Banks
| Bank | APY* |
|---|---|
| UFB Direct | apy% |
| Barclays | 4.50%-4.80% |
| Synchrony Bank High Yield Savings | apy% |
| SoFi Bank** | 4.20% (with qualifying monthly deposits) 1.20% (without qualifying monthly deposits) |
| Marcus | 4.25% |
| American Express National Bank | apy% |
| Capital One | apy% |
| Discover | apy% |
| Ally Bank | 4.00% |
| U.S. Bank | 0.01% |
*Rates are correct as of October 2024.
**New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus when they set up Direct Deposit of at least $1,000 during the Direct Deposit Bonus Period. Cash bonus will be based on the total amount of Direct Deposit. Direct Deposit Promotion begins on 12/7/2023 and will be available through 12/31/24. Full terms atsofi.com/banking. SoFi Checking and Savings is offered through SoFi Bank, N.A., Member FDIC. SoFi members with Direct Deposit can earn 4.20% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the 4.20% APY for savings (including Vaults). Members without Direct Deposit will earn 1.20% 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 10/31/2024. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet. SoFi members with Direct Deposit or $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 4.20% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. Members without either Direct Deposit or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Only SoFi members with direct deposit are eligible for other SoFi Plus benefits. Interest rates are variable and subject to change at any time. These rates are current as of 10/31/2024. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.
Some of these banks don’t require minimum deposits or have balance tiers for earnings, but some do. The same is true for monthly maintenance fees.
If you are comparing a UFB savings account to another option in your quest to find the right high-yield savings account for you, make sure to compare other details too.
Features to compare include:
- Whether you get an ATM card: This is one of the easiest ways you can access your savings in a hurry.
- The limits on transfers and withdrawals: Many online savings accounts limit how many you can make a month — some accounts only allow you to make up to six withdrawals, for example.
- Whether the bank offers other products you may need: UFB Direct offers a variety of products, including Freedom checking and money market accounts to help you manage your finances and save money.
- Potential rewards structures: This could be the option to earn miles for travel rewards. UFB Direct doesn’t offer this option for its savings account, but there are a few specialty banks that do.
If you’re looking for the highest interest rates available, consider checking out these guides:
How to open a UFB savings account
You can apply for a UFB Portfolio Savings account online. You’ll need to be a U.S. citizen or resident alien and be 18 years old or older to successfully open a savings account.
You need a government-issued ID to demonstrate these facts. You’ll submit your ID by taking pictures with your smartphone or by uploading a scanned file of the document.
You will also need to provide:
- Your Social Security or Tax ID number. Banks have to collect this for tax reporting purposes.
- A valid residential address. Unfortunately, you cannot use a P.O. Box address to meet this requirement.
- A mobile phone number. This must be based in the United States.
- A valid email address. You can use any valid email address you want, including a business email, as long as you are the one who checks and manages it.
You will also need a way to fund your account. Typically, this is done by transferring money from an existing account. You need the bank routing and account numbers for that account to do so — you can find that information on your checks or in your account settings via your banking app or online portal.
UFB limits how much you can transfer into your account initially to open it to $250,000. Since this is the maximum covered by FDIC insurance on a single account, you may want to limit your total deposits to this amount anyway.
How to withdraw money from a UFB savings account
You get an ATM card with your UFB Direct Portfolio savings account. You can use the card to make withdrawals at more than 91,000 ATM locations. UFB Direct does limit the amount of cash you can withdraw at an ATM to $510 per day.
You can also use your card like a regular debit card to make purchases online and off, but you’re limited to $500 per day for these point-of-sale transactions. Remember, too, that the goal of a high-yield savings account is to maximize your savings. Limiting how often you think of this as a convenient source of funds for daily spending can help you work toward that goal.
You can also make withdrawals by transferring money from your UFB savings account to an internal or external savings account. According to UFB, bank transfers are limited to $30,000 in or out per day and $60,000 in or out per month. However, the total number of transfers you can make is unlimited.
How to transfer money from a UFB Direct savings account
You can transfer money to external accounts using options such as wire transfers or Zelle in your UFB online banking account or mobile app.
How to deposit money into a UFB Direct savings account
You can transfer money into your account from external checking accounts or provide your bank routing and account numbers to employers or others who make direct deposits to you. You can also use your ATM card to make deposits of cash at ATMs.
▶︎ Learn More about UFB Portfolio Savings
Other savings options at UFB Direct
Other UFB savings options include:
1
UFB Direct InsureGuard+ Savings account
This account provides competitive interest rates with no fees and is FDIC-insured up to $200 million. It is for high-net-worth individuals and the minimum opening deposit is $1 million.
2
UFB Portfolio Money Market account
This account has an APY of 4.83%. With this account, you can write checks and you get a free debit card. It has a $10 monthly maintenance fee, but this can be waived if you have a balance of $5,000.
FAQ: UFB Direct savings account
Is UFB Portfolio a high-yield savings account?
Yes, the UFB Portfolio savings account is considered a high-yield savings account, which is simply an account with an APY that’s higher than average. The UFB savings account has an APY of 4.57% as of October 2024.
Who is the UFB Direct savings account best for?
This savings account is best for people who would like to earn a high interest rate on savings and don’t mind conducting all of their banking online, via apps and at ATMs. UFB Direct is a branchless bank—or online bank—so you won’t have access to local branches and in-person customer service.
Is UFB Direct legit?
Yes, UFB Direct is a legitimate online bank that offers a variety of accounts, including savings and money market accounts. This bank also provides mortgage loans.
Is UFB Direct FDIC-insured?
UFB Direct’s deposit accounts are insured by the FDIC. That covers up to $250,000 in deposits per member per account.
Does the UFB savings account have a minimum balance?
No, you do not have to deposit a minimum amount to open a UFB Direct Portfolio savings account. You also don’t have to carry a minimum balance to benefit from the competitive APY. However, the UFB Direct high-yield savings account is technically a tiered product, so the institution may return to tiered interest rates in the future. That would mean that accounts with higher balances would earn at a higher APY than accounts with lower balances.
How can I withdraw money from a UFB savings account?
You can withdraw money by using your ATM card at thousands of ATMs across the nation. You can also make withdrawals by making a transfer to an external account or an internal transfer to a checking account.
About the Author
Sarah Stasik is well versed in personal finance thanks to her previous role as a Revenue Cycle Manager for a Fortune 500 healthcare company. Using her inside knowledge and expertise, Sarah often covers topics ranging from insurance and the economics of private healthcare to personal finance and small business management.
With more than a dozen years of writing experience, Sarah has tackled niches that range from technical advances in fintech to personal budgeting challenges. She has covered topics such as insurance and the economics of private healthcare, small business management and accounting, and credit and savings. Her writing focuses on making complex or seemingly daunting financial topics more accessible and providing helpful and relevant resources for readers.
About the Reviewer
Blake Esken has over 15 years of experience in product management and has been a member of the Los Angeles Times staff for over five years.
As part of his role at the Los Angeles Times Commerce Team, Blake acts as the in-house reviewer and fact checker for LA Times Compare. He supervises all content for compliance and accuracy and puts to use skills he has honed through years of experience managing high-stakes projects for a range of industry-leading companies.
He has a strong background in data analysis, compliance, and communication, which allows him to support LA Times Compare through fact-checking in an effort to provide up-to-date and factual information across our content.
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