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UFB Direct Portfolio Money Market Account
- Our Rating 4/5 How our ratings work
- APY4.01%
UFB Direct breaks balances into five tiers, but, currently, there is only one interest rate.
- Minimum
Deposit RequiredN/A - Intro Bonus N/A
The UFB Direct Portfolio Money Market account offers up to 4.01% APY on balances, which is competitive with the very best money market accounts. This account also doesn't feature a minimum opening balance requirement, which makes it a viable option regardless of how often you need to move your money around.
Earn a High Rate of Interest With the Ability to Write Checks
The UFB Direct Portfolio Money Market Account is a high-yield savings account that offers a competitive interest rate, while providing access to your account through check-writing privileges or debit card access. Customers will enjoy a UFB Portfolio Money Market APY of up to 4.01%.
Pros
- Option to waive monthly maintenance fee
- Competitive interest rate
- Free debit card
- Limited check-writing privileges
Cons
- Monthly maintenance fee applied for low account balances
- No associated checking account offered
UFB Portfolio Money Market Features
The UFB Direct Portfolio Money Market Account is an online-only account that is best for people who don't require in-branch services or visits brick-and-mortar locations. Typically, the lower overhead of online banking provides consumers access to higher average percentage yields and lower fees.
UFB Direct offers pairs some of the aspects of checking accounts and high-interest savings accounts into its money market account.
APY
The UFB premium money market APY is up to 4.01%, and currently, there is only one interest rate.
It's important to understand that average percentage yields (APY) fluctuate as financial institutions adjust their rates to the market. If you're interested in locking your savings in at a specific APY, consider a certificate of deposit (commonly referred to as a CD). CIT Bank offers a no-penalty CD that is particularly popular with risk-averse investors who want flexibility with their term CD.
Here's a look at the different balance tiers associated with this account:
| Tier | APY | Rate |
|---|---|---|
|
$0-$9,999.99 |
4.01% |
3.93% |
|
$10,000-$24,999.99 |
4.01% |
3.93% |
|
$25,000-$49,999.99 |
4.01% |
3.93% |
|
$50,000-$99,999.99 |
4.01% |
3.93% |
|
$100,000 or greater |
4.01% |
3.93% |
Monthly Fees
This account doesn't charge a monthly maintenance fee so long as customers maintain a $5,000.00 balance. If your account balance falls below this threshold, the fee is $10.00 per month.
FDIC Insured
Your deposits are FDIC insured up to the legal limits. The current FDIC deposit limit is $250,000 per depositor, per FDIC-insured bank. You can increase your coverage limit by the way that you title your account.
Recommended High-Yield Savings Accounts
| Bank Account | APY | Features | Learn More |
|---|---|---|---|
|
|
4.85%
*Annual Percentage Yield (APY) is variable and is accurate as of 11/15/2024. Rate is subject to certain terms and conditions. You must deposit at least $5,000 to open your account and maintain $25 to earn the disclosed APY. Rate and APY may change at any time. Fees may reduce earnings. |
$5,000 min. deposit |
Open Account |
|
|
Up to 4.86%
Earn up to 4.86% APY on savings, and 0.51% APY on checking when you meet requirements. |
No minimum deposit |
Open Account |
|
Member FDIC |
0.50% - 4.00%
SoFi members with Direct Deposit or $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 4.00% 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 12/3/24. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet. |
No minimum deposit |
Open Account |
|
|
4.55%
Earn 4.55% APY on balances over $5,000. Balances of less than $5,000 earn 0.25% APY. Annual Percentage Yield is accurate as of November 13, 2024. Interest rates for the Platinum Savings account are variable and subject to change at any time without notice. |
$100 minimum deposit |
Open Account |
Benefits and Tools
In addition to the generous UFB APY of up to 4.01%, account holders have several other benefits available to them.
Mobile and Online Banking
UFB Direct offers digital tools for seamless remote banking. You can view your account and contact customer service online or through the UFB Direct app (Apple, Android). The mobile app allows users to view account history, transfer money, make mobile deposits and perform bill payments.
If you don't have internet access, UFB Direct offers SMS banking to access account features. For customers who don't want to use remote banking, account holders receive complimentary postage-paid envelopes to complete deposits through the mail.
Secure Website Guarantee
Some customers have a fear of online banking, which is why the bank offers an online safety guarantee. UFB Direct will cover 100% of any losses due to break-ins or funds that are lost, misplaced or taken from your account without your authorization.
Free Debit Card
Customers also receive a complimentary Visa debit card to access their account through an ATM or initiate debit card transactions. There are no out-of-network ATM fees, but UFB Direct does not reimburse for fees charged by other banks. If you withdraw foreign currency, UFB Direct imposes a 1% fee.
How to Access Cash
Your UFB Direct Portfolio Money Market Account can be accessed in multiple ways. These transactions include:
- Pre-authorized transfers (including transfers for overdraft protection)
- Telephone transfers or other electronic transmissions
- Online banking or mobile banking transfers
- Bill payment
- Transfers by check, draft or debit card
One of the major differences between a savings account and a money market account is the ability to have limited check-writing privileges.
UFB Direct also has one branch location in San Diego, California. UFB hours are from 9 a.m. to 5 p.m. Monday through Friday, if you'd like to transact business in person.
Fees
Although the UFB Direct Portfolio Money Market Account's 4.01% APY is valuable and offers customers the option to waive its $10 monthly maintenance fee, there is something else to watch out for: Accrued interest could be forfeited interest based on when you close your account.
A major drawback is that if you close your account mid-statement cycle, you will forfeit any interest that you've accrued. Additionally, if your account balance is zero at the end of a statement cycle, any accrued interest will be forfeited and your account will be closed. If you need to close your account, the optimal time to close it is just after the statement is generated.
About UFB Direct
UFB Direct's banking services are provided through a partnership with Axos Bank (Member FDIC). By partnering with one of the top online banks, UFB Direct can offer its existing customers and the general public access to the very best online and mobile banking services. All UFB Direct deposit accounts are FDIC insured up to the legal limits through its partnership with Axos Bank.
Axos Bank was formerly Bank of the Internet USA, one of the first digital banks in the world when it was founded in 1999. The bank has no physical branches, but provides all of your banking needs online and through its mobile app.
Bottom Line
If you'd like to open an account to earn an APY of up to 4.01%, the easiest way is to open an account online. A UFB Direct Portfolio Money Market Account can be opened in just a few minutes.
Ready to open an account? Start here.
To open your account, you'll need the following items:
- Social Security number
- Valid form of identification—driver's license or state ID
- U.S. address that is not a P.O. Box
Additionally, you must be a U.S. citizen or a resident alien to open an account.
Ryan Tronier
Ryan Tronier is a personal finance expert and writer. His work has been published on NBC, ABC, USATODAY, The Mortgage Reports, Yahoo Finance, MSN, and more. Ryan is the former managing editor of the finance website Sapling, as well as the former personal finance editor at Slickdeals. Find him online at ryantronier.com.
