The UFB Portfolio Savings Account might be for you if: You're interested in earning a competitive APY while keeping your cash accessible. The account comes with an ATM card and access to a large, fee-free ATM network as well as unlimited monthly withdrawals. Read our full UFB Portfolio Savings Account review below to learn more.
Open Account for UFB Portfolio Savings Account
OnUFB'sSecure Website.
Member FDIC.
Ratings Methodology
Rates asof Sep 13, 2024
UFB Portfolio Savings Account
Open Account for UFB Portfolio Savings Account
OnUFB'sSecure Website.
Member FDIC.
Rating image, 4.00 out of 5 stars.
4.00/5Our ratings are based on a 5 star scale.5 stars equals Best.4 stars equals Excellent.3 stars equals Good.2 stars equals Fair.1 star equals Poor.We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. = Best = Excellent = Good = Fair = Poor
Rating image, 4.00 out of 5 stars.
4.00/5Our ratings are based on a 5 star scale.5 stars equals Best.4 stars equals Excellent.3 stars equals Good.2 stars equals Fair.1 star equals Poor.We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. = Best = Excellent = Good = Fair = Poor
Open Account for UFB Portfolio Savings Account
OnUFB'sSecure Website.
APY
5.15%Rate infoTo ensure you keep getting the highest rate at UFB, you'll need to keep an eye on their rates. Occasionally, the bank launches new accounts with higher rates. Existing accounts need to contact the bank to request being moved to one of these new accounts.
Min. To Earn APY
$0
- Competitive APY
- No account fees
- Unlimited number of external transfers (up to daily transaction limits)
- ATM access
- 24/7 customer support
- FDIC insured
- Existing accounts not always automatically given the highest rates
- No branch access; online only
UFB Portfolio Savings Account is an overall great account with a high APY and no monthly maintenance fees. Plus, a complimentary ATM card and large fee-free ATM network makes your money surprisingly accessible for a savings account.
Note that UFB sometimes launches new account names with higher APYs. Existing account holders do not automatically get these higher rates and need to contact the bank and ask to switch to the new account with the higher APY.
Compare savings rates
Make sure you're getting the best account for you by comparing savings rates and promotions. Here are some of our favorite high-yield savings accounts to consider.
| Account | APY | Promotion | Next Steps |
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Open Account for SoFi Checking and Savings OnSoFi'sSecure Website. Member FDIC. Rating image, 4.50 out of 5 stars. 4.50/5Our ratings are based on a 5 star scale.5 stars equals Best.4 stars equals Excellent.3 stars equals Good.2 stars equals Fair.1 star equals Poor.We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. | up to 4.50%² Rate infoYou can earn the maximum APY by having Direct Deposit (no minimum amount required) or by making $5,000 or more in Qualifying Deposits every 30 days. See SoFi Checking and Savings rate sheet at: https://www.sofi.com/legal/banking-rate-sheet.Min. to earn: $0 | New customers can earn up to a $300 bonus with qualifying direct deposits!¹ | Open Account for SoFi Checking and Savings OnSoFi'sSecure Website. |
Open Account for CIT Platinum Savings OnCIT'sSecure Website. Member FDIC. Rating image, 4.50 out of 5 stars. 4.50/5Our ratings are based on a 5 star scale.5 stars equals Best.4 stars equals Excellent.3 stars equals Good.2 stars equals Fair.1 star equals Poor.We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. | 4.85% APY for balances of $5,000 or more Rate info4.85% APY for balances of $5,000 or more; otherwise, 0.25% APYMin. to earn: $100 to open account, $5,000 for max APY | N/A | Open Account for CIT Platinum Savings OnCIT'sSecure Website. |
Open Account for Capital One 360 Performance Savings OnCapital One'sSecure Website. Member FDIC. Rating image, 4.50 out of 5 stars. 4.50/5Our ratings are based on a 5 star scale.5 stars equals Best.4 stars equals Excellent.3 stars equals Good.2 stars equals Fair.1 star equals Poor.We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. | 4.25% Rate infoSee Capital One website for most up-to-date rates. Advertised Annual Percentage Yield (APY)is variable and accurate as of April 11, 2024. Rates are subject to change at any time before or after account opening.Min. to earn: $0 | N/A | Open Account for Capital One 360 Performance Savings OnCapital One'sSecure Website. |
Full UFB Portfolio Savings Account review
The UFB Portfolio Savings Account has a lot to offer savers. Here's a closer look at its features, fees, and more.
UFB Portfolio Savings Account interest rate
| Account | APY | Minimum Deposit |
|---|---|---|
| UFB Portfolio Savings Account | 5.15% | $0 |
Data source: UFB.
This UFB Portfolio Savings Account will pay you 5.15% APY on your saved cash, which puts it near the top of the rates available from other banks. Plus, there's no minimum deposit to open this account or earn that APY.
Fees
UFB doesn't charge too many fees to its savings account customers. Here's a closer look at what you could pay for:
| Fee | Cost |
|---|---|
| Paper Statement Fee | $5.00 per statement |
| Domestic Outgoing Wire Transfer Fee | $35.00 |
| International Outgoing Wire Transfer Fee | $45.00 |
| Excess Transaction or Withdrawal Fee | $10.00 per withdrawal |
| Official Checks | $10.00 |
| Stop Payment Fee (Online Request) | $10.00 |
| Stop Payment Fee (With Assistance) | $35.00 |
Data source: UFB.
Minimum balance
The UFB Portfolio Savings Account doesn't have minimum deposit requirements, and it pays the same interest rate to all customers regardless of their balance.
Withdrawal limit
UFB doesn't limit the number of monthly withdrawals its UFB Portfolio Savings Account customers can make. Many of its competitors still restrict you to six free withdrawals per statement cycle.
Mobile app
The UFB Direct mobile app for iOS and Android devices has received largely positive reviews from customers. Both apps enable you to view your balance, transfer funds, and deposit checks.
How to access your money
Here are your options for depositing and withdrawing money from your UFB Portfolio Savings Account.
Deposit options
UFB gives you plenty of ways to deposit funds into your account, such as:
- ACH transfer
- Wire transfer
- Mobile-deposited check
- Cash deposits at select ATMs
UFB Direct doesn't charge for incoming wire transfers, but the bank you're transferring money from may charge for outgoing wire transfers. So choose a different funding method if you don't want to pay this fee.
While the UFB Portfolio Savings Account doesn't require any minimum opening deposit, you are required to put some money in the account within 30 days of opening it or UFB Direct can close your account.
Withdrawal options
You can withdraw money from your UFB Portfolio Savings Account using any of these methods:
- ACH transfer
- Wire transfer
- Check withdrawal
- ATM withdrawal
- Point-of-sale withdrawal
UFB Direct doesn't charge withdrawal fees except for outgoing wire transfers. It charges $35 for domestic outgoing wire transfers and $45 for international outgoing wire transfers.
User reviews
UFB Direct isn't as well-known as some of its competitors, so there aren't as many reviews about it. It only has a 3.0 out of 5 rating on Trustpilot. However, the bank has an A+ rating with the Better Business Bureau.
Top perks
Above-average APY: UFB Portfolio Savings Account holders earn an APY of 5.15% -- that's much higher than what you can get through brick-and-mortar banks.
No maintenance fees or minimum deposits: UFB Portfolio Savings Account requires no minimum deposit either to open an account or to avoid a monthly maintenance or service fee. However, you must deposit some money within 30 days of opening your account or UFB Direct might close it.
Get a complimentary ATM card: The UFB Portfolio Savings Account includes a complimentary ATM card that you can use to access your savings account funds. While ATM cards are common among checking accounts, they're relatively rare among savings accounts, making this account a good fit for those who want quicker access to their savings.
Large ATM network: UFB Direct customers have access to 91,000 fee-free ATMs across the country. You can look up the one nearest to you by logging in to UFB online banking and using the ATM Locator.
Bank from anywhere: The UFB Portfolio Savings Account can be accessed online, where you can view your balance and transaction history, transfer funds, and pay bills. UFB Direct's mobile app lets you do these tasks, plus remotely deposit checks. You can also manage your funds via SMS banking from anywhere if you're not connected to wifi.
FDIC insured: UFB's savings accounts are protected by the same FDIC insurance as traditional bank accounts. This covers you for as much as $250,000 per depositor, per institution, per ownership category in the event of a bank failure.
What could be improved
Might need to reapply for higher APY: The UFB Portfolio Savings Account may not always pay you at the highest APY available for UFB savings accounts clients. We'll explain this in more detail below, but just know you may have to contact the bank if you notice your APY is lower than the best ongoing offer.
No physical branch locations: UFB is an online bank with no brick-and-mortar locations. If you value in-person consultations, you may want to check out another bank.
Important information for new and existing UFB clients
UFB's savings accounts have recently featured some of the highest rates you can find on the market, which can make them a great choice for those looking to earn the most interest. That said, if you've never banked with UFB before, it's important to know that the bank occasionally creates new savings accounts that feature higher APYs. These APYs are for new customers. Existing accounts do not automatically get these higher rates.
That said, the bank does allow existing account holders to switch to a new account with the higher rates. But this requires asking the bank to make the switch; UFB will not do it unless you ask.
For example, if you are a current UFB savings account holder and do not currently have an account named "UFB Portfolio Savings Account," then you may not have the highest rate from UFB.
If you are opening a UFB savings account or have one already, we recommend that you:
- Periodically check the bank's savings offers to ensure you are currently getting the highest rate on offer. Checking monthly should be often enough.
- If you see that the current UFB savings offer has a higher APY than what you're getting in your account, contact the bank and ask to be switched to the new savings account type.
For some people, this extra work is a worthwhile tradeoff. UFB's savings rates are often quite a bit higher than competitive offers. The extra annual interest could add up.
But if this sounds like too much maintenance, you may want to consider another savings account. While most competitors don't offer rates as high as UFB, many do automatically increase the rates for all account holders -- new and existing accounts alike.
Is the UFB Portfolio Savings Account FDIC insured?
Yes, the UFB Portfolio Savings Account comes with $250,000 of FDIC insurance per person, per bank, per ownership category. This is the standard for all U.S. banks.
UFB Portfolio Savings Account is right for you if:
- You want to earn one of the highest APYs on the market without paying a minimum fee.
- You'd like to access your savings with an ATM card.
- You can deposit money within 30 days of opening your account.
Apply for a UFB Portfolio Savings Account
If UFB isn't right for you, check out our full list of the best high-yield savings accounts.
Keep reading about UFB
- UFB Secure Money Market Account
- Axos Bank Review (Axos Bank owns UFB Direct)
Review sources
- https://www.ufbdirect.com/savings/high-yield-savings-account
- https://apps.apple.com/us/app/ufb-direct/id1448396485 https://play.google.com/store/apps/details?id=com.ufbdirect.udb&hl=en_US&gl=US
- https://www.trustpilot.com/review/www.ufbdirect.com
- https://www.bbb.org/us/ca/san-diego/profile/bank/ufb-direct-a-division-of-axos-bank-1126-172001827
Our savings account methodology
At The Motley Fool Ascent, we rate savings accounts on a five-star scale (1 = poor, 5 = best). We evaluate all savings accounts across four main criteria: annual percentage yield (APY), brand and reputation, fees and minimum requirements, and perks that really make a difference -- think ATM access, linked checking accounts, or even branch access.
Our scores are weighted as:
- APY: 50%
- Brand and reputation: 20%
- Fees and minimums: 15%
- Other perks: 15%
Learn more about how The Motley Fool Ascent rates bank accounts.
FAQs
There is almost no difference among these accounts. UFB will sometimes change the name on its savings account when it raises its APY, thus helping it distinguish the new account from older ones with lower rates. Currently, the only savings account you can open is the UFB Portfolio Savings Account.
Yes, UFB Portfolio Savings Account is one of the best of its class. The account has a high APY, no fees or minimum balance requirements, and you can withdraw money at one of UFB's 91,000 fee-free ATMs using your ATM card.
Both the UFB Portfolio Savings Account and the UFB Portfolio Money Market Account have a high APY of 5.15%. That said, the money market account has a $10 monthly maintenance fee, which is waivable if you maintain a $5,000 balance. If you cannot maintain that much money in your account, you might be better off with the UFB Portfolio Savings Account, as it has no fees and no minimums.
