UFB Direct

UFB Direct is an online bank offering a high-yield savings account. The account does not require a minimum balance or monthly service fees. With 24/7 online and mobile access, customers have the flexibility to manage their account anytime, anywhere. UFB Direct is federally insured up to $250,000 per depositor through the National Credit Union Administration. The account allows multiple savings accounts and offers an automated transfer service. The easy-to-use website and mobile app provide customer convenience, while paper checks are also available for a fee. Customer service is accessible through phone, email, and mail.

Pros

• Competitive interest rate with no minimum balance requirement
• No monthly service fees or minimum deposits required
• 24/7 online and mobile access to account information
• Federally insured up to $250,000 per depositor through the NCUA
• Automated transfers from external accounts available
• Allows multiple savings accounts within one account
• Easy-to-use website and mobile app
• Customer service available via phone, email, and mail
• Offers paper checks for a fee
• Flexible deposit and withdrawal options

Cons

• Limited to online and mobile banking only (no physical branches)
• Deposits made through wire transfers are subject to a $15 fee
• Withdrawals exceeding six per month may carry a penalty
• Automated transfers can only be set up from external accounts
• Some customers report slower response times from customer service
• May not be suitable for highly complex financial situations