UFB Secured Direct Savings
High interests rates have led banks to increase the interest they pay for customers' deposits. You may have noticed lots of banks touting higher rates for their savings accounts, usually higher than anything we have seen in over a decade. One of the better options out there is UFB Secured Direct Savings, who is regularly offering over 5%! So let's dive into the details about UFB Secured Direct savings account.
*The following links are affiliate links and we may receive a commission if you are approved for an account.
Offer Details
Currently, UFB Secured Direct Savings is offering 5.25% APY for their savings account. Here are some details and benefits:
- No monthly maintenance fee
- No minimum funding requirement
- FDIC-insured (up to $250,000 for individual accounts, $500,000 for joint)*
- Same APY across all deposit amounts
- LEARN MORE
It doesn't get much simpler than this. Whatever you can afford to deposit will earn you up to 5.25% APY.
* Keep in mind that all UFB Secured Direct Savings accounts are offered through and FDIC insured through UFB's parent bank, Axos Bank. This means that if you own other accounts offered through Axos Bank, they will be combined for FDIC insurance purposes in calculating that $250,000 insurance limit.
Link To Offer Page
Boost your Earnings with a Checking Account
While going through the application, you have the option to also open a checking account. With a checking account, you can boost your UFB Secured Direct Savings account's APY by up to 0.20% by completing the following activity:
- Receive monthly direct deposits totaling $5,000 or more. Once completed, you will earn your first 0.05% rate bump and unlock the other interest-earning options.
- Earn an incremental Freedom Boost of 0.10% on your corresponding savings or money market rate if your UFB Freedom checking average daily account balance exceeds $10,000 per month.
- Earn an incremental Freedom Boost of 0.05% on your corresponding savings or money market rate by using your UFB Visa Debit Card for a total of 10 approved transactions per month (minimum of $3 per transaction).
- LEARN MORE
The checking account has a fee of $2.00 per month. This fee is waived when you have an average daily balance of $100 or more.
Depending on how much money you deposit into your UFB Secured Direct Savings account, it might not make sense to go after that 0.10% boost for having an average daily balance of over $10,000 in the checking account. Those $10,000 might be better off earning you the 5.25% in the savings account instead. Ultimately, you'll have to crunch the numbers to see whether this boost is worth it for you. The other two (for an another 0.10% combined) are easy to achieve, though.
UFB is an online bank, so it does not have physical banking locations anywhere in the country. They do participate in an ATM network with over 91,000 ATM locations around the country. Checking account holders get reimbursed up to $10 per month in ATM fees.
UFB Secured Direct Savings: ToP Thoughts
This is a fantastic way to make your money work for you with very little effort. The best part about this is that you can just set it and forget it (unless you're working on the 0.20% boost through the checking account that requires some activity). If you're looking for a higher return on your savings deposits, it doesn't get much better than this UFB Secured Direct Savings account.
Let us know if you are going for this one over in the ToP Facebook Group.
