-
Financial Rates:
5.0
-
Customer Service:
3.5
-
Website Experience:
5.0
-
Bank Fees:
4.0
Pros:
- Low required amounts to open an account
- No minimum balance or monthly fees
- Earn American Airline miles
- High interest rates on accounts
Cons:
- No branch locations
- Highest interest rate requires large sum
- MMA has a fee and large opening deposit
- Business accounts and CDs not offered
-
Financial Rates:
1.5
-
Customer Service:
4.5
-
Website Experience:
5.0
-
Bank Fees:
3.0
Pros:
- Low required opening deposit amounts
- Small business and commercial accounts
- Easy Checking to start or rebuild finances
- Simple Cash Back program
Cons:
- Only four transactions allowed per cycle
- High overdraft fees
- Low-interest rates
- Only four different CD options
UFB Direct checking and savings accounts have a low required opening amount. The opening deposit is only $100. To receive the highest interest rates, you must keep a certain amount in the accounts. If the balance is below the set amount, you will earn a lower interest rate, but not be charged a fee.
Most UFB Direct accounts do not have a monthly maintenance fee. UFB Direct savings and checking accounts are free. There is no monthly fee and no amount required to keep in the account.
Earn miles for everyday purchases with the UFB Airline Rewards Checking account. When you use your debit card for purchases, you earn miles. Earn one mile for debit transactions over $3.00. The miles go toward American Airlines. You can earn up to 120,000 per calendar year. UFB Direct may add more airlines in the future.
The interest rates on UFB Direct accounts earn very competitive interest rates. The savings, checking, and money market accounts earn some of the highest rates on the market. For some accounts, you must keep a high balance in the account. However, if you do not have that set amount in the account, you will earn a lower rate. The lower rate on those accounts is still much higher than your typical brick and mortar banks rates.
There are no branch locations for UFB Direct. It is an entirely online bank. To talk to customer service, you can call a 24-hour phone line. You can reach customer service through mail or email. You can access everything about your account online.
Certain balances are required to earn the highest interest rates on the UFB Direct savings accounts. The basic savings account requires $20,000 in the account to earn the highest interest rates. The Premium savings account requires $25,000 to earn the highest interest rates. Any amount lower than the required amount will still earn interest, just a much lower rate.
The UFB Direct money market account has a monthly fee and a large sum required as the opening deposit. The monthly fee is $10 a month. Waive the fee by keeping a balance of $5,000 in the account. The required opening deposit is $5,000. You will earn interest and can write checks from the MMA.
UFB Direct does not offer business accounts or CDs. The accounts offered are a personal checking, saving, and money market account. There are options for loans, but not business accounts or CDs.
BBVA Compass has low opening balances for their accounts. The minimum opening deposit for all checking and saving accounts is $25. The opening required amount for CDs is $500.
Small business and commercial business accounts are available from BBVA Compass. Checking accounts, savings accounts, loans, and credit cards are available. Commercial business opportunities also include ways to increase your working capital.
If you do not qualify for a checking account, BBVA Compass offers the Easy Checking account. This account helps you rebuild your finances. If the account is active with a positive balance after 12 months, you can upgrade to a different checking account. The fee for this account is $13.95 a month. The opening amount required is $25. This account offers a debit card and unlimited check writing. Online or mobile banking and text alerts are available. You have the option to enroll in the Simple Cash Back program.
Simple Cash Back is a program that allows you to earn cash-back rewards. This program is available if you have a debit or credit card with BBVA Compass. Your purchase history determines what offers you receive. You can select the offers that you want. The money is then deposited into your account.
Federal regulations allow for six transactions from a savings account each billing cycle. BBVA Compass savings accounts only allow four. Each extra transaction has a $3 fee.
Most banks have a fee if you spend more than you have in your account. BBVA Compass fees are higher than other banks. For every transaction over $1.01 of insufficient funds, the fee is $38. You can link your checking account to a BBVA Compass savings or money market account. This could help cover the insufficient amount. However, the fee to transfer money from a savings or money market into your checking for insufficient funds is $12 a day.
Only a few of BBVA Compass accounts have good interest rates. The money market account earns a competitive rate, but the rates are promotional. They may change. The other accounts have lower interest rates. The rates are higher than typical banks but lower than online-only bank accounts.
Only four of BBVA Compass CD accounts are available online. The terms are 12 months, 15 months, 18 months, and 36 months. The 12 months CD offers a good interest rate, but it is only a promotional rate. It may change. The other three CD terms are much lower than the 12-month term.
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| Savings (Rate as of 11/21/2024) | |
| APY | 4.00% |
|---|---|
| Rate | 3.92% |
| Min to Open | $0 |
| Min to Earn APY | $0 |
| Monthly Fee | $0.00 |
| Min to Avoid Fee | $0 |
| Checkbook | No |
| Member FDIC | |
| Savings (Rate as of 11/21/2024) | |
| APY | 4.75% |
|---|---|
| Rate | 4.64% |
| Min to Open | $0 |
| Min to Earn APY | $0 |
| Monthly Fee | $0.00 |
| Min to Avoid Fee | $0 |
| Checkbook | No |
| Member FDIC No monthly maintenance fee, $0 to open, easily grow your money | |
The rate information is obtained by Bankrate from the listed institutions. Bankrate cannot guarantee the accuracy or availability of any rates shown. Institutions may have different rates on their own websites than those posted on Bankrate.com. The listings that appear on this page are from companies from which this website receives compensation, which may impact how, where, and in what order products appear. This table does not include all companies or all available products.
All rates are subject to change without notice and may vary depending on location. These quotes are from banks, thrifts, and credit unions, some of whom have paid for a link to their own website where you can find additional information. Those with a paid link are our Advertisers. Those without a paid link are listings we obtain to improve the consumer shopping experience and are not Advertisers. To receive the Bankrate.com rate from an Advertiser, please identify yourself as a Bankrate customer. Bank and thrift deposits are insured by the Federal Deposit Insurance Corp. Credit union deposits are insured by the National Credit Union Administration.
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1 APY stands for Annual Percent Yield. It's different from Rate because it takes into account compounding interest for the year.
2 MMA stands for Money Market Account. It's a savings and checking hybrid, allowing you to earn interest and use checks 6 times a month.