-
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:
5.0
-
Customer Service:
3.0
-
Website Experience:
5.0
-
Bank Fees:
5.0
Pros:
- Good variety of CD terms and no fees
- Competitive interest rates on CDs
- Can open any CD account online
- Short-term CDs offer competitive rates
Cons:
- Only CDs offered
- Must link CDs to external accounts
- High opening required amounts
- Customer service not available 24/7
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.
There are a variety of CD terms offered through CD Bank. The terms range from three-month to 60-month terms. There are nine CDs offered between those terms. There are no fees to open the accounts or to maintain the account. The only fee is if you withdraw the money before the CD reaches maturity.
Each of the accounts offered through CD Bank offer competitive interest rates. The rates are competitive with other online CDs. The rates are much higher than typical brick and mortar bank rates.
CD Bank is an entirely online bank. You can open any CD term online as long as you meet the requirements. You must be at least 18 years old and a U.S. citizen or resident alien. The process to open a CD with CD Bank is completely online.
Usually, with CDs, the longer terms earn more competitive interest rates. However, some short-term CDs from CD Bank offer more competitive rates than the longer terms. The 9, 12, 18, and 24-month CD terms offer the most competitive interest rates.
CD Bank offers a limited amount of accounts. They only offer personal deposit CDs. Those CD terms range from three-month to 60-months. There are no other personal deposit accounts available. There are also no business accounts offered through CD Bank.
The easiest way to fund CD Bank accounts is to link the account to an external account. You can mail a check or request a wire transfer. To make electronic transfers does require a linked external account. Money can only be deposited into CD accounts at CD Bank during the grace period after the CD reaches maturity.
The amount required to open any CD with CD Bank is high. Each term requires $10,000 to open. You must also have $10,000 in the account to earn the most competitive interest rate. Balances under $10,000 do not earn the competitive interest rates.
Customer service for CD Bank has specific hours. They are open Monday through Friday from 9 a.m. to 5 p.m. Central Time. If you contact customer service after hours, they will address your issue the next business day.
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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.