Review
Updated
Fact Checked
Nathan Alderman
If you want to earn a high APY while still enjoying the ability to write checks and withdraw from ATMs, the UFB Secure Money Market Account may be worth checking out. It pairs some of the best features of a high-yield savings account with the perks of a checking account.
Read our full UFB Secure Money Market Account review to learn more about the minimums, fees, and other details.
Ratings Methodology
Rates as
of May 09, 2024
UFB Secure Money Market Account
Member FDIC.
Rating image, 4.00 out of 5 stars.
4.00/5
Our 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.
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Rating image, 4.00 out of 5 stars.
4.00/5
Our 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.
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= Best
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Monthly Fee
$0 with $5,000 balance or more; otherwise, $10 per month
Min. Balance
$5,000
APY
5.25%
Rate info
To 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
- SMS banking
- FDIC insured
- Debit/ATM card
- High minimum balance to open
- Monthly fee (if you don't meet waiver conditions)
- No in-person banking
- No ATM fee reimbursement
You're getting a competitive APY for your money, but it takes a good chunk of that money to open an account and waive the monthly fee. If you have at least $5,000 and want a decent return, however, this account could be a good deal.
High-yield savings account comparison
We recommend comparing high-yield savings account options to ensure the account you're selecting is the best fit for you. To make your search easier, here's a short list of standout accounts.
| Account | APY | Promotion | Next Steps |
|---|---|---|---|
Rating image, 4.50 out of 5 stars.
4.50/5
Our 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 |
up to 4.60%
Rate info
You 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
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New customers can earn up to a $300 bonus with qualifying direct deposits!
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Rating image, 4.50 out of 5 stars.
4.50/5
Our 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 |
5.00% APY for balances of $5,000 or more
Rate info
5.00% APY for balances of $5,000 or more; otherwise, 0.25% APY
Min. to earn: $100 to open account, $5,000 for max APY
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N/A
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Rating image, 4.50 out of 5 stars.
4.50/5
Our 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 |
5.26%
Min. to earn: $1
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N/A
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Full UFB Secure Money Market Account review
Top perks
Competitive APY: This account offers a very competitive APY that is on par with many of our top money market accounts. What's more, once you open the account, you don't need to maintain a specific minimum balance to earn the best rate.
SMS banking: Internet out and need to check your balance? UFB has your back. As long as you have a cellphone signal, you can still use SMS banking. This perk lets you take advantage of SMS messaging to access eligible account features.
Debit/ATM card and checks: The main difference between money market and savings accounts is the extra checking features. For instance, this account includes a debit card with ATM withdrawal abilities, as well as the option to write paper checks. UFB says you'll have access to around 91,000 ATMs across the country.
FDIC insured: UFB is a part of Axos Bank, which is a member of the FDIC. As such, your deposits are insured up to $250,000 for individual accounts, and up to $500,000 for joint accounts.
What could be improved
High minimum balance to open: You need to make an initial deposit of at least $5,000 to open a UFB Secure Money Market Account. On the plus side, there's no minimum balance to earn the 5.25% APY, so your rate won't change if your balance drops. (However, you'll be hit with a maintenance fee. More on that below.)
Monthly fee if you don't maintain minimum $5,000 balance: This is not (automatically) a fee-free account. There is a $10 monthly maintenance fee unless you maintain an average daily balance of at least $5,000. If your balance drops below this threshold, you'll be charged the $10 fee each month until your average daily balance increases.
No ATM fee reimbursement: Although UFB doesn't have a charge for ATM use, it also doesn't reimburse you for any other fees incurred when using an ATM. Many online banks will actually reimburse you for ATM fees.
No in-person banking: Like most online banks, UFB doesn't have brick-and-mortar branches. It says you can visit its headquarters -- located in California -- during set business hours, but that's the only way to physically visit a UFB location.
How to access your money
Since UFB doesn't have physical branches, you'll need to rely on other ways to deposit and access your funds.
Deposit options
You have several ways to add money to your account. Methods include:
- Cash deposit through ATM
- ACH transfers
- Mobile check deposits
- Wire transfers
- Direct deposit
UFB doesn't charge a fee for using an ATM, but the ATM itself may have its own fees. UFB doesn't reimburse third-party ATM fees.
Withdrawal options
You have a good number of options for withdrawing your money, including:
- Debit card
- ATM withdrawals
- Paper checks
- Wire transfers
- ACH transfer
- Peer-to-peer transfers
Several of these options may come with extra fees -- outgoing wire transfers are up to $45 each, for example -- so be sure to read the fee schedule before making a withdrawal.
UFB Secure Money Market Account is right for you if:
The UFB Secure Money Market Account is a good fit for folks who have at least $5,000 to deposit and who want a debit card and/or the option to write checks. This account has a very competitive APY -- especially compared to other money market accounts we've seen -- and the monthly fee is waived so long as your average daily balance stays above $5,000. If you can't deposit and maintain a balance of at least $5,000, however, you may want to look into better options without a monthly fee.
Keep reading about UFB Direct
- UFB Direct High-Yield Savings Account Review
- Axos Bank Review (Axos Bank owns UFB Direct)
Our money market account methodology
At The Motley Fool Ascent, we evaluate money market accounts based on four main criteria: annual percentage yield (APY), brand and reputation, fees and minimum balance requirements, and perks.
Our scores are weighted as:
- APY: 60%
- Brand and Reputation: 15%
- Fees and Minimums: 15%
- Perks: 10%
Learn more about how The Motley Fool Ascent rates bank accounts.
FAQs
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Yes, you need at least $5,000 to open an account. Once open, you need to maintain a balance of at least $5,000 to avoid the $10 monthly account fee. There is no minimum balance required to earn the highest APY, however.
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Money market accounts combine the features of savings and checking accounts. The UFB money market account offers a high APY, while also providing the option to use a debit card and write paper checks.
Our Banking Experts
Brittney started her writing career in the world of science, putting her physics degree to good use. Her journey into finance started with building her personal credit, but soon grew into a borderline obsession with credit cards and travel rewards. For the last 7 years, she has enjoyed the ability to share her expertise with readers, as well as the opportunity to interview companies and individuals making an impact on our financial lives. She wholly believe most problems can be solved with the right research -- and a good spreadsheet -- and she specializes in translating complex financial topics into actionable advice to help educate and empower readers.
Fact Checked
Nathan Alderman
Nathan Alderman has worked with The Motley Fool since 2005, making errors his arch-enemies in a variety of roles including a six-year stint as the dedicated fact-checker for The Motley Fool's premium newsletter services. As The Ascent's Compliance Lead, he makes sure that all the site's information is accurate and up to date, which ensures we always steer readers right and keeps various financial partners happy. A graduate of Northwestern University's Medill School of Journalism, Nathan spends his spare time volunteering for civic causes, writing and podcasting for fun, adoring his wife, and wrangling his two very large young children.
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