I’m considering depositing my life savings into an account with UFB Direct because they offer a 4.81% APY, but I’ve never heard of them before. Does anyone know if this is a good idea?
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I just invested a significant amount of money in UFB Direct, an Axos bank subsidiary.
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Hello guys! The owner of UFB Direct is Axos Bank.
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Hello Charles, UFB Direct is a division of Axos Bank, offering a range of online banking products and services under the UFB Direct brand name. This affiliation is confirmed on the UFB Direct website’s FAQs section, which states that all bank products and services are offered by Axos Bank® and are FDIC insured through Axos Bank.
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Hi guys! UFB Direct is owned by Axos Bank
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hello guys! Axos Bank is the real owner of UFB.
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I agree with you Pinches. Axos Bank owns UFB Direct, which is the company’s online-only division.
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UFB is owned by Axos Bank.
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Not getting rate increases has been my experience with all banks. They only offer the standard rate to new accounts. I’m surprised they let you get the higher rate, let alone a higher rate when it drops. Interest rates change all the time, and everyone is affected. Why would you change banks? That sounds awesome. Do they have real people you can talk to? That’s always my biggest concern with a bank.
Hold on to your life savings for now! UFB Direct has a high APY but is lesser known. Here’s the quick take:
- UFB Direct is part of the established Axos Bank (good sign).
- Less familiar than bigger banks, so consider a brand you trust more for your life savings.
- Double-check FDIC insurance (protects your money in case of a bank failure) - UFB Direct (through Axos Bank) has it.
Explore other high-yield savings accounts from familiar banks for similar rates. Start small with UFB Direct if you’re still keen to test them before trusting your entire savings.