UFB Direct is pushing for their online savings account dubbed US Savings that has current interest rates of 2.01% APY. The bank does not collect any monthly fees for this nor does it impose any minimums.

Funding your savings account may not be that convenient since UFB still does not have ACH transfer facilities for free. They have a platform called MoneyHQ which you can use to transfer funds electronically. This service costs $2 for every withdrawal or deposit.

The 1.99% APY savings account interest rate is pretty decent in the current market scenario but this bank has a share of launching high yield savings account or other promos but only to see a stiff drop in rates after quarter or 8 months.

Interested individuals can make use of their online application form. If you will open this account, be a wise depositor and keep an eye on it. You have to lock your eye on the rates and if they suddenly impose fees which can affect your earnings.

UFB commits to keep the interest rates within the top 10% of the prevailing rates in the market. Buf if they are referring to the table used by the FDIC or the bankrate.com as they claim, then these rates may be a bit low talking about savings account with internet banks.

It also appears that the UFB is not really a bank but a banking center as they state in their disclosure. It seems that most of their accounts are held by the Waterfield Bank which is FDIC insured under certificate # 34976. Other FDIC insured banks which may hold the deposits are Bank of America, Citibank, and Huntington National Bank.

You can either view this post as a recommendation and a warning. Enjoy the rates but be a responsible depositor and monitor what is happening to your money.