UFB Direct Freedom Checking Account 2024 Review

UFB Direct Freedom Checking makes it easy to manage your money online, with no monthly fees and no minimums. You can pair Freedom Checking with a UFB Portfolio Savings account to earn a competitive annual percentage yield (APY) on balances. 

UFB Direct, an online-only division of Axos Bank, offers the Freedom Checking account for people who want to skip the monthly fees. There are no minimum balance requirements and while this is an online bank, you can access funds at more than 90,000 ATMs. 

You might consider opening this checking account if you:

• Are also looking for a high-yield savings account option
• Want access to an extensive ATM network for easy cash withdrawals
• Don't need branch banking access
• Get paid via direct deposit

Freedom Checking is the only checking account UFB Direct offers. Savers can choose from a Portfolio Savings account or a Portfolio Money Market account.

Compared to Other Checking Accounts

Chime Spending Account

Chime offers an online spending account with no minimums or monthly fees. You can also open a high-yield savings account here, though the APY isn't as high as what you could earn with UFB Direct. Chime makes it easy to deposit cash at Walgreens and Duane Reade locations, and you can withdraw funds at 60,000+ fee-free ATMs. 

Read our full editorial review of the Chime Spending account

SoFi Checking and Savings

SoFi offers checking and savings in a single account, with no monthly fees, no overdraft fees, and no minimum deposit requirements. You can get an exceptional APY on savings balances while also earning up to 15% in cash back on eligible purchases. SoFi also offers up to $2 million in FDIC insurance coverage through its network of partner banks. 

Read our full editorial review of the SoFi Checking and Savings account

Discover Bank Cashback Debit Checking

Discover offers a variety of banking products and services, including a cash back checking account. This free checking account pays you back 1% on up to $3,000 in purchases each month, with no maintenance fees. You can get paid two days early with direct deposit and withdraw cash at more than 60,000 fee-free ATMs. 

Read our full editorial review of the Discover Bank Cashback Debit Checking account

FNBO Direct Online Checking Account

FNBO Direct Online Checking is an interest-bearing account with no monthly fees. This account does not offer paper checks but you do get a debit card for convenient purchases and cash withdrawals at more than two million ATMs. There are no fees for incoming wire transfers or stop payments, or for ACH transfers. 

Read our full editorial review of the FNBO Direct Online Checking account

Interest and Rewards

UFB Direct Freedom Checking is not an interest-bearing account. You can, however, use this account to boost your APY when you also open a Portfolio Savings account. 

Here's how it works. You open a Freedom Checking and Portfolio Savings account using the same application. Portfolio Savings balances earn interest by themselves. You get an APY boost when you:

• Set up direct deposits to your Freedom Checking account totaling $5,000 or more per month
• Maintain a minimum balance of $10,000 or more in your Portfolio Savings account
• Make 10 approved debit card transactions per statement cycle

You can do one of those things or all three to add to the APY you're already getting. 

In terms of how the savings APY compares to other banks, it's one of the best you'll find among high-yield savings accounts. 

Fees

Fees are never fun to pay, but online banks mostly aim to keep them to a minimum. Some of the most common fees to look for in a checking account are monthly maintenance fees and overdraft fees. 

Here's a rundown of how fees work at UFB Direct.

Other Service Fees - UFB Direct Freedom Checking

Overall, UFB Direct is fee-friendly. The biggest fee to worry about is the overdraft fee. 

Using online and mobile banking to track your balance can help you avoid a situation where you might be subject to an overdraft fee. You can also opt in to overdraft protection if you have a Portfolio Savings account. 

Opting in allows UFB Direct to transfer funds from checking to savings automatically to cover transactions. There's no fee for overdraft protection transfers. 

Branch and ATM Access

UFB Direct does not have branches. But you can still manage your accounts at more than 90,000 ATM locations nationwide. 

There are limits on how much you can withdraw. The daily limits for ATM/debit cards are as follows. 

• ATM withdrawals using an ATM card: $510
• Point-of-sale transactions using an ATM card: $500
• ATM withdrawals using a Visa debit card: $1,010
• Point-of-sale transactions using a Visa debit card: $2,500

There's no limit on the number of transactions you can make each month from checking or savings. UFB Direct doesn't charge a fee for ATM transactions, but you could be charged a fee by the ATM's owner. 

Account Access

Since there are no branches, account access is limited to ATMs, online banking, and mobile banking. 

If you need to deposit funds, you can do so via:

• ACH transfer
• Wire transfer
• Mobile check deposit
• ATMs (for cash deposits)

There are limits for transfers. The maximum amount you can transfer into your account is $250,000. Once your account is funded, you can transfer out a maximum of $30,000 per day or $60,000 per month. 

UFB Direct also offers Zelle through the mobile banking app. You can use Zelle to send money or receive it, fee-free. Transactions are virtually instant. 

You'll need to log in to the UFB Direct app to view your Zelle transfer limits. 

FDIC Insurance

FDIC insurance protects deposits when a member bank fails. If your bank goes under, the FDIC takes steps to ensure that you get your money back. 

UFB Direct is FDIC-insured through Axos Bank. Your deposits are covered up to $250,000, which is the standard FDIC coverage limit. 

What You Need to Open

It takes just a few minutes to open a UFB Direct Checking account online if you're 18 or older. You'll need just a few things to do so:

• Valid, government-issued ID
• Social Security number
• Bank account information to link for your first deposit

There's no minimum deposit requirement so you can get started with $1, $100,000, or any amount in between. When you start the account opening process for Freedom Checking, you'll be given the option to open a Portfolio Savings account as well. 

Frequently Asked Questions

Does UFB Direct offer a checking account? 

Yes, UFB Direct offers an online checking account with no monthly fees. The Freedom Checking account makes it easy to access your money and offers an interest rate boost when you open a UFB Direct Portfolio Savings account. There are no paper checks but you'll have access to a Visa debit card for purchases and cash withdrawals. 

Can I use Zelle with UFB Direct? 

UFB Direct is compatible with Zelle and you can access the money transfer feature inside the UFB mobile banking app. Zelle transfer limits apply that determine how much money you can send or receive. There are no fees to use Zelle with your UFB Direct Freedom Checking account. 

Is UFB Direct a legit bank?

UFB Direct is a legitimate bank and is the online-only division of Axos Bank, a member FDIC institution. UFB Direct offers checking accounts, high-yield savings accounts, money market accounts, and mortgages. It's one of the best online banks for customers who are seeking minimal fees and competitive rates on savings balances.