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UFB Portfolio Money Market Review: Competitive Rates From an Online Bank

Review Updated
Brittney Myers
Brittney Myers
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Nathan Alderman
Fact Checked: Nathan Alderman
Nathan Alderman
Nathan Alderman
Fact checker

Nathan Alderman has been a full-time Motley Fool employee 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 Motley Fool Money'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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Many or all of the products here are from our partners that compensate us. It’s how we make money. But our editorial integrity ensures that our product ratings are not influenced by compensation. APY = Annual Percentage Yield.

If you want to earn a high APY while still enjoying the ability to write checks and withdraw from ATMs, the UFB Portfolio 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 Portfolio Money Market Account review to learn more about the minimums, fees, and other details.

UFB Portfolio Money Market Account
Open Account for UFB Portfolio Money Market Account

On UFB's Secure Website.

Member FDIC.

Ratings Methodology
Rates as of Apr 11, 2025

UFB Portfolio Money Market Account

Open Account for UFB Portfolio Money Market Account

On UFB's Secure Website.

Member FDIC.
Rating image, 4.00 out of 5 stars.
4.00/5 Circle with letter I in it. 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
Rating image, 4.00 out of 5 stars.
4.00/5 Circle with letter I in it. 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
Open Account for UFB Portfolio Money Market Account

On UFB's Secure Website.

Monthly Fee
$0 with $5,000 balance or more; otherwise, $10 per month
Min. Balance
$5,000
APY
4.01% Rate info Circle with letter I in it. 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.

Compare savings rates

Make sure you're getting the best account for you by comparing savings rates and promotions. Here are some of our favorite high-yield savings accounts to consider.

Account APY Promotion Next Steps
up to 3.80%²
Rate info Circle with letter I in it. 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
New customers can earn up to a $300 bonus with qualifying direct deposits!¹
4.10% APY for balances of $5,000 or more
Rate info Circle with letter I in it. 4.10% APY for balances of $5,000 or more; otherwise, 0.25% APY
Min. to earn: $100 to open account, $5,000+ for max APY
Earn a bonus of at least $225 after a one-time deposit of $25,000+. Circle with letter I in it. Transfer a one-time deposit of $25,000-$49,999.99 for a bonus of $225. Transfer a one-time deposit of $50,000+ for a bonus of $300. Account must be opened with code PS2025 while this promotion lasts, and funded within 30 days. Bonus will be fulfilled within 60 days from the funding date. There is no period of time where the customer will be required to maintain the funds. Account must be open when bonus is credited. One bonus per account and primary customer. Bonus will be credited into the Platinum Savings Account that fulfills the funding requirement. Funding can be deposited all at once or incrementally.
3.70%
Rate info Circle with letter I in it. 3.70% annual percentage yield as of April 11, 2025. Terms apply.
Min. to earn: $0
N/A
Open Account for American Express® High Yield Savings

On American Express's Secure Website.

Disclaimers



SoFi disclosure:

¹ New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus of either $50 (with at least $1,000 total Direct Deposits received during the Direct Deposit Bonus Period) OR $300 (with at least $5,000 total Direct Deposits received during the Direct Deposit Bonus Period). Cash bonus will be based on the total amount of Direct Deposit. Direct Deposit Promotion begins on 12/7/2023 and will be available through 1/31/26. See full bonus and annual percentage yield (APY) terms at sofi.com/banking#1.

² SoFi members who enroll in SoFi Plus with Direct Deposit or by paying the SoFi Plus Subscription Fee every 30 days or with $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 3.80% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. Members without either SoFi Plus or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Only SoFi Plus members are eligible for other SoFi Plus benefits. Interest rates are variable and subject to change at any time. These rates are current as of 1/24/25. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet. See the SoFi Plus Terms and Conditions at https://www.sofi.com/terms-of-use/#plus.

³ We do not charge any account, service or maintenance fees for SoFi Checking and Savings. We do charge a transaction fee to process each outgoing wire transfer. SoFi does not charge a fee for incoming wire transfers, however the sending bank may charge a fee. Our fee policy is subject to change at any time. See the SoFi Checking & Savings Fee Sheet for details at sofi.com/legal/banking-fees/.

⁴ SoFi Bank is a member FDIC and does not provide more than $250,000 of FDIC insurance per depositor per legal category of account ownership, as described in the FDIC’s regulations.

Any additional FDIC insurance is provided by the SoFi Insured Deposit Program. Deposits may be insured up to $3M through participation in the program. See full terms at SoFi.com/banking/fdic/sidpterms. See list of participating banks at SoFi.com/banking/fdic/participatingbanks.

⁵ We’ve partnered with Allpoint to provide you with ATM access at any of the 55,000+ ATMs within the Allpoint network. You will not be charged a fee when using an in-network ATM, however, third-party fees incurred when using out-of-network ATMs are not subject to reimbursement. SoFi’s ATM policies are subject to change at our discretion at any time.

⁶ Early access to direct deposit funds is based on the timing in which we receive notice of impending payment from the Federal Reserve, which is typically up to two days before the scheduled payment date, but may vary.

⁷ Overdraft Coverage is limited to $50 on debit card purchases only and is an account benefit available to customers with direct deposits of $1,000 or more during the current 30-day Evaluation Period as determined by SoFi Bank, N.A. The 30-Day Evaluation Period refers to the “Start Date” and “End Date” set forth on the APY Details page of your account, which comprises a period of 30 calendar days (the“30-Day Evaluation Period”). You can access the APY Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi website and selecting either (i) Banking > Savings > Current APY or (ii) Banking > Checking > Current APY. Members with a prior history of non-repayment of negative balances are ineligible for Overdraft Coverage.

Full UFB Portfolio 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 Portfolio Money Market Account. On the plus side, there's no minimum balance to earn the 4.01% 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 Portfolio Money Market Account is right for you if:

The UFB Portfolio 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

Our money market account methodology

At Motley Fool Money, 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 Motley Fool Money rates bank accounts.

FAQs

  • 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.

  • 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.