UFB Direct is a digital bank that's currently offering some of the best yields you'll find on both their savings and money market accounts.

With the Federal Reserve recently dropping the Fed rate to 0% to 0.25%, many high-yield bank account have lowered their rates as well. But with UFB Direct, savers can still earn over 20 times more than the national average.

But to earn those high rates, you'll need to deposit a large chunk of cash into one of UFB Direct's accounts. We break down all the features and requirements below in our review. See how UFB Direct compares to other top high-yield bank accounts.

To earn the 1.70%, you’ll need to deposit at least $10,000. While UFB Direct lists several balance tiers above $10,000, they are all currently paying the same interest rate. 

An initial minimum deposit is not required but anything below $10,000 does not earn interest. If you do not deposit funds into the account within 30 days of opening it, the account may be closed.

Savings accounts come with an ATM card, which is more common for checking accounts. However, UFB Direct is not part of an ATM network. This means you should expect to pay fees from the ATM owner when using any ATM.

Moving money into and out of your account is available through the following methods:

If you want to earn the 1.70% rate but also need the ability to use your savings like a checking account, the UFB Direct Money Market Account (MMA) is the way to go. Again, this is only for those who have five figures ready to set aside.

The UFB Direct MMA requires at least $25,000 to earn the 1.70% APY. If you have less than $25,000, you’ll only earn a 0.50% APY. If your account balance falls below $5,000, you’ll be charged a $10 monthly maintenance fee.

UFB's MMAs do require a higher balance than their savings accounts to earn the best rate. But, for that higher balance, you get limited check-writing privileges.

You'll also get complimentary postage-paid envelopes and a Visa® debit card. Compare the UFB Direct MMA with other top money market accounts.

Yes — UFB Direct is FDIC-insured, so account balances up to $250,000 will be completely protected by the federal government. Learn how to insure deposits above the FDIC limit.

It also takes security and fraud seriously. Its website comes with 128-bit encryption and accounts are constantly monitored for fraudulent activity. Its online banking portal will also automatically log you out after a period of inactivity.

UFB Direct offers some of the highest-earning, FDIC-insured deposit accounts you'll find. And its MMA provides services similar to those you’ll find in a checking account while still paying a high APY. So if you have the funds to meet the minimum balance requirements, it could certainly be worth it to open an account.

However, these accounts aren't for everyone. If you don't have at least $10,000 to save, you'll earn 0% on UFB's savings accounts. And if you don't keep at least $5,000 in its money market accounts, you'll be charged a $10 maintenance fee.

If you're looking for high-yield accounts with low minimum balance requirements and fees, check out the best savings accounts and best money market accounts available today.