UFB Direct Portfolio Money Market Account

UFB Direct is the online deposit brand of Axos Bank, and its Portfolio Money Market Account is positioned as a high yield place to park cash with limited check writing and card access attached. It is one of the more aggressively marketed money market accounts online, so it is worth separating the advertised rate from the account's actual cost structure. The rate is 3.26% APY on a 3.21% interest rate, and UFB applies it uniformly across all five published tiers: $0 to $9,999.99, $10,000 to $24,999.99, $25,000 to $49,999.99, $50,000 to $99,999.99, and $100,000 and up. A flat rate across tiers is the right structure and it means a modest balance is not penalized on yield. There is no minimum opening deposit. Deposits are FDIC insured through certificate 35546 at $250,000 for individual accounts and $500,000 for joint accounts, and UFB offers expanded coverage up to $265 million through an InsureGuard Plus sweep for very large balances. The cost is a $10 monthly maintenance fee, waived only if you keep a $5,000 balance. That waiver threshold, not the APY, is the number that should drive the decision. At $2,000 the $120 annual fee exceeds the roughly $65 of annual interest, so the account loses money outright. The flat rate structure invites small savers in and the fee structure then punishes them, which is the main criticism of this product. On access, the account includes limited check writing and a debit card usable at ATMs. Checks and most transfers count against the standard six transaction per statement period limit, while ATM withdrawals do not. UFB also has a history of launching new deposit brands and account names at higher rates while leaving older accounts behind, so existing customers should periodically confirm they are still on the current product rather than a legacy one paying less. This account makes sense for someone holding at least $5,000, and realistically a comfortable margin above it, who wants a single flat rate with card and check access. Skip it if your balance is smaller or volatile, if you dislike monitoring a fee waiver, or if you simply want the top rate, since 3.26% sits well below the roughly 4.00% available on the best money market accounts in August 2026.