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UBank USaver Ultra Bank Account

Information verified correct on July 28th, 2015

Watch your transaction account and savings account work in harmony with the USaver Ultra Bank Account.

Imagine if your savings and transaction accounts were fully integrated with each other. There'd be no need to use your mobile banking app, internet banking or to make a call to your bank every time you needed to top up your transaction account from your savings account or vice versa.

The USaver Ultra Transaction Account is an answer to this problem, although it requires a substantial starting balance to open when compared to most other savings or transaction accounts on the market.

The UBank Ultra Transaction Account functions in the same way as a regular transaction account with one exception. It allows you to set a minimum and maximum balance. When your balance drops below the minimum your savings account will automatically transfer money into it to bring it back up to the minimum level.

If your balance goes over the maximum, the transaction account will automatically send the surplus funds into your savings account for maximum interest.

Things to consider about the USaver Ultra Transaction Account

Visa Debit Card - You'll get a debit card to access your funds with the Usaver Ultra Transaction Account. This has payWave functionality so you can press your card on a terminal rather than swipe it for purchases under $100. You'll also get free unlimited withdrawals from NAB or rediATM.

No monthly account fees - The USaver Ultra Transaction Account has no monthly account-keeping fees, nor does the linked USaver Savings Account.

Online access and mobile app - You can access your money 24/7 either online, over the phone or through the UBank Mobile Banking which is available from both Google play and the App Store.

Other features - You can also pay your bills using BPAY, get online statements and set up direct debits.

A USaver Ultra Transaction Account is linked to the regular USaver account. This means you get the benefits of this account too.

USaver rate assurance - The UBank promise is that each Friday they'll review their standard variable base rate for their savings accounts and raise it if it's lower than any of the rates offered by competitor products. This includes one savings account product from ING Direct, Bankwest, the Commonwealth Bank, Westpac, ANZ and St George.

Easier to get bonus interest - Previously, the USaver account only earned bonus interest if you deposited at least $200 a month into it. If you open a USaver Ultra Transaction Account you'll qualify for the bonus rate of 0.80% p.a. as long as you have more than $2,000 a month going into your transaction account, which is simple if you have your salary deposited into it.

Worked example

We understand it may be a bit difficult to picture how the USaver Ultra Transaction Account works. Here's a basic example of how the process (or what UBank calls 'Sweep') works.

Dave's money management

Let's see how the Sweep feature works could work for Dave.

  1. Dave sets a minimum limit of $500 (You can set between $500 - $1000 for your minimum limit) and a maximum of $1500 (This can be between $1000 - $2500).
  2. He keeps $700 in the transaction account. On the weekend he spots a new snow jacket which he needs in a couple month's time. The jacket is $250.
  3. Dave buys the jacket, bringing his transaction account balance down to $450. That night, $50 from his USaver savings account is brought across and bumps his balance back up to $500.
  4. After a few weeks of good money management, Dave finds his transaction account balance has worked its way up to $1700.
  5. That night, the extra $200 is brought across to his USaver savings account, adding to his savings balance and earning interest.


The drawback of this account is the fact that it's only offered to those with a balance of more than $10,000 or those with a UBank UHomeLoan.

This means it has less use for someone just starting out on the path to saving.

In addition, the standard eligibility requirements are:

  • you must be a personal customer 18 years or over
  • you are an Australian resident for tax purposes and have an Australian residential address
  • you have a mobile number and email address

Compare UBank Bank Account With Other Leading Providers

Rates last updated July 28th, 2015
Savings Account Monthly Account Fee Debit Card Access ATM Withdrawal Fee Interest Rate p.a. Fee Free Deposit p.m. Details
UBank USaver Ultra Transaction Account
No monthly account keeping fees and earn bonus interest when you deposit $200 or more monthly.
Yes, Visa $0 2.31% $0 Enjoy no monthly account keeping fees with the USaver Ultra transaction account. More
Bankwest Hero Transaction Account
Earn variable interest rate of 3.00% p.a on balances up to $5,000. You can also enjoy unlimited withdrawals and no monthly fees on your everyday money.
Yes, Mastercard $0 2.50% $2,000 No monthly account fee when you deposit at least $2,000 per month. More
St.George SENSE
A combined transaction account and savings account to help you save.
Yes, Visa $0 1.75% $2,000 No ATM fee when using St.George, BankSA, Bank of Melbourne and Westpac ATMs (in Australia). No monthly service fee if you deposit a minimum of $2,000 per month. More
NAB Classic Banking
NAB Classic Bank account offers no monthly account fees ever, no matter how you bank plus no minimum deposits.
Yes, Visa $0 0.01% $0 No ATM fees at one of Australia's largest ATM networks. More
ING DIRECT Orange Everyday Account
A transaction account with no monthly fees, plus a range of bonus features to take advantage of.
Yes, Visa $0 0.00% $1,000 No monthly fees, and you can use any ATM in Australia for free when you deposit $1,000 each month e.g your salary. Open More
HSBC Day to Day Transaction Account
No monthly account keeping fees, plus unlimited ATM transactions at over 3,000 ATMs nationally with no ATM fees. You can also link online to a high-interest Serious Saver Account for your savings.
Yes, Visa $0 0.00% $0 No ATM fees at over 3,000 HSBC, Westpac, St.George, Bank of Melbourne and Bank SA ATMs. Open More
Citibank Plus Everyday Account
The Citibank Plus Transaction Account is a revolutionary financial product with Free Overseas Direct Purchase Fee. Free international money transfers from Australia to any account, anywhere in the world. No monthly fees, no ATM fees.
Yes, Visa $0 0.00% $0 No ATM fees using Citibank, Westpac, BankSA and St .George branded ATMs. No international ATM or purchase fees. Open More
ANZ Access Advantage
Open ANZ Access Advantage account and enjoy unlimited transactions at ANZ ATMs, EFTPOS, Internet, Mobile and Phone Banking.
Yes, Visa $0 0.00% $2,000 No monthly account fee when you deposit at least $2,000 per month. Open More
Bankwest Rewards Transaction Account
Earn points on your balances and every time you use your debit card. Plus no overseas ATM withdrawal fees
Yes, Mastercard $0 0.01% $2,000 No overseas ATM fees charged by Bankwest, No monthly account fee when you deposit at least $2,000 per month. More
Westpac Choice
Deposit at least $2,000 per month and enjoy no monthly service fee. Enjoy this transaction account from Westpac.
Yes, Visa $0 0.00% $2,000 No ATM fees when using St.George / Westpac / BankSA / Bank of Melbourne ATMs. No monthly service fee if you deposit a minimum of $2000 per month. Open More
St.George Complete Freedom Account
No account keeping fees if you deposit $2,000 per month, no minimum balance, which means you don't have to keep your account balance at $2,000 for the whole month.
Yes, Visa $0 0.00% $2,000 No account keeping fees, if you deposit $2,000 per month plus no minimum balance required. No ATM fees when using St.George / Westpac / BankSA ATMs. Open More
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25 Responses to UBank USaver Ultra Bank Account

  1. Default Gravatar
    Deb | March 26, 2015

    Hi I travel over the world to work. I wish to have a bank account in England and the USA so my pays can go into them. But I really want an account which is available and doesn’t matter which country I go to. Is the UBank one I can rely on or do I need to open one in each country?

    • Staff
      Shirley | March 27, 2015

      Hi Deb,

      Thanks for your question.

      You can use the UBank USaver account when you go overseas, but there are lot of fees to consider if you want to take out money or make transactions.

      You may want to consider an international transaction account instead.

      Your employer can allocate your pay into this account, but keep in mind that exchange rate may apply as these accounts generally only hold AUD.

      You may want to have a look at Multi Currency accounts too.


  2. Default Gravatar
    Bella | November 26, 2014

    Ubanks products have Home loans and Transactions accounts. I opened their website but don’t know which one need to choose. I just want to put money in the account and get high monthly interests. So which kind of products i need ? I got confused.

    • Staff
      Shirley | November 27, 2014

      Hi Bella,

      Thanks for your question.

      It sounds like you’re looking for a high interest savings account. This would be the UBank USaver account.


  3. Default Gravatar
    Elly | June 3, 2014

    Will I qualify for the Ultra Saver interest rate if I deposit $2000 per month via BPAY instead of via the ASP?

    • Staff
      Shirley | June 4, 2014

      Hi Elly,

      Thanks for your question.

      Yes, deposit methods can be made through Electronic Funds Transfer (EFT), BPAY, salary credit, periodical payment from an Australian financial institution and Direct Debit.


  4. Default Gravatar
    LP | May 23, 2014

    Can you connect the ultra account to a UHome Loan? And have the sweep work between the home loan and the ultra account?

    Do all questions below relating to savings accounts apply equally to the redraw funds of a home loan?

    Eg. Bpay/Direct debit is greater than the funds in the Ultra account, then funds will be swept from the home loan to cover it?

    • Staff
      Elizabeth | May 26, 2014

      Hi LP,

      Thanks for your question.

      You are able to connect your UBank USaver Ultra Bank Account to your UHomeLoan, but the ‘sweeps’ function cannot be used in connection with your home loan. So, it is only able to be used as a basic transaction and savings account without being able to set a minimum and maximum balance with automatic transfers.

      I hope this has helped.



  5. Default Gravatar
    Harbuckle | April 4, 2014

    Not so much a question as an update on the Ultra conditions. It isn’t mentioned so I thought your readers might like to know that the minimum balance required for the Ultra has been reduced to just $100. Even with a $100 balance, you can still withdraw up to $1000 a day using eftpos or ATM provided you use the ‘credit’ facility rather than savings. Of course you must have the funds available in your Usaver. Win win.

  6. Default Gravatar
    Kylie | April 1, 2014

    If I set up a uSaver Ultra and link it to one of my existing uSaver accounts does that mean I no longer have to have the $200 ASP from an external source going into that original uSaver?
    Also, I have three other uSaver accounts. I read somewhere that if you meet the bonus interest criteria on one account it’s applied to all your uSaver accounts. Is that correct? I.e. If I just deposit my monthly salary of >$2k into my uSaver Ultra and keep my total uBank balance <$200k I will get the bonus interest across every uSaver account I have?

    • Staff
      Marc | April 2, 2014

      Hi Kylie,
      thanks for the question.

      The Ultra account requires you to deposit at least $2,000 into the account per month (e.g your salary) in order to qualify for the bonus rate. This is in addition to your USaver balance staying under $200,000. It should be noted that the Ultra Bonus rate is higher than the regular USaver Savings bonus rate, and the USaver Savings Bonus isn’t given on this account. This account has a sweep function, meaning you set a maximum amount you’d like your transaction account to have in it, and any amounts over this are automatically transferred to your UBank.

      I hope this helps,

    • Default Gravatar
      Kylie | April 1, 2014

      And if that is not the case, can I deposit my salary into the uSaver Ultra then set up an ASP to my uSaver accounts to qualify for the bonus interest?

  7. Default Gravatar
    Mark | March 26, 2014

    U-Saver Ultra requires a deposit of $2000 per month from an outside source. There is nothing in the T’s & C’s I can find that stops you from transferring money out (to another institution) and then putting it back to satisfy that condition – am I missing something or is this a feasible way to manage the account?

    • Staff
      Marc | March 28, 2014

      Hi Mark,
      thanks for the question.

      This would not void the terms and conditions, as the condition only states that you need to deposit $2,000 per month and have a balance under $200,000 to receive the bonus interest rate for that following month.

      I hope this helps,

  8. Default Gravatar
    Anna | March 19, 2014

    My uSaver account gets bonus interest if I deposit $200 a month without withdrawals for the month. If I open an Ultra saver account, will the amount Sweep from my uSaver to Ultra count as a withdrawal and I loose the bonus interest rate for my uSaver ?

    • Staff
      Marc | March 20, 2014

      Hi Anna,
      thanks for the question.

      It should be noted that the USaver account doesn’t penalise you for making withdrawals. To earn bonus interest with this account you only need to ensure that you deposit at least $200 into the account, and that your balance stays under $200,000.

      I hope this helps,

  9. Default Gravatar
    Sunny | January 20, 2014

    Is this saving account covered by $250,000 Australian Govt. Guarantee (ADI Financial Claims Scheme) ?

    • Staff
      Marc | January 21, 2014

      Hello Sunny,
      thanks for the question.

      Yes, this account is covered by the $250,000 Government Financial Claims Scheme. This limit applies per customer per institution.


  10. Default Gravatar
    steve | January 19, 2014

    Can I keep $12000 in the ultrasaver and set up direct debit to pay credit card bills

    • Staff
      Shirley | January 20, 2014

      Hi Steve,

      Thanks for your comment.

      Yes you can use your USaver Ultra to set up Direct Debits.


    • Default Gravatar
      steve | January 23, 2014

      Can I keep $500 in Ultrasaver and set up direct debits with Ultrasaver that will be more than $500 each, Will the money be swept from Usaver to Ultra to pay the direct debits.

    • Staff
      Marc | January 24, 2014

      Hi Steve,
      thanks for the question.

      Yes, the Ultra account will move money across if direct debits are set up on the account.

      I hope this helps,

    • Staff
      Shirley | January 24, 2014

      Hi Steve,

      Thanks for your comment.

      You can use your USaver Ultra account to set up direct debits. According to the UBank website, “if there isn’t enough money in your USaver Ultra to cover the full amount of a direct debit, funds will automatically be pulled from your Linked USaver available balance.”


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