Ubank Logo

UBank USaver Ultra Bank Account

Posted September 13th, 2013 and last modified April 10th, 2014

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.

Eligibility

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 August 28th, 2014.
Savings Account Description Monthly Account Fee Debit Card Access ATM Withdrawal Fee Interest Rate p.a. Details
UBank USaver Ultra Transaction Account
UBank USaver Ultra Transaction Account
You need to have $10,000 deposited in your UBank account. $0 Yes, Visa $0 3.11% Enjoy no monthly account keeping fees with the USaver Ultra transaction account. More
St.George SENSE
St.George SENSE
An incredible transaction account with a high interest rate! $5 Yes, Visa $0 2.85% No ATM fee when using St.George / BankSA / Bank of Melbourne / Westpac ATMs (in Australia). No monthly service fee if you deposit a minimum of $2,000 per month otherwise $5 monthly fee applies. OpenMore
ING DIRECT Orange Everyday Account
ING DIRECT Orange Everyday Account
A transaction account with no monthly fees, plus a range of bonus features to take advantage of. $75 limited time bonus offer also available. $0 Yes, Visa $0 0.00% No monthly fees, and you can use any ATM in Australia for free withdrawals when you deposit at least $1,000 into the account from an external account. OpenMore
HSBC Day to Day Transaction Account
HSBC Day to Day Transaction Account
Limited time $50 cashback bonus for new customers. Also enjoy no monthly account keeping fees. $0 Yes, Visa $0 0.50% No ATM fees at over 3,000 HSBC, Westpac, St.George, Bank of Melbourne and Bank SA ATMs OpenMore
Citibank Plus Transaction Account
Citibank Plus Transaction Account
Save on fees with the Citibank Plus Transaction account, the only fee-free everyday account linked with a Visa Debit card so you can enjoy shopping both in Australia and overseas. $0 Yes, Visa $0 0.00% No ATM fees using Citibank, Westpac, BankSA and St .George branded ATMs OpenMore
ANZ Access Advantage
ANZ Access Advantage
Open ANZ Access Advantage account and enjoy unlimited transactions at ANZ ATMs, EFTPOS, Internet, Mobile and Phone Banking. $5 Yes, Visa $0 0.00% No monthly account fee when you deposit at least $2,000 per month (normally $5 a month). OpenMore
Westpac Choice
Westpac Choice
Deposit at least $2,000 per month and enjoy no monthly service fee. Get this award winning transaction account from Westpac. $5 Yes, Visa $0 0.00% No ATM fees when using St.George / Westpac / BankSA ATMs. No monthly service fee if you deposit a minimum of $2,000 per month otherwise $5 monthly fee applies. OpenMore
St.George Complete Freedom Account
St.George Complete Freedom Account
No account keeping fees, if you deposit $2,000 per month plus no minimum balance required. $5 Yes, Visa $0 0.00% No ATM fees when using St.George / Westpac / BankSA ATMs OpenMore

Ask a Question

Disclaimer: At finder.com.au we provide factual information and general advice. Before you make any decision about a product read the Product Disclosure Statement and consider your own circumstances to decide whether it is appropriate for you.
Rates and fees mentioned in comments are correct at the time of publication.
By submitting this question you agree to receive follow up emails related to finder.com.au and to create a user account where further replies to your questions will be sent.

21 Responses to UBank USaver Ultra Bank Account

  1. Default Gravatar
    Elly | June 3, 2014

    Hi
    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.

      Cheers,
      Shirley

  2. 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.

      Thanks,

      Elizabeth

  3. 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.

  4. 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?

    • 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?

    • 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,
      Marc.

  5. 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,
      Marc.

  6. 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,
      Marc.

  7. 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.

      Cheers,
      Marc.

  8. 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.

      Cheers,
      Shirley

    • 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
      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.”

      Cheers,
      Shirley

    • 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,
      Marc.

  9. Default Gravatar
    tony | November 22, 2013

    Usaver does not permit Bpay at the moment and I have to transfer money to my St George current account whenever I want to pay off credit cards etc. This is more than $2500. Is the everyday account able to accept this amount or will I now be able to Bpay straight from my Usaver account?

    • Staff
      Shirley | November 22, 2013

      Hi Tony,

      Thanks for your comment.

      The UBank Ultra has Bpay facilities.

      Hope this helps,
      Shirley

Ask a question
feedback