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.
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.
- 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).
- 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.
- 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.
- After a few weeks of good money management, Dave finds his transaction account balance has worked its way up to $1700.
- 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