Compare UBank Transaction and Savings Accounts
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Choose from a range of products to help you manage your money with UBank. With award-winning accounts and innovative ways to earn maximum interest, you may be able to give your savings the kickstart they need.
Rates accurate as at: July 6th, 2020 Learn about our information service
Who is UBank?
UBank is an online bank and is backed by the financial strength of NAB. While they don’t have any branches, they do have a 24/7 Australian call centre so if you have any problems or need assistance, UBank is always contactable. Deposits are guaranteed free of charge under the Government Financial Claims Scheme of up to $250,000 per customer per institution.
- UBank's SWIFT code: NATAAU3303M
What’s internet banking like for UBank?
When you sign up to use the UBank online banking platform you can look forward to receiving free SMS and email alerts. These include alerts about account balances, alerts when transactions over a certain amount take place, and alerts to remind you about scheduled transfers. You can transfer money between UBank accounts, you can transfer funds to saved payees, and you can make bill payments via BPAY.
UBank online services make use of multiple security measures to offer customers a secure banking environment.
Notable features include:
- Money tools to help you with aspects like budgeting and determining saving goals
- Use this platform to view your account and interest statements, which you can print as well
Help! The UBank mobile app isn’t working – what should I do?
- If you cannot perform the transaction you need online, contact UBank directly for more information.
What about the mobile app?
Image Source: App Store| Login | Accounts | Transaction History |
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What are the types of bank accounts offered by UBank?
- Term deposits.Choose from various terms for a fixed interest rate, meaning that you get guaranteed returns. You also rollover your original term deposit for a bonus interest rate and add in more funds.
- Transaction accounts. Get access to an everyday account and have a UBank Visa Debit card linked to your account. You could also enjoy a bonus interest rate (terms and conditions apply).
- Savings accounts. UBank have two high interest online savings accounts that reward you for saving.
Can you tell me more information about the USaver Ultra sweep?
The sweep function works by automatically transferring money between your savings and transaction accounts. So if for example you set the parameters to always have at least $500 in your transaction account but a recent purchase brings it down to $450, $50 is transferred from the savings account to the transaction account. You can also set an upper limit so that any excess funds are swept into your savings balance.
What accounts are offered by UBank?
- UBank USave. This high interest savings account gives a competitive interest rate, 24/7 easy access to your money and rewards you for saving.
- UBank USpend. This account is not available as a stand-alone account, but can be combined with the UBank USave Savings Account to earn bonus interest on your savings.
- UBank Term Deposit. Enjoy the security of a fixed rate and choose from the various terms. All applications are carried out online so you can start earning interest straight away.
How do I compare UBank bank accounts?
- Purpose of the account. If you’re opening an account to save money, then you may need one that has a debit card linked to it, and you may want a higher interest rate. If you want an account for everyday spending, then a transaction account may be appropriate.
- Accessibility. Since UBank is an online bank, you’ll always have access to your money unless the website is under maintenance. If more than one person needs to access the bank account, then you also need an account that allows for an additional cardholder and joint accounts.
- Rates and fees. Most accounts from UBank don’t have monthly fees, but it’s good to lookout for charges like dishonour fees or transaction-specific fees. The interest rate also needs to be competitive so you know you’re getting a good deal on your money.
- Flexibility. The amount of flexibility you need is important when choosing a bank account because if you need an account for everyday use, then a transaction account with a linked debit card will give you the flexibility to spend your money however you want. Accessing your money from a term deposit is difficult and you may have penalties incurred if you access it before it matures.
How do I apply for a UBank bank account?
Most UBank products require the following to be eligible:
- You’re 18 years old or over
- You’re an Australian resident for tax purposes
- You have an Australian residential address
- You accept UBank’s terms and conditions as listed on their application page
Ask an Expert
Can I manage my UBank account on my MacBook laptop as well as the phone app?
Hi Alain,
Thanks for getting in touch with Finder. I hope all is well with you. 😃
Yes, you can manage your UBank account on your MacBook and phone. You can go to the website of UBank and log into your account. From there, you should be able to manage your account. On your phone, you can download their UBank app from the App Store of Apple.
I hope this helps. Should you have further questions, please don’t hesitate to reach us out again.
Have a wonderful day!
Cheers,
Joshua
How do you transfer the money into the term deposit as there are no branches?
Hi Denise,
Thanks for getting in touch with finder.
You can transfer using Electronic Funds Transfer or BPay. You may want to take note that UBank has no restrictions on how much money you can transfer. Please consider as well that your external bank may impose limits on the amount you can withdraw daily. You’d need to get in touch with them to confirm what these limits are.
I hope this helps. Should you have further questions, please don’t hesitate to reach us out again.
Have a wonderful day!
Cheers,
Joshua
If I have a Term Deposit account will I be penalised should I need to withdraw some funds before maturity? What kind of penalty?
Hi Bob,
Thanks for your question.
If you need to make an early withdrawal of your funds, you must let UBank know no less than 31 days prior. Interest will be adjusted by an amount that is deemed reasonable by UBank to cover its cost in maintaining your account. The amount requested to be withdrawn must be in increments of $500, and if a partial withdrawal results in a balance of less than $1,000 the account will be closed and all money transferred into your linked bank account.
There is no other penalty for withdrawing your money before maturity.
For more details about UBank Term Deposit account, please check here.
You can also visit this page to compare other term deposit accounts.
Cheers,
Anndy
What is the best interest rate on offer at present
Hi SSC,
Thanks for your question.
You can sort through interest on our savings account comparison page
Cheers,
Shirley
Is Ubank has business account?
Hi Victor,
Thanks for your question.
At the moment UBank currently do not offer business products.
Cheers,
Shirley
I would like to open a joint account with my sister. Although she is an Australian citizen, she is currently not living in Australia. She has an active NAB account and she has a tax file number. Can you please give me some advice if this is possible
Hi Annette,
Thanks for your question.
You can still open a joint account with your sister. It may be handy to have a few of her details ready during the application process because you’ll be required to enter her residential address, TFN etc.
Cheers,
Shirley
Hi Shirley
Just a little confused. No matter which type of joint savings account I try to open, it clearly states that the account holder must be living at an Australian residential address. Can you please advise therefore, which particular savings account I could open in joint names.
REgards
Annette
Hi Annette,
Thanks for your question.
You can use your Australian residential address for both names for the account. If you’re unhappy with this, please speak to the customer service team at UBank to see what other options they could provide you.
On the UBank website it states that a “Second Applicant can be added to a joint application by selecting RETRIEVE APPLICATION from any product application page. To be added to a joint account you will need: The application reference number given to the First Applicant (person who submitted the application); The First Applicant’s last name; The Second Applicant’s email address.”
Cheers,
Shirley