Earn more money on your savings with UBank.
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.
- UBank USaver awarded Money Magazine Best Savings Account in 2013
- UBank USaver awarded Money Magazine Best Savings Account in 2012
- UBank USaver awarded Money Magazine Best Savings Account for regular deposits 2012
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.
- 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 does the UBank app look like?
| Touch ID | Account balance | Navigation | Transfers |
|---|---|---|---|
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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.
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 are the bank accounts offered by UBank?
- UBank Term Deposits. 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.
- UBank Ultra Transaction Account.This account combines the benefits of a high interest savings account and a transaction account. You can set a minimum and maximum amount for this account, which means your account will never go below or above a certain amount.
- USaver Reach Savings Account. Designed for those aged between 18 to 29 with less than $5,000, this account is designed to kick start your savings journey.
- USaver Savings Account.This high interest savings account gives a competitive interest rate, 24/7 easy access to your money and rewards you for saving.
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.
UBank debit cards
UBank only offers a Visa debit card with one of their products – the USaver Ultra Transaction Account. This account has a unique ‘Sweep’ feature which lets you set minimum and maximum balances which are automatically dealt with by your linked savings account.Any funds over the maximum balance are automatically transferred to the savings account, while if the balance falls below the minimum balance funds are automatically sent from your savings account. This way you’re never left without money in your transaction account, and the money you don’t need earns interest.
What are things to consider about UBank debit cards?
- Visa payWave
payWave allows you to wave your card across a payWave or even Mastercard PayPass terminal for purchases under $100. This means you don’t have to type your PIN or sign your name, and makes your transactions much faster. - ATM access
UBank is owned by NAB, so you’ll get access fee-free access to the NAB and rediATM network, which is one of the nation’s biggest. This puts 3,400 machines at your disposal, so you’ll have cash withdrawal facilities whenever you need them. You also get unlimited transactions at these ATMs. - Overseas use
A debit card is versatile, just like a credit card. You can use your UBank Visa debit card at any ATM overseas with the Visa or Plus logo, although this comes with a charge of $4 per withdrawal. It can also be used for purchases.Note that any transactions which occur in a foreign currency will attract a currency conversion fee of 2%. There are debit cards which waive these fees, so if you plan to use a debit card overseas you may wish to compare cards with no foreign transaction fees. - Security
UBank places a high importance on security. You’re protected in a number of ways when you use the UBank Visa debit card. The first line of defence is the inbuilt chip in the card, which makes it harder for scammers to get your details. Next, there’s the Verified by Visa program, which gives you an easy way to detect online purchases which are fraudulent. The final line of defence is UBank’s own ‘UBank Defence’. This guarantees that any money taken from your account fraudulently will be reimbursed, as long as you follow the conditions set out.
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
finder.com.au's summary of UBank personal accounts
Compare the features of what UBank has to offer.
| Product name | Main features |
|---|---|
| UBank USaver Ultra transaction account | No monthly account keeping fees with free access to the NAB and RediATM network |
| UBank USaver savings account | Receive 1.81% if you deposit $200+ each month from an external source and maintain a total balance of not more than $200,000 across all your USavers |
| UBank USaver + UBank Ultra | Receive 2.87% if you deposit $200+ each month from an external source and maintain a total balance of not more than $200,000 across all your USavers |
| UBank USaver Reach | Ongoing rate of 2.31% - only available for 18-29 years old with a maximum investment of $5,000 |
| UBank Term Deposit | Receive for 3 months, minimum investment of |
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 – here are the instructions.
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