UBank Green Term Deposit Account

UBank Green Term Deposit Account

Min. Opening Deposit

1,000

Account Keeping Fee

0.00
Go to site
Secure transfer to bank
More info

This is the world’s first green term deposit. Enjoy a fixed interest rate while your savings help support renewable energy projects.

  • Earn up to 2.00% p.a.
  • Term lengths from 2 to 11 months
  • No account keeping or application fees
  • Loyalty bonus available

Product details

The UBank Green Term Deposit is the world’s first green term deposit, certified by the Climate Bonds Initiative. It allows you to lock your savings away for a term between 2 and 11 months with a fixed interest rate, meaning you’ll enjoy a stable, predictable return on your deposit.

Your savings will be used to support a range of renewable energy initiatives such as solar and wind energy, low carbon buildings and even marine renewable energy. You wont need to sacrifice returns to invest your money in this fee-free green term deposit, either.

Avatar

This is the first certifiable green term deposit in the market, allowing you to enjoy a fixed interest rate on your savings while having peace of mind that your money is supporting projects like wind and solar energy and low carbon buildings.

Product Name
UBank Green Term Deposit Account
Min Deposit
$1,000
Minimum Age Requirement
18
Go to site More

Features

Term lengths range from 2 to 11 months

The UBank Green Term Deposit offers a range of term lengths to choose from including 2, 5, 7, 8, 10 and 11 months. Your money will be locked away for the term length you choose and you'll be unable to access the money until the term reaches maturity.

Earn up to 2.00% p.a. on your deposit

Earn up to 2.00% p.a. on the funds invested in your UBank Green Term Deposit. Interest rates vary for different term lengths, as shown below.

Term length Fixed interest rate
2 months1.50% p.a.
5 months2.00% p.a.
7, 8, 10 and 11 months1.95% p.a.

No fees

There are no establishment or account keeping fees to worry about with this account.

Your money is invested in renewable energy projects

Have peace of mind knowing your savings invested in the UBank Green Term Deposit will be used to support a range of green initiatives including solar and wind energy projects, marine renewable energy and low carbon buildings.

This is the world's first green term deposit and is certified by the Climate Bonds Initiative. Only investments that truly assist with addressing climate change get this verified tick of approval.

Loyalty bonus available

The loyalty bonus offers customers an additional 0.10% p.a. on top of the advertised rate if they choose to open a new term deposit when their first term reaches maturity.

Minimum deposit of just $1,000

There is a small minimum starting deposit of just $1,000 required to open this term deposit.

Available for personal use and SMSFs

You can open the UBank Green Term Deposit as a personal customer or as a self managed super fund (SMSF).

Pros

  • Your money is invested in green energy
  • Small minimum opening deposit of $1,000
  • Available for personal customers and SMSFs
  • Loyalty bonus available of 0.10% p.a.

Cons

  • Nothing longer than 11 month terms available
  • Interest rates are lower than some high interest savings accounts

How to apply

You can open the UBank Green Term Deposit online in less than 10 minutes.

Eligibility to apply online

  • Minimum age. You must be at least 18 years old.
  • Residency requirements. You must be an Australian resident for tax purposes with an Australian residential address.
  • Depository requirements. You'll need to deposit at least $1,000 to get started.

Documentation needed

  • Tax file number. Providing your tax file number (TFN) will help make sure your interest earnings are taxed at the correct rate.
  • Identification. You'll be asked to provide your driver's licence number, your passport number or Medicare card details.
  • Bank account details. You'll be asked to give the details of a separate Australian bank account in the same name so UBank can transfer your interest payments when the term matures.
Back to top Back to top Back to top

Ask an Expert

You are about to post a question on finder.com.au:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com.au is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder only provides general advice and factual information, so consider your own circumstances, or seek advice before you decide to act on our content. By submitting a question, you're accepting our Terms of Use, Disclaimer & Privacy Policy and Privacy & Cookies Policy.

2 Responses

  1. Default Gravatar
    MicheleJuly 10, 2019

    We are SMSF retirees. We need to find a super fund. How do we sift through the best interest rates offered? Presently, we are using ME bank.

    • Avatarfinder Customer Care
      JoshuaJuly 11, 2019Staff

      Hi Michele,

      Thanks for getting in touch with Finder. I hope all is well with you. 😃

      I understand that you want to find the right super fund for you. It is true that with so many options out there, it is so easy to get overwhelmed.

      There are a few factors you need to consider when choosing a super fund. These may include investment options and historical performance, insurance options, fees, and the presence of other benefits.

      To help you further, we do have a page entitled, “Choosing a super fund.”

      On that page, you’ll be able to read a guide to help you find out all the factors that are necessary to consider. There’s also a table on that page to help you compare your options based on past performances and calculated fees. You can then learn more about these options by clicking their respective “Go to site” green button.

      I hope this helps. Should you have further questions, please don’t hesitate to reach us out again.

      Have a wonderful day!

      Cheers,
      Joshua

Ask a question
Go to site