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Add the Ubank Spend Account to a Ubank Save Account and access any ATM overseas for free, and pay no foreign transaction fees on online purchases. You can link the account to Apple Pay to make contactless payments with your phone or an Apple Watch. Plus, you can earn a competitive interest rate on your savings.
This account must be added to a Ubank Save Account. Read on to learn more about the account, and the steps to follow to open one today.
$0
Account keeping fee
$0
ATM withdrawal fee
$0
Overseas ATM withdrawal fee
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Product Name | Ubank Spend Account |
---|---|
Monthly account fee | $0 |
Card access | Visa |
ATM Withdrawal Fee | $0 |
International transaction fee | 0% |
Monthly deposit required to waive account fee | N/A |
Contactless Payments | Google Pay, Apple Pay, Samsung Pay, Fitbit Pay, Garmin Pay |
Review by
Alison Banney is the banking and superannuation editor at Finder. She has written about finance for more than 8 years with her work featured on sites including Yahoo Finance, Money Magazine and Dynamic Business.
The first thing to note is that this transaction account comes with a linked Save Account . You’ll earn bonus interest rate on your Save balance when you deposit $200 a month into either account. The good thing about this account is you can make withdrawals from your Save account when needed and still be eligible for bonus interest.
The Spend account is great for everyday use in Australia, and as a fee-free travel money option when you’re overseas. It’s one of only a handful of accounts that charges no account keeping fees, no overseas ATM withdrawal fees and no international transaction fees.
You can link the Visa Debit Card to Apple Pay, Google Pay or Samsung Pay to pay with your phone instead of your card. The ubank mobile app allows you to link your other bank accounts, super fund and investment accounts
6 Comments
January 6, 2022
Is there any charge if I cannot deposit $200 per month by any reason?
January 12, 2022
Hi,
To be eligible for the USave bonus rate, you must make deposits of $200 or more into your linked USave and/or USpend account in a month from a non-UBank account. If you’re not able to deposit $200, there is no fee. However, you will not be eligible for the bonus rate.
Best,
Alison
September 18, 2019
No foreign transaction fees – does this include no fees for conversion from/to AUD$ for online purchases?
What is the minimum $ required to open/start up the account & maintain as minimum balance?
Are any fees charged for set up/withdrawls/deposits/eftpos? Is there a limit on $ or number of fee free deposits/withdrawls/eftpos/ATM? If yes what is the limit both in $ & number?
Can cash deposits be made & how?
Can the transfer of $200 per month be cash deposit? Does transferring $200 from UBank transaction acc to UBank saver acc count or does it have to be an external account other than UBank?
September 18, 2019
Hi Jane,
Thanks for your comment. Please see answers below:
1. No foreign transaction fees – does this include no fees for conversion from/to AUD$ for online purchases?
A: You’ll pay no foreign transaction fees when shopping online from overseas retailers. However, there’s a conversion rate that’s applied to the purchase and is dependent on the current day.
2. What is the minimum $ required to open/startup the account & maintain a minimum balance?
A: The minimum you need is $100 in the Ultra account.
3. Are any fees charged for setting up/withdrawals/deposits/EFTPOS?
A: No setup fees, no overseas ATM Withdrawal Fee, and no EFTPOS fee.
4. Is there a limit on $ or number of fee-free deposits/withdrawals/EFTPOS/ATM?
A: If you exceed the $200K across your Usavers & Ultra you won’t get the bonus interest rate.
4. Can cash deposits be made & how?
A: No, cash deposits are not allowed as this is an online bank
5. Can the transfer of $200 per month be cash deposit? Does transferring $200 from UBank transaction acc to UBank saver acc count or does it have to be an external account other than UBank?
A: To transfer funds, you can use BPAY or EFT. Cash deposits are not allowed. You must deposit at least $200 a month into your USaver Ultra transaction or USaver savings account from a non-UBank account (for example, your salary)
Hope this helps!
Best,
Nikki
November 6, 2018
Hi team,
Is the bonus interest applied to the amount held in the USaver or USaver Ultra account?
I understand both accounts need to be held for the maximum interest rate to be received.
Thanks!
November 6, 2018
Hi Alex,
Thanks for getting in touch! The bonus will be applied to balances held in the USaver Savings Account Linked to your Ultra Account provided you meet the criteria in the current month, you’ll start earning the bonus interest on your linked USaver savings account from the 1st of the following month. Please note that withdrawals from either the USaver Savings Account or Linked Ultra account do not affect your bonus.
Hope this was helpful. Don’t hesitate to message us back if you have more questions.
Cheers,
Nikki