⚡️⚡️⚡️
With energy prices rising, switch to a cheaper plan
💡
Compare Prices Now
⚡️⚡️⚡️

Ubank Spend Account

Pay no account keeping fees, no overseas ATM fees and no foreign transaction fees plus see your other bank accounts, super and investments all within your ubank app.

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.

No reviews yet. Write a review

$0

Account keeping fee

$0

ATM withdrawal fee

$0

Overseas ATM withdrawal fee

We’re reader-supported and may be paid when you visit links to partner sites. We don’t compare all products in the market, but we’re working on it!

Details

Product NameUbank Spend Account
Monthly account fee$0
Card accessVisa
ATM Withdrawal Fee$0
International transaction fee0%
Monthly deposit required to waive account feeN/A
Contactless PaymentsGoogle 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.

Expert review

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

Key features

No fees when using the Spend account overseas

You'll pay no overseas ATM withdrawal fees and no foreign transaction fees when using your Spend account internationally. Plus, you'll pay no foreign transaction fees when shopping online from overseas retailers.

Linked Visa debit card

This account comes with a linked Visa debit card which you can use to make payments in stores and online all around the world. The card also offers Visa PayWave, so you can tap and go without entering a PIN for purchases under $100.


How to apply

When you open this account you'll also get a linked Save account with it.

Eligibility

  • You must be 18 years or older
  • You must have an Australian residential address

Ask an expert

To ask a question simply log in via your email or create an account.

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.

6 Comments

  1. Default Gravatar
    Sweta
    January 6, 2022

    Is there any charge if I cannot deposit $200 per month by any reason?

    • Avatarfinder Customer Care
      Alison
      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

  2. Default Gravatar
    Jane
    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?

    • Default Gravatar
      Nikki
      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

  3. Default Gravatar
    Alex
    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!

    • Default Gravatar
      Nikki
      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

Go to site