UBank USaver

UBank USaver

Maximum Variable Rate

2.87

Standard Variable Rate

1.81
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You'll earn bonus interest for making regular monthly deposits, so you can reach your savings goals sooner.

  • Earn up to 2.87% p.a. on your balance
  • 24/7 account access with Internet banking and mobile app
  • Link to any Australian transaction account

Product details

The UBank USaver is a flexible online high interest savings account that allows you to transfer your money to any Australian bank account. Earn up to 2.87% on your USaver account by linking it to a USaver Ultra Transaction Account and transferring at least $200 per month into either account, ensuring your combined balance across both accounts does not exceed $200,000.

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UBank's built-in sweep technology manages your money for you, by making sure you have enough in your savings to help you reach your goal while also having access to the money you need in your linked UBank USaver Ultra Transaction Account.

Product Name
UBank USaver
Maximum Variable Rate
2.87% p.a.
Standard Variable Rate
1.81% p.a.
Bonus Variable Rate
1.06% p.a.
Introductory / Bonus Offer Conditions
Earn 2.87% p.a. when you link to an Ultra transaction account, deposit $200 per month into either account and ensure your combined balance across both accounts doesn't exceed $200,000.
Monthly Fee
$0
Minimum Opening Deposit
$0
Minimum monthly deposit for bonus interest rate
$200
Internet Banking
Yes
Internet Transaction Fee
$0
Phone Banking
No
Phone Transaction Fee
$0
Joint application?
Yes
Minimum Age Requirement
18
Maximum Age Requirement
No Maximum Age
Covered by Government Guarantee?
Yes (Up to $250,000 per person, per institution)

What are the features of the UBank USaver account?

You have a number of points to consider when comparing the benefits of the UBank USaver with other high interest savings accounts available in the market. If you don't think this account is right for you, check out the other accounts offered by UBank, including everyday transaction accounts and term deposit accounts.

Backed by NAB

UBank is an online bank that has been backed by NAB, meaning you get the small bank customer service with the backing of a big bank.

No account keeping fees

You will not be charged any monthly fees when banking with the USaver account.

Standard variable rate of 1.81%

This ongoing, standard variable base rate offered with the account is 1.81%. You'll earn this rate of interest on your balance each month, regardless of how much you deposit.

Maximum variable rate of 2.87% by meeting the account conditions

This account also offers a bonus interest rate of 1.06%, bringing the total variable rate to 2.87% each month you meet the account conditions. To earn this bonus rate you need to link the account to a UBank USaver Ultra Transaction Account and transfer at least $200 per month into either account, ensuring your combined balance across both accounts does not exceed $200,000. You can open an Ultra Transaction Account via Internet banking or within the mobile banking app.

Daily interest calculation

Your interest is calculated daily against your balance and paid into the account once a month.

No balance requirements

There are no minimum balance requirements and this account allows for you to invest up to $5,000,000. However, you must deposit at least $200 per month to be eligible for the bonus interest, and ensure your combined balance across both accounts does not exceed $200,000.

Link to any account

You can link this account to any Australian transaction account to move money in and out of the account. However, in order to earn the bonus interest you need to link to a UBank USaver Ultra Transaction Account.

Internet and mobile banking

You can view your account and make transfers at any time with Internet banking or via the mobile banking app.

Automatic savings plan using UBank's sweep technology

With the USaver you can set up a regular payment from your linked account into your savings account. The built-in sweep technology will sweep money between your savings and transaction account each night in line with the limits you set, to ensure you're on track towards your savings goal.

Linked Ultra Transaction Account charges no fees

If you opt to open the linked Ultra Transaction Account, rest assured you won't be hit with a bunch of fees. The transaction account charges no account keeping fees, no overdrawn fees, no ATM withdrawal fees and no foreign transaction fees.

Government guarantee

Although this is an online savings product, your deposits of up to $250,000 are still protected by the Australian Government Guarantee Scheme.

Watch The Household CEO's review of the UBank USaver Account

Pros

  • $0 Account keeping fees
  • Earn up to 2.87% p.a. on your balance
  • Backed by NAB
  • Can setup automatic savings plan
  • Can link to any Australian bank transaction account

Cons

  • Must link to a UBank USaver Ultra Transaction Account to earn bonus interest

How do I apply for the UBank USaver account?

If, after careful comparison you have chosen the USaver to guard your spare cash, you can apply by starting an online application. There are certain eligibility requirements that you will have to meet and documents you'll need to provide before UBank can approve your application.

Eligibility requirements

  • Minimum age. You have to be over the age of 18 in order to qualify for opening this account.
  • Residency requirements. Australian residents for tax purposes are welcome to apply provided that you have a verifiable Australian residential address. If you are a United States Citizen or taxpayer you will be asked to provide additional information such as your tax identification number (TIN).
  • Depository requirements. There is no minimum deposit requirement needed when opening this account. Howver in order to earn the bonus interest you need to deposit at least $200 a month.

Documentation needed

  • Tax file number. As this is an interest earning account, providing your tax file number (TFN) or TFN exemption code will ensure that the tax being withheld on your earned interest is at the correct rate for your circumstance.
  • Identification. UBank will electronically verify your identity online using information from your Australian driver’s licence or passport.
  • Account information. In order to be able to use the features of the USaver account, you will need to provide an account name and number that it can be linked to.

What happens next?

After your application has been submitted it will be reviewed by the bank and an account will be opened in your name. The details will be sent to you through email and you will be able to begin moving money into the account to start building your savings.










 

 

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26 Responses

  1. Default Gravatar
    DavidMay 7, 2019

    With UBank USaver do I need another Ubank account or it can be linked to the external account with getting the same rate. I should deposit at least $200 a month. Are there any restrictions on withdrawals?

    • Avatarfinder Customer Care
      NikkiMay 8, 2019Staff

      Hi David,

      Thanks for getting in touch! You can link the Ubank Usaver account to a USaver Ultra Transaction Account or to any Australian transaction account. The intro bonus offer reads: Earn 2.87% p.a. when you link to an Ultra transaction account, deposit $200 per month into either account and ensure your combined balance across both accounts doesn’t exceed $200,000. There is no ATM withdrawal fee in Australia or overseas. However, a fee may be charged by the 3rd party bank you withdraw money from.

      Let us know if you have any questions, we’re here to help!

      Best,
      Nikki

  2. Default Gravatar
    MarieMarch 22, 2019

    I do have uSaver account and making $200 contribution each month. What is an interest on money over $200,000 which I have on that account, before I can top it up from this account on term deposit, which mature in May?

    • Avatarfinder Customer Care
      JeniMarch 23, 2019Staff

      Hi Marie,

      Thank you for getting in touch with Finder.

      Your USaver account balance of more than $200,000 will earn the standard rate of 1.81% p.a.

      I hope this helps.

      Thank you and have a wonderful day!

      Cheers,
      Jeni

  3. Default Gravatar
    RachaelMarch 20, 2019

    Today I opened an account with you guy. I think I made an error entering my email address. Can you help me sort it please?

    • Avatarfinder Customer Care
      NikkiMarch 21, 2019Staff

      Hi Rachael.

      Thanks for getting in touch with Finder. While our pages show UBank reviews. To retrieve your account information with UBANK, contact them directly.

      Hope this helps!

      Best,
      Nikki

  4. Default Gravatar
    sharonMarch 9, 2019

    Does the U bank account charge ATM fees

    • Avatarfinder Customer Care
      MaiMarch 10, 2019Staff

      Hi Sharon,

      Thanks for leaving a question.

      It shows that there’s no fee to use your by USaver Ultra at any NAB Operated ATM. Other operators may charge a fee for use of their operated ATM.

      There’s also no charge for overseas ATM withdrawal, a fee may however be charged by the entity that operates the ATM that you used.

      Hope this helps.

      ​Please feel free to contact us back should you require further assistance.

      Kind Regards,
      Mai

  5. Default Gravatar
    estherFebruary 12, 2019

    Hi do you have branches in sa ?

    • Avatarfinder Customer Care
      NikkiFebruary 13, 2019Staff

      Hi Ester,

      Thanks for getting in touch! UBANK is an online bank and doesn’t have branches anywhere in Australia. Hope this clarifies!

      Best,
      Nikki

  6. Default Gravatar
    ChrisDecember 18, 2018

    Hi ,I would like to invest a large amount for 6 months but NOT be required to add to the balance monthly and maybe draw some out if I get stuck,is there an account that would suite ?

    • Avatarfinder Customer Care
      MayDecember 20, 2018Staff

      Hi Chris,

      Thanks for your question.

      Savings accounts can be good if you’re into depositing your funds and still have access to it at anytime when you need to. Depending on the account, you may and may not be required to make a regular deposit. Though we can’t suggest a specific account for you, you may like to check the following pages for your comparison of savings accounts. Best to check the features of the account, introductory offers, interest rates, etc.

      1. Online savings accounts – No need to transaction in the branch. You can easily manage the account online.
      2. Bonus saver accounts – Would require you certain minimum deposit each month.
      3. Introductory bonus savings account – Exclusive to new account holders. The interest rate will revert to the standard once the bonus interest rate terms end.

      It is always recommended that you check the terms and conditions of the account first before opening to be sure it’s the right product for you and your needs.

      Hope this has helped.

      Cheers,
      May

  7. Default Gravatar
    kellyDecember 10, 2018

    could some one ring me in reference to term deposits or high interest accounts please.

    • Avatarfinder Customer Care
      NikkiDecember 13, 2018Staff

      Hi Kelly,

      Thanks for getting in touch! Unfortunately, we are not equipped to make outgoing calls. Here is the page for TERM DEPOSITS and HIGH-INTEREST SAVINGS ACCOUNTS. Let us know if you have any questions, we’re here to help!

      Best,
      Nikki

  8. Default Gravatar
    GeorgeDecember 7, 2018

    If I open a USaver account and transfer $200,000 into it but link it with another major bank, what interest rate do I get?

    • Avatarfinder Customer Care
      JhezDecember 13, 2018Staff

      Hello George,

      Thank you for your comment.

      The interest you will get for linking your USaver to another account issued by another bank is 1.81% p.a., which is the Standard Variable Rate only. In order to qualify for the Maximum Variable Rate of 2.87% p.a., you need to link the USaver account to a UBank USaver Ultra Transaction Account. You also need to transfer at least $200 per month into either account, making sure that the total balance of both accounts does not exceed $200,000. You can open an Ultra Transaction Account via Internet banking or within the mobile banking app.

      Should you wish to have real-time answers to your questions, try our chat box on the lower right corner of our page.

      Regards,
      Jhezelyn

  9. Default Gravatar
    SueDecember 3, 2018

    If I miss a month of depositing $200, does the bonus rate cut out completely or start up again when I deposit the next month?

    • Avatarfinder Customer Care
      CharisseDecember 9, 2018Staff

      Hi Sue,

      Thanks for reaching out to finder.

      If you do not meet the criteria to qualify for the bonus rate in a certain month, it will not be cut out completely however, you will only earn the standard interest rate for that month.

      Once you meet the bonus rate criteria in a current month, you’ll again start earning the bonus interest on your linked USaver savings account from the 1st of the following month.

      I hope this helps.

      Cheers,
      Charisse

  10. Default Gravatar
    SBNovember 6, 2018

    I have been looking every where on the site to get an application to open up an account. Where is it ? and I am over 29yrs old are we not able to open an account with you

    • Avatarfinder Customer Care
      NikkiNovember 6, 2018Staff

      Hi SB,

      Thanks for getting in touch with finder. You may go to UBank’s website directly to open an account as we are not directly connected with UBank.

      Hope this helps! Feel free to chat with us again, we’re on standby.

      Cheers,
      Nikki

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