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