UBank USaver

UBank USaver

2019 Winner

Maximum Variable Rate

2.10

Standard Variable Rate

1.04

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

  • Earn up to 2.10% p.a. on your balance
  • No account keeping fees
  • Link to a UBank USaver Ultra Transaction Account and deposit $200 a month to earn bonus interest

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 2.10% 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
2.10% p.a.
Standard Variable Rate
1.04% p.a.
Bonus Variable Rate
1.06% p.a.
Introductory / Bonus Offer Conditions
Earn 2.10% 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 1.04%

This ongoing, standard variable base rate offered with the account is 1.04%. You'll earn this rate of interest on your balance each month, regardless of how much you deposit.

Maximum variable rate of 2.10% by meeting the account conditions

This account also offers a bonus interest rate of 1.06%, bringing the total variable rate to 2.10% 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.

Pros

  • $0 Account keeping fees
  • Earn up to 2.10% 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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54 Responses

  1. Default Gravatar
    AnnikaOctober 14, 2019

    Hi! Is the combined interest rate an ongoing thing month to month or one off?

    • Avatarfinder Customer Care
      NikkiOctober 15, 2019Staff

      Hi Annika,

      Thanks for your comment! The UBank USaver High-Interest Savings account is an ongoing monthly rate provided you meet the account conditions. These include:

      1. You need to link the account to a UBank USaver Ultra Transaction Account
      2. Transfer at least $200 per month into either account, ensuring your combined balance across both accounts does not exceed $200,000.

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

      As a friendly reminder, review the eligibility criteria, fees, interest rates, and terms & conditions of this account before applying. You may also contact the bank should you have any questions about their product.

      Best,
      Nikki

  2. Default Gravatar
    susanOctober 8, 2019

    Can I withdraw cash at any atm and do thee transactions attract a fee

    • Avatarfinder Customer Care
      NikkiOctober 11, 2019Staff

      Hi Susan,

      Thanks for getting in touch! 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.

      Hope this helps and feel free to reach out to us again for further assistance.

      Best,
      Nikki

  3. Default Gravatar
    KENOctober 8, 2019

    What is the interest rate on UBank Ultra Transaction a/c when linked with U Saver on the 12 month term

    • Avatarfinder Customer Care
      NikkiOctober 9, 2019Staff

      Hi Ken,

      Thanks for getting in touch! The interest rates offered by this account are the Standard Variable Rate 1.35% p.a. and the Bonus Variable Rate 1.06% p.a.. When you link the UBank USaver to a UBank 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 earn the Maximum Variable Rate 2.41% p.a.

      Note that your interest is calculated daily against your balance and paid into the account once a month.
      As a friendly reminder, review the eligibility criteria, fees, interest rates, and terms & conditions of this account before applying. You may also contact the bank should you have any questions about their product.

      Hope this helps and feel free to reach out to us again for further assistance.

      Best,
      Nikki

  4. Default Gravatar
    CaroleOctober 4, 2019

    Does this type of account have a debit card attached?

    • Avatarfinder Customer Care
      AshOctober 4, 2019Staff

      Hi Carole,

      Thanks for contacting Finder.

      No, there is debit card attached to the UBank USaver account as it is a Savings Account. If you want to have debit card for an easy access of your money, you may open a UBank USaver Ultra Transaction Account as it comes with a Visa Debit Card then if you will link to the UBank USaver account, you may be able to earn the maximum interest rate of 2.41% p.a., given that you will have a $200 deposit every month on either account.

      I hope this helps.

      Cheers,
      Ash

  5. Default Gravatar
    JudyOctober 4, 2019

    I already have a current USaver account. Do I just open and link it to the additional account? It doesn’t matter which one the required deposit is made to? Urgently this is set up with the existing account anyway.

    • Avatarfinder Customer Care
      NikkiOctober 6, 2019Staff

      Hi Judy,

      Thanks for getting in touch! It’s great to know that you already have a UBank USaver account. You can link the UBank USaver 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. You would also need to transfer at least $200 per month into either account from an external source, 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.

      Hope this helps and feel free to reach out to us again for further assistance.

      Best,
      Nikki

  6. Default Gravatar
    StevenSeptember 12, 2019

    Good evening,

    From what I understand, I still earn the ‘bonus’ interest if there is a withdrawal in any given month, but how about the ‘standard’ variable component? Is the whole 2.41% interest paid (1.06% bonus interest + 1.35% standard interest)on the balance for the month if there is a withdrawal, or just the ‘bonus’ interest for that month? I understand the $200 minimum monthly deposits are still to be paid into my account as per usual.

    Kind regards,
    Steven

    • Avatarfinder Customer Care
      JeniSeptember 13, 2019Staff

      Hi Steven,

      Thank you for getting in touch with Finder.

      You are still eligible for the bonus interest rate even if you make withdrawals from this account. Please note that condition to be eligible for the bonus interest are:

      – you link the account to a UBank USaver Ultra Transaction Account
      – transfer at least $200 per month into either account
      – combined balance across both accounts does not exceed $200,000.

      Yes, it is the whole 2.41% p.a. interest will be paid on the account even if you make withdrawals. Please note that the maximum variable interest rate is calculated on your remaining balance.

      I hope this helps.

      Thank you and have a wonderful day!

      Cheers,
      Jeni

  7. Default Gravatar
    xxxnicoleSeptember 12, 2019

    What’s the condition of UBank USaver Online Savings Account to have the maximum interest rate?

    • Avatarfinder Customer Care
      AshSeptember 13, 2019Staff

      Hi Nicole,

      Thank you for contacting Finder.

      To receive the maximum interest rate of 2.41% p.a. for the UBank USaver account, you need to link it to a Ultra transaction account then make a $200 deposit per month (into either account). Kindly take note that the combined balance for both the Savings and Transaction Account should not exceed $200,000.

      I hope this helps.

      Please do not hesitate to reach out to us if you have additional questions.

      Cheers,
      Ash

  8. Default Gravatar
    PaulSeptember 11, 2019

    When you say two accounts is that two with uBank plus the one your transferring money from 3, to get the bonus rate, got me confused, I’m interested. Can you reply asap?

    Cheers!

    Paul

    • Avatarfinder Customer Care
      JeniSeptember 12, 2019Staff

      Hi Paul,

      Thank you for getting in touch with Finder.

      Basically, to earn up to 2.41% on your UBank USaver account you must link a USaver Ultra Transaction Account. Additional requirement is to transfer at least $200 per month into either account and make sure that your combined balance across both accounts does not exceed $200,000.

      I hope this helps.

      Thank you and have a wonderful day!

      Cheers,
      Jeni

  9. Default Gravatar
    XiomaraAugust 13, 2019

    Hi,

    I am interested in the Ultra savings account that offers 2.45% interest when a deposit of $200 is done. I don’t have accounts in this bank, can I still open the account?

    • Avatarfinder Customer Care
      JeniAugust 13, 2019Staff

      Hi Xiomara,

      Thank you for getting in touch with Finder.

      Yes, you may still open this UBank USaver account even without an account with them. You would be required to open a USaver savings account then you’d link an Ultra transaction account.

      Please make sure that you’ve read the relevant T&Cs or PDS of this account to help consider whether the product is right for you.

      I hope this helps.

      Thank you and have a wonderful day!

      Cheers,
      Jeni

  10. Default Gravatar
    MartinJuly 13, 2019

    When was the last time the interest rate was changed on this account?, also if I make withdrawals, am I still eligible to earn the maximum interest rate?

    • Avatarfinder Customer Care
      NikkiJuly 15, 2019Staff

      Hi Martin,

      Thanks for reaching out!

      Upon checking, the UBank Usaver interest rate was changed last 14 July 2019.

      When you make withdrawals to the account, you are still eligible for the maximum interest rate for as long as:

      – you link the account to a UBank USaver Ultra Transaction Account
      – transfer at least $200 per month into either account

      You must ensure your combined balance across both accounts does not exceed $200,000.

      Hope this helps! For any further questions, feel free to reach out to us again, we’re here to help.

      Best,
      Nikki

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