UBank USaver

UBank USaver

Maximum Variable Rate

1.81

Standard Variable Rate

1.81

Set up your savings plan through a USaver account with the competitive rates and no fees.

  • Ongoing, variable 1.81% p.a.
  • Available on balances up to $5,000,000
  • 24/7 account access with internet banking
  • 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 bank account held by any Australian financial institution. There are no fees to pay and with its competitive rate of interest and an automatic savings plan, you can save the money you need with little effort.

Due to the sweep facility, there's a minimum balance of $100 for the linked UBank USaver Ultra. If you have more than $100 in the combined accounts, the $100 misses out on the UBank USaver interest rate.

Product Name
UBank USaver
Maximum Variable Rate
1.81% p.a.
Standard Variable Rate
1.81% p.a.
Bonus Variable Rate
0.00% p.a.
Monthly Fee
$0
Minimum Opening Deposit
$0
Minimum monthly deposit for bonus interest rate
$0
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 in order to provide you with as many of the capabilities as possible that you get from a traditional bank. 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.

Interest rate of 1.81%

This is a high interest savings account with no terms to meet in order to receive a variable competitive interest rate of 1.81% on your balance.

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.

Internet banking

You can view your account and make transfers at any time with online banking.

Link to any account

You will have to link your USaver account with a transaction account to move funds. This can be done using any Australian bank account that allows this feature, or by opening a transaction account with UBank.

Automatic savings plan

With the USaver you can set up a regular payment from your linked account into your savings account.

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.

Launch savings calculator

Pros

  • $0 Account keeping fees
  • Backed by NAB
  • Can setup automatic savings plan
  • Can link to any Australian bank transaction account

Cons

  • No bonus interest rate

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.

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.

You will want to contact UBank directly to find out what option will be best for you and your investment strategy. You might want to use a tool like our term deposit calculator and compare it to the interest you’d earn with your Ubank account using our savings goal calculator.

The $200 must be deposited through an automatic savings plan (ASP). This just refers to you setting up an automatic transfer which takes the money from your nominated account. I have this account and have linked it to my transaction account so that it withdraws an amount automatically each month.

You can open more than one USaver account in the same name, but the $200,000 balance will apply to the total of all accounts.

This account has a maximum balance of $5 million per customer, but keep in mind that the savings bonus isn’t given if the total balance of your account is over $200,000.

This account only pays bonus interest for balances up to $200,000, in addition to the other bonus monthly deposit requirements. I’d recommend comparing a number of savings accounts to find out which may suit you and your circumstances better.

The USaver account requires a deposit of at least $200 a month but has no withdrawal penalties. The balance must also be kept under $200,000.

This account doesn’t have direct debit – paying bills and day to day transactions will require a different account.

UBank does offer a USaver SMSF, I’ve emailed you the link of the relevant page.

It’s relatively easy, as long as you have the BSB and account number for your Usaver account you can do it through online banking. A CommBank concierge should be able to show you to process in-branch.

To confirm, the maximum interest rate is 4.31%, not 5.71% – the 0.7% is added when you deposit $200 per month.

 

 

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2 Responses

  1. Default Gravatar
    NicolasFebruary 21, 2016

    Hi
    I am 16 Years of age and I have a part time / casual job. I would like to open an account that has a competitive interest rate, no fees and is linked to a scheme debit card.
    The UBank Saver Reach account looks ideal, but I am not eligible,
    The UBank Saver account does not have a scheme debit card.

    My parents bank with NAB and therefore I can link my account to theirs.
    Can you pls suggest the most suitable bank account for me.
    regards
    Nicolas

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