UBank USave High Interest Savings Account
You'll earn bonus interest for making regular monthly deposits of $200, so you can reach your savings goals sooner.
The UBank USave is a flexible online high interest savings account that allows you to transfer your money to any Australian bank account. Earn up to 1.1% on your balance by linking the account to a UBank USpend and transferring at least $200 per month into either account, ensuring your combined balance across both accounts does not exceed $250,000.
Maximum variable rate
Base interest rate
Alison Banney is the banking and investments editor at Finder. She has written about finance for over six years with her work featured on sites including Yahoo Finance, Money Magazine and Dynamic Business.
This account offers an ongoing bonus rate of 1.1% when you link it to a UBank USpend transaction account and deposit $200 a month into either account.
The maximum bonus rate with this account is slightly lower than what’s offered by a few other accounts in the market. However you’ll likely need to meet a much larger deposit requirement with savings accounts that offer a higher rate, and you could also be limited from making withdrawals. The UBank USave has no withdrawal restrictions and there’s no monthly spending conditions to meet either, so it’s quite easy to earn the bonus interest.
If you like the idea of having your savings automated for you, UBank’s sweep tool moves your money back and forth between your savings and transaction account to make sure you always have enough for bills while still helping you save. The linked transaction account charges no account keeping fees, no overdrawn fees, no ATM withdrawal fees and no foreign transaction fees.
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 with this account.
Standard variable rate of 0.1%
This ongoing, standard variable base rate offered with the account is 0.1%. You'll earn this rate of interest on your balance each month, regardless of how much you deposit.
Maximum variable rate of 1.1% by meeting the account conditions
This account also offers a bonus interest rate of 1%, bringing the total variable rate to 1.1% each month you meet the account conditions. To earn this bonus rate you need to link the account to a UBank USpend and transfer at least $200 per month into either account, ensuring your combined balance across both accounts does not exceed $250,000. You can link a UBank USpend via Internet banking or within the mobile banking app.
Earn bonus interest on multiple USave accounts
You can open up to 10 individual USave accounts and earn bonus interest on each one, to help you save for different goals. You'll be eligible for bonus interest on all your USave accounts as long as you link at least one USpend transaction account and deposit at least $200 per month.
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 $250,000.
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 USpend.
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 savings account you can set up a regular payment from your linked transaction 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. This feature can be turned off, if you don't want it.
Linked transaction account charges no fees
If you opt to open the linked 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.
How to apply
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. However 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 this account, you will need to provide an account name and number that it can be linked to.
What happens after I submit my application?
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.