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.
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 for Australians.
- Award winning. Money Magazine recognised this account in 2014, awarding it the Best Savings Account of that year.
- 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.
- Monthly fees. You will not be charged any monthly fees when banking with the USaver account.
- Interest rate. This is a high interest savings account with no terms to meet in order to receive a variable competitive rate of interest on your balance.
- Interest calculation. Your interest is calculated daily against your balance and paid into the account once a month.
- Balance requirements. There are no minimum balance requirements and this account allows for you to invest up to $5,000,000.
- Accessibility. You can view your account and make transfers at any time with online banking.
- Linked 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.
- $0 Account keeping fees
- Backed by NAB
- Can setup automatic savings plan
- Can link to any Australian bank transaction account
- 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 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.
In addition to ensuring that you are eligible, you should also check that you have the following documentation ready in order to make it easier to fill out the application:
- 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.
After your application has been submitted it will be reviewed by the bank and an account 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.
I have a term deposit with Ubank which is due to roll over soon $20,000. As you guys do not pay the interest into the term deposit monthly so that it compounds but rather send to my Usaver account.
My question is would it be better to put the $20,000 into my Usaver account to which I am currently saving $300 a month and letting it all compound. Your thoughts please.
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.
Does one put their own deposits of $200 into the account, or does it have to be set up automatically coming out of a nominated account ?
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.
Can you hold multiply us aver accounts under the same name? If so, does the $200,000 limit to the bonus interest rate apply to each account or must the total of all accounts be less than $200k to be eligible for the bonus interest?
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.
How much can you put in the ubank saver?
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.
We have $550,000 we’d like to deposit for up to 5 months with a draw down approx every 4-6 weeks to pay for a house we are building. There would be a residue of approx $150,000 at the end. Do you think this type of account would be the best for us? Does your account only pay the higher interest up to $250,000 & with a $200 / month deposit
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.
I am at present using Westpac reward saver at a lower rate than Ubank. Westpac pays no interest for the month if I make withdrawal. What is Usaver system? Funds involved $100K and can deposit $200/month.
I started a Ubank account a year ago but did not activate it.
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.
Hi can you have direct debits come out of a usaver? I have just opened one for this purpose…..
This account doesn’t have direct debit – paying bills and day to day transactions will require a different account.
Can I set up a USaver account for my smsf bank account?
UBank does offer a USaver SMSF, I’ve emailed you the link of the relevant page.
Two questions,how simple is it to transfer money from my commonwealth account to the Usaver savings account? Second question,the initial rate is 4.31%,where is the figure of 5.71% coming from if they add an extra 0.70% if you deposit $200 per month?
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.