UBank USaver

UBank USaver

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Maximum Variable Rate

2.87

Standard Variable Rate

1.81

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

  • Earn up to 2.87% p.a. on your balance
  • 24/7 account access with Internet banking and mobile app
  • 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 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.

Product Name
UBank USaver
Maximum Variable Rate
2.87% p.a.
Standard Variable Rate
1.81% p.a.
Bonus Variable Rate
1.06% p.a.
Introductory / Bonus Offer Conditions
Earn 2.87% 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 1.81%

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.

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.

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Pros

  • $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

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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6 Responses

  1. Default Gravatar
    May 9, 2018

    I would like to open a term deposit

    • finder Customer Care
      JoelMay 9, 2018Staff

      Hi Cora,

      Thanks for leaving a question on finder.

      If 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.

      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.

      Cheers,
      Joel

  2. Default Gravatar
    SueMarch 6, 2018

    If I start with $ 2000.00 will the interest be calculated daily at 1.81% or is it calculated at 1.81% yearly?

    • finder Customer Care
      MayMarch 8, 2018Staff

      Hi Sue,

      Thanks for your question.

      With UBank USaver, the interest is calculated daily against your balance. It means that they apply compound interest to your money and to the interest you earn.

      Cheers,
      May

  3. 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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