UBank USaver

UBank USaver

Maximum Variable Rate

2.41

Standard Variable Rate

1.35
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You'll earn bonus interest for making regular monthly deposits, so you can reach your savings goals sooner.

  • Earn up to 2.41% 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 2.41% 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
2.41% p.a.
Standard Variable Rate
1.35% p.a.
Bonus Variable Rate
1.06% p.a.
Introductory / Bonus Offer Conditions
Earn 2.41% 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 1.35%

This ongoing, standard variable base rate offered with the account is 1.35%. You'll earn this rate of interest on your balance each month, regardless of how much you deposit.

Maximum variable rate of 2.41% by meeting the account conditions

This account also offers a bonus interest rate of 1.06%, bringing the total variable rate to 2.41% 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 2.41% 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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38 Responses

  1. 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

  2. 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

  3. Default Gravatar
    ChristineJune 28, 2019

    If I withdraw money do I get charged a fee from bank usaver

    • Avatarfinder Customer Care
      NikkiJune 28, 2019Staff

      Hi Christine,

      Thanks for your inquiry.

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

      Best,
      Nikki

  4. Default Gravatar
    JasonJune 21, 2019

    What is the likelihood of this rate decreasing?

    • Avatarfinder Customer Care
      JeniJune 22, 2019Staff

      Hi Jason,

      Thank you for getting in touch with Finder.

      With the effect of the recent change on the official Reserve Bank of Australia’s (RBA) cash rate which is now at to 1.25% after more than 30 months of no movement, banks would possibly decrease their rates on savings. If you wish to know more on UBank’s possible rate decrease, please contact them directly.

      I hope this helps.

      Thank you and have a wonderful day!

      Cheers,
      Jeni

  5. Default Gravatar
    SandraJune 18, 2019

    If an account is a joint one, does the Government Guarantee of $250,000 per person apply to each account holder?

    • Avatarfinder Customer Care
      JoshuaJune 19, 2019Staff

      Hi Sandra,

      Thanks for getting in touch with Finder. I hope all is well with you. 😃

      That’s an interesting question.

      The answer is yes, each account holder is entitled to an individual guarantee up to $250,000.

      I would like to add as well that this cap applies to per person and per Authorised Deposit-taking Institutions (ADIs). So if you have $250,000 with one ADI and $250,000 with another, then both of your deposits are guaranteed.

      I hope this helps. Should you have further questions, please don’t hesitate to reach us out again.

      Have a wonderful day!

      Cheers,
      Joshua

  6. Default Gravatar
    ChrisJune 5, 2019

    Are there any limits on the number of withdrawals per month (either cash or electronic) which will affect eligibility for the bonus interest rate?

    • Avatarfinder Customer Care
      NikkiJune 6, 2019Staff

      Hi Chris,

      Thanks for your inquiry.

      There are no limits on withdrawals per month (either cash or electronic). As long as you deposit $200 per month into your USaver Ultra transaction or USaver savings account from a non-UBank account (for example, your salary). Also, the total balance across all of your USaver and USaver Ultra accounts, including joint accounts, must not exceed $200,000.

      Provided you meet the criteria in the current month, you’ll start earning the bonus interest on your linked USaver savings account from the 1st of the following month.

      Please note:

      – The bonus variable interest rate will be applied to balances held in the USaver savings account linked to your USaver Ultra transaction account.
      – Withdrawals from either the USaver savings account or linked USaver Ultra transaction account do not affect your bonus.

      Hope this helps!

      Best,
      Nikki

  7. Default Gravatar
    DavidMay 7, 2019

    With UBank USaver do I need another Ubank account or it can be linked to the external account with getting the same rate. I should deposit at least $200 a month. Are there any restrictions on withdrawals?

    • Avatarfinder Customer Care
      NikkiMay 8, 2019Staff

      Hi David,

      Thanks for getting in touch! You can link the Ubank Usaver account to a USaver Ultra Transaction Account or to any Australian transaction account. The intro bonus offer reads: 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. 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.

      Let us know if you have any questions, we’re here to help!

      Best,
      Nikki

  8. Default Gravatar
    MarieMarch 22, 2019

    I do have uSaver account and making $200 contribution each month. What is an interest on money over $200,000 which I have on that account, before I can top it up from this account on term deposit, which mature in May?

    • Avatarfinder Customer Care
      JeniMarch 23, 2019Staff

      Hi Marie,

      Thank you for getting in touch with Finder.

      Your USaver account balance of more than $200,000 will earn the standard rate of 1.81% p.a.

      I hope this helps.

      Thank you and have a wonderful day!

      Cheers,
      Jeni

  9. Default Gravatar
    RachaelMarch 20, 2019

    Today I opened an account with you guy. I think I made an error entering my email address. Can you help me sort it please?

    • Avatarfinder Customer Care
      NikkiMarch 21, 2019Staff

      Hi Rachael.

      Thanks for getting in touch with Finder. While our pages show UBank reviews. To retrieve your account information with UBANK, contact them directly.

      Hope this helps!

      Best,
      Nikki

  10. Default Gravatar
    sharonMarch 9, 2019

    Does the U bank account charge ATM fees

    • Avatarfinder Customer Care
      MaiMarch 10, 2019Staff

      Hi Sharon,

      Thanks for leaving a question.

      It shows that there’s no fee to use your by USaver Ultra at any NAB Operated ATM. Other operators may charge a fee for use of their operated ATM.

      There’s also no charge for overseas ATM withdrawal, a fee may however be charged by the entity that operates the ATM that you used.

      Hope this helps.

      ​Please feel free to contact us back should you require further assistance.

      Kind Regards,
      Mai

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