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 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.
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.
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 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.
- 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.