The UBank USaver Reach is designed to help Australian students and apprentices manage their savings while focusing on their studying. This is a high interest rate account that charges no fees and can be linked with another Australian bank account or a transaction account with UBank. UBank operates entirely online, using a business relationship with NAB to help secure your funds and provide you access to the same products and benefits you get with standard banks.
To be eligible for this account you need to be 18 - 29 years old.
What are the features of the UBank USaver Reach account?
The UBank USaver Reach gives young Australians a lot to consider when comparing savings accounts among different banks.
- Account keeping fees. There are no monthly charges for keeping your savings in this account.
- Interest rate. This is a high interest savings account, with no terms to meet or restrictions on how you long you have to keep your money invested.
- Calculating interest. The interest on the balance is calculated daily and paid into the account monthly.
- Balance requirement. There is no minimum balance requirement for this account, but you are limited to savings of no more than $5,000.
- Accessibility. This is an online account where you can view your balance and make transfers at any time.
- Linked account. In order to effectively use this account you will have to link it with a transaction account with an Australian bank. Not all financial institutions will allow this so you will have to check with yours first, or you can choose a transaction account with UBank to link to.
- Direct credit. UBank has an automatic savings plan, which allows you to set up regular payments from your linked account to be transferred to your UBank USaver Reach account.
- Government guarantee. Your deposits of up to $250,000 are protected by the Australian Government Guarantee Scheme.
- It's online application is easy to follow
- Start investing with a investment of less than $5000
- Internet and phone banking available
- Minimum age to apply for this account is 18 to 29 years old.
How do I apply for the UBank USaver Reach account?
If you have decided that the USaver Reach is the savings account to help you get through your university years you can apply online by visiting their website. Before starting on the application check to see if you are able to meet the eligibility requirements:
- Minimum age. This account is only available for Australians between the ages of 18 and 29.
- Residency requirements. All Australian residents for tax purposes are eligible to apply so long as you have an Australian residential address. If you are a citizen of the United States or taxpayer you will also need to provide you tax identification number (TIN) or social security number (SSN).
- Depository requirements. You are not required to make a minimum deposit when opening this account.
After you have determined that you are eligible for this account you will need to have the following documentation readily available in order to fill out the application accurately:
- Tax file number. Although this is not a mandatory requirement, providing your tax file number (TFN) or TFN exemption code so that your withholding tax on the earned interest will be at the correct rate.
- Identification. Your identity will be verified electronically online by using information found on your driver’s licence, passport or Medicare card.
- Linked account information. The account name and number for an Australian transaction account is needed in order to be able to transfer funds.
Once you have submitted your application it will be looked over by a representative of UBank who will then open an account in your name. You will be sent the details via email, and should be able to activate the account immediately and begin adding your savings.