Product details
Add the UBank USaver Ultra transaction account to a UBank USaver savings account and access any ATM overseas for free, and pay no foreign transaction fees on online purchases. You can link the account to Apple Pay to make contactless payments with your phone or an Apple Watch. Plus, you can earn a competitive interest rate on your savings.
This account must be added to a UBank USaver savings account. Read on to learn more about the account, and the steps to follow to open one today.
When you link this account to a UBank USaver savings account, you’ll enjoy a competitive interest rate on your savings.
- Product Name
- UBank USaver Ultra Transaction Account
- Monthly Account Fee
- $0
- Debit Card Access
- Visa
- ATM Withdrawal Fee
- $0
- Interest Rate p.a.
- 2.10%
- Joint Application
- Yes
- Fee Free Deposit p.m.
- $0
- Overseas ATM Withdrawal Fee
- $0
- Phone Banking
- No
- Fees
- $0
- Internet Banking
- Yes
Features
Here are all the key features of the UBank USaver Ultra transaction account you should consider when comparing your options.
No account keeping fees
This transaction account has no monthly account keeping fees to worry about.
Access thousands of ATMs in Australia fee-free
Australian debit cardholders can access NAB, Westpac, ANZ and CommBank ATMs for free; however, some other ATM operators may charge a fee.
No fees when using the transaction account overseas
You’ll pay no overseas ATM withdrawal fees and no foreign transaction fees when using your UBank USaver Ultra transaction account internationally. Plus, you’ll pay no foreign transaction fees when shopping online from overseas retailers.
Linked Visa debit card
This account comes with a linked Visa debit card which you can use to make payments in stores and online all around the world. The card also offers Visa PayWave, so you can tap and go without entering a PIN for purchases under $100.
Apple Pay and Google Pay available
You can link your Visa debit card to the Google Pay or Apple Pay app to make secure contactless payments with your phone or smartwatch, without using your physical debit card.
Earn up to a competitive bonus interest rate on your savings
You must add this transaction account to a UBank USaver savings account. You can opt for just the UBank USaver on its own, but you’ll only earn the standard interest rate on your savings.
You can earn bonus interest if you add the USaver Ultra transaction account to your UBank USaver, and transfer at least $200 per month into either account. The bonus interest is applicable on balances up to $200,000.
Sweep technology helps you save
Set up your own limits for how much money you want to regularly add to your savings, and how much you need in your transaction account for everyday spending and bills. Then, the built-in sweep technology will automatically move money between your transaction and savings account each night to ensure your savings goal is met, and you have enough for expenses.
Internet and mobile banking
View your account balance, recent transactions and make transfers or online payments anywhere, anytime with Internet banking or via the UBank mobile banking app.
Pros
- No account keeping fees
- No overseas ATM fees or foreign transaction fees
- Sweep technology helps you meet savings goals
- Access thousands of ATMs in Australia for free
- Earn up to 2.10% p.a. interest on linked USaver savings account
- Apple Pay and Google Pay available
Cons
- This account can only be added to a UBank USaver savings account and cannot be opened on its own
- Can’t access all ATMs in Australia for free
How to apply
This account can’t be opened on its own. It needs to be added to a UBank USaver savings account. Read our review of the UBank USaver and apply online here.
Make sure your USaver has a balance of at least $1. Then, log into your UBank online banking portal and go to the "managing" tab. Click "new account", then "USaver Ultra" to add your new transaction account. You'll need to meet the account eligibility and have the necessary documents handy before you begin.
Eligibility
- You must be 18 years or older
- You must have an Australian residential address
Documentation needed
- Your tax file number, or tax identification number if you’re a US citizen
- Identification in the form of an Australian driver’s licence or passport
Your new debit card will arrive in the mail to your residential address usually within three to five days.
No foreign transaction fees – does this include no fees for conversion from/to AUD$ for online purchases?
What is the minimum $ required to open/start up the account & maintain as minimum balance?
Are any fees charged for set up/withdrawls/deposits/eftpos? Is there a limit on $ or number of fee free deposits/withdrawls/eftpos/ATM? If yes what is the limit both in $ & number?
Can cash deposits be made & how?
Can the transfer of $200 per month be cash deposit? Does transferring $200 from UBank transaction acc to UBank saver acc count or does it have to be an external account other than UBank?
Hi Jane,
Thanks for your comment. Please see answers below:
1. No foreign transaction fees – does this include no fees for conversion from/to AUD$ for online purchases?
A: You’ll pay no foreign transaction fees when shopping online from overseas retailers. However, there’s a conversion rate that’s applied to the purchase and is dependent on the current day.
2. What is the minimum $ required to open/startup the account & maintain a minimum balance?
A: The minimum you need is $100 in the Ultra account.
3. Are any fees charged for setting up/withdrawals/deposits/EFTPOS?
A: No setup fees, no overseas ATM Withdrawal Fee, and no EFTPOS fee.
4. Is there a limit on $ or number of fee-free deposits/withdrawals/EFTPOS/ATM?
A: If you exceed the $200K across your Usavers & Ultra you won’t get the bonus interest rate.
4. Can cash deposits be made & how?
A: No, cash deposits are not allowed as this is an online bank
5. Can the transfer of $200 per month be cash deposit? Does transferring $200 from UBank transaction acc to UBank saver acc count or does it have to be an external account other than UBank?
A: To transfer funds, you can use BPAY or EFT. Cash deposits are not allowed. You must deposit at least $200 a month into your USaver Ultra transaction or USaver savings account from a non-UBank account (for example, your salary)
Hope this helps!
Best,
Nikki
Hi team,
Is the bonus interest applied to the amount held in the USaver or USaver Ultra account?
I understand both accounts need to be held for the maximum interest rate to be received.
Thanks!
Hi Alex,
Thanks for getting in touch! The bonus will be applied to balances held in the USaver Savings Account Linked to your Ultra Account 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 that withdrawals from either the USaver Savings Account or Linked Ultra account do not affect your bonus.
Hope this was helpful. Don’t hesitate to message us back if you have more questions.
Cheers,
Nikki