finder.com.au

UBank USpend

Alison Banney
Alison Banney
Last updated:  

Add this account to a UBank USave savings account and enjoy no account keeping fees, no overseas ATM fees and no foreign transaction fees.

Add the UBank USpend to a UBank USave 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 USave savings account. Read on to learn more about the account, and the steps to follow to open one today.

$0

Account keeping fee

$0

ATM withdrawal fee

$0

Overseas ATM withdrawal fee

We’re reader-supported and may be paid when you visit links to partner sites. We don’t compare all products in the market, but we’re working on it!

Details

Product NameUBank USpend
Monthly account fee$0
Card accessVisa
ATM Withdrawal Fee$0
Monthly deposit required to waive account feeN/A
Contactless PaymentsGoogle Pay, Apple Pay, Samsung Pay, Fitbit Pay, Garmin Pay

Expert review

Alison Banney

Review by

Alison Banney is the banking and investments editor at Finder. She has written about finance for over six years with her work featured on sites including Yahoo Finance, Money Magazine and Dynamic Business.

Expert review

The first thing to note is that this transaction account must be added to a UBank USave Account , it can’t be opened on its own. When you do link this account to a UBank USave, you’ll earn a competitive bonus interest rate on your USave balance when you deposit $200 a month into either account.

This transaction account is great for everyday use in Australia, and as a fee-free travel money option when you’re overseas. It’s one of only a handful of accounts that charges no account keeping fees, no overseas ATM withdrawal fees and no international transaction fees.

You can link the Visa Debit Card to Apple Pay, Google Pay or Samsung Pay to pay with your phone instead of your card. The UBank mobile app also offers Sweep Technology, which is a handy feature that automatically moves money between your transaction and savings account to help you stick to your savings goal and ensure you always have enough money in your account for regular bills.

One fee to look out for is if you make a withdrawal at an ATM in Australia that isn’t owned by NAB, Westpac, CBA or ANZ. The ATM operator may charge you a fee, but this will always be displayed on the ATM screen before you need to confirm your withdrawal.

Key features

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 USpend 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.

How to apply

This account can't be opened on its own. It needs to be added to a UBank USave savings account. Read our review and apply online here.

Make sure your UBank USave 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 "UBank USpend" 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

Ask an expert

To ask a question simply log in via your email or create an account.

You are about to post a question on finder.com.au:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com.au is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder only provides general advice and factual information, so consider your own circumstances, or seek advice before you decide to act on our content. By submitting a question, you're accepting our Terms of Use, Disclaimer & Privacy Policy and Privacy & Cookies Policy.

4 Comments

    Default Gravatar
    Jane
    September 18, 2019

    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?

    Reply
      Default Gravatar
      Nikki
      September 18, 2019

      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

      Reply
    Default Gravatar
    Alex
    November 6, 2018

    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!

    Reply
      Default Gravatar
      Nikki
      November 6, 2018

      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

      Reply
Go to site