UBank USpend

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

Alison Banney

Last Updated Jan 1, 2021

Account keeping fee

ATM withdrawal fee

Overseas ATM withdrawal fee

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Details

Product Name	UBank USpend
Monthly account fee	$0
Card access	Visa
ATM Withdrawal Fee	$0
International transaction fee	0%
Monthly deposit required to waive account fee	N/A
Contactless Payments	Google Pay, Apple Pay, Samsung Pay, Fitbit Pay, Garmin Pay

Minimum Age	18
Joint account availability	Yes
Minimum opening deposit	N/A

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 1.1% p.a. interest on linked USave savings account
Apple Pay and Google Pay available

Cons

This account can only be added to a UBank USave savings account and cannot be opened on its own
Can’t access all ATMs in Australia for free

Review by

Alison Banney

alison.banney@finder.com

Alison Banney is the banking and investments editor at Finder. She has written about finance for more than 8 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.

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 USave with USpend Bonus. You can opt for just the UBank USave with USpend Bonus on its own, but you'll only earn the standard interest rate on your savings.

You can earn bonus interest if you add the UBank USpend to your UBank USave with USpend Bonus, and transfer at least $200 per month into either account. The bonus interest is applicable on balances up to $250,000.

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.

How to apply

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

Make sure your UBank USave with USpend Bonus 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

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

What happens after I submit my application?

Your new debit card will arrive in the mail to your residential address usually within three to five days.

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6 Comments

Sweta
January 6, 2022

Is there any charge if I cannot deposit $200 per month by any reason?

finder Customer Care

Alison
January 12, 2022

Hi,

To be eligible for the USave bonus rate, you must make deposits of $200 or more into your linked USave and/or USpend account in a month from a non-UBank account. If you’re not able to deposit $200, there is no fee. However, you will not be eligible for the bonus rate.

Best,
Alison

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?

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

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!

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

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