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.
Account keeping fee
ATM withdrawal fee
Overseas ATM withdrawal fee
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.
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.
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 applyThis 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.
- You must be 18 years or older
- You must have an Australian residential address
- 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.