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UBank USaver + Ultra Transaction Account

UBank USaver + Ultra Transaction Account

Maximum Variable Rate


Standard Variable Rate


Watch your transaction account and savings account work in harmony with the USaver Ultra Bank Account

  • Automated sweep so you always have funds in your transaction account
  • 24/7 account access
  • No monthly fees

Product details

The UBank Ultra Transaction Account functions in the same way as a regular transaction account, but works dynamically with your UBank savings account. You set a minimum and maximum balance – when your balance drops below the minimum your savings account will automatically transfer money into it to bring it back up to the minimum level.

If your balance goes over the maximum, the transaction account will automatically send the surplus funds into your savings account for maximum interest.

Product Name
UBank USaver + Ultra Transaction Account
Maximum Variable Rate
2.87% p.a.
Standard Variable Rate
1.81% p.a.
Bonus Variable Rate
1.06% p.a.
Introductory / Bonus Offer Conditions
Make a deposit of $200 or more, and you'll receive Ultra Savings Bonus of 1.06% on top of your normal USaver base rate.
Monthly Fee
Minimum Opening Deposit
Minimum monthly deposit for bonus interest rate
Internet Banking
Internet Transaction Fee
Phone Banking
Phone Transaction Fee
Joint application?
Minimum Age Requirement
Maximum Age Requirement
No Maximum Age
Covered by Government Guarantee?
Yes (Up to $250,000 per person, per institution)

What are the benefits and features of the USaver Ultra Transaction Account?

  • Visa Debit Card - You'll get a debit card to access your funds with the USaver Ultra Transaction Account. This has payWave functionality so you can press your card on a terminal rather than swipe it for purchases under $100. You'll also get free unlimited withdrawals from NAB or rediATM.
  • No monthly account fees - The USaver Ultra Transaction Account has no monthly account-keeping fees, nor does the linked USaver Savings Account.
  • Online access and mobile app - You can access your money 24/7 either online, over the phone or through the UBank Mobile Banking which is available from both Google play and the App Store.
  • Other features - You can also pay your bills using BPAY, get online statements and set up direct debits.
  • Linked account - A USaver Ultra Transaction Account is linked to the regular USaver account. This means you get the benefits of this account too.
  • USaver rate assurance - The UBank promise is that each Friday they'll review their standard variable base rate for their savings accounts and raise it if it's lower than any of the rates offered by competitor products. This includes one savings account product from ING, Bankwest, the Commonwealth Bank, Westpac, ANZ and St George.
  • Easier to get bonus interest - Earn bonus interest of 1.06% if you open a USaver Ultra Transaction Account and deposit at least $200 a month into it. You can also qualify for the bonus interest if you have a maintaining balance of not more than $200,000 a month going into your transaction account.

What are the features of the linked Visa debit card?

  • Convenience – Your UBank Visa Debit Card can be used anywhere a credit card is accepted. This means you can make telephone payments, shop online or use your card at a physical store and also use it overseas.
  • Your own money – A debit card is linked to your transaction account and savings. This means there’s no risk of getting into debt as you can with a credit card because there’s no ability to borrow funds from the bank.
  • payWave technology – The UBank Visa Debit Card uses Visa payWave technology, meaning you can pay for transactions under $100 by simply swiping your card at a payWave or PayPass terminal.
  • Secure shopping – The UBank Visa Debit Card has the same amount of protection that a credit card has. This means you get an inbuilt security chip which holds your details on it rather than relying on the less secure magnetic strip on the back. You can also use a PIN instead of signing to increase the security of your transactions.
  • Acceptance - The UBank Visa Debit Card is a Visa card. This means you can use your card with merchants and at ATMS all over the country. You can also use it overseas at millions of locations and any ATM with a Visa or Plus sign on it.
  • ATM network – UBank is a lending arm of NAB, which means your UBank Visa Debit Card can be used to withdraw money for free at any NAB or rediATM you find. This puts 3,400 fee-free ATMs at your disposal.

Worked example

We understand it may be a bit difficult to picture how the USaver Ultra Transaction Account works. Here's a basic example of how the process (or what UBank calls 'Sweep') works.

Dave's money management

Let's see how the Sweep feature works could work for Dave.

  1. Dave sets a minimum limit of $500 (You can set between $500 - $1000 for your minimum limit) and a maximum of $1500 (This can be between $1000 - $2500).
  2. He keeps $700 in the transaction account. On the weekend he spots a new snow jacket which he needs in a couple month's time. The jacket is $250.
  3. Dave buys the jacket, bringing his transaction account balance down to $450. That night, $50 from his USaver savings account is brought across and bumps his balance back up to $500.
  4. After a few weeks of good money management, Dave finds his transaction account balance has worked its way up to $1700.
  5. That night, the extra 200 is brought across to his USaver savings account, adding to his savings balance and earning interest.


  • You don't have to pay monthly account keeping fees.
  • You could receive a bonus interest rate up to 1.06% p.a.


  • UBank has an online presence only

Am I eligible for this product?

The standard eligibility requirements are:

  • You must be a personal customer 18 years or over
  • You are an Australian resident for tax purposes and have an Australian residential address
  • You have a mobile number and email address
  • You hold an active USaver account
  • You have $1 deposited in your USaver account or have a settled UBank UHomeLoan

Linking to your USaver

If you already hold an eligible USaver account, UBank will automatically link it to your new Ultra. If you have more than one USaver, you can specify which one you'd like to link to.

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33 Responses

  1. Default Gravatar
    PhilipDecember 5, 2016

    Until now I had only one single USaver which was then automatically linked to my USaver Ultra (for the sweeps). But now I created an additional USaver and I’d like to link this latter one to my Saver Ultra! So “how” can I modify this link now? So thanks in advance for any valid response.

    • finder Customer Care
      MayDecember 5, 2016Staff

      Hi Philip,

      Thanks for your question.

      To link your USaver Ultra transaction, you just log into UBank’s Online Banking from your computer, then follow the steps below:

      1. Go to the ‘Managing’ tab
      2. Click ‘New Account’
      3. Click on the ‘USaver Ultra’ button

      You can then start to manage your savings account.

      Hope this helps.


  2. Default Gravatar
    irinaNovember 27, 2016

    In your U Bank can I keep my money to earn the interest and not use your bank card to withdraw any fund?

    • finder Customer Care
      LouNovember 27, 2016Staff

      Hi Irina,

      Thanks for reaching out.

      With UBank USaver Ultra Bank Account, there is no withdrawal requirement or limit so you can choose not to withdraw any funds from your account. Please note though that the interest on your balance is only 1.81% p.a. with a maximum variable rate of 2.87% p.a.

      You may want to consider other high-interest savings account on this page.


  3. Default Gravatar
    AnneSeptember 3, 2015

    How do I get a pin number quickly? Either mine never arrived..or I’ve misplaced it.

    • finder Customer Care
      ShirleySeptember 4, 2015Staff

      Hi Anne,

      Thanks for your question.

      Your PIN will arrive in your mailbox separately due to the security reasons. In the meantime the PayWave feature may work if you’d like to make purchases, though you should carry cash just in case it doesn’t.


  4. Default Gravatar
    GregAugust 1, 2015

    I joined Ultra saver on the 25 June. First card and pin did not arrive, Reordered. Card arrived but no pin. reordered pin but still no pin !!!!!!!!!!!!

    5 weeks since joining and still no functioning card !!!!

    How does one obtain a functioning card and pin from Ubank ???

    • finder Customer Care
      ShirleyAugust 3, 2015Staff

      Hi Greg,

      Thanks for your question and we’re sorry to hear about your experience with UBank. Please be mindful that finder.com.au is an independent comparison and information service and is not affiliated with UBank.

      In this we’d recommend that you speak to their customer service team to speed up the process. Their contact details are available on this page.


  5. Default Gravatar
    DebMarch 26, 2015

    Hi I travel over the world to work. I wish to have a bank account in England and the USA so my pays can go into them. But I really want an account which is available and doesn’t matter which country I go to. Is the UBank one I can rely on or do I need to open one in each country?

    • finder Customer Care
      ShirleyMarch 27, 2015Staff

      Hi Deb,

      Thanks for your question.

      You can use the UBank USaver account when you go overseas, but there are lot of fees to consider if you want to take out money or make transactions.

      You may want to consider an international transaction account instead.

      Your employer can allocate your pay into this account, but keep in mind that exchange rate may apply as these accounts generally only hold AUD.


  6. Default Gravatar
    BellaNovember 26, 2014

    Ubanks products have Home loans and Transactions accounts. I opened their website but don’t know which one need to choose. I just want to put money in the account and get high monthly interests. So which kind of products i need ? I got confused.

    • finder Customer Care
      ShirleyNovember 27, 2014Staff

      Hi Bella,

      Thanks for your question.

      It sounds like you’re looking for a high interest savings account. This would be the UBank USaver account.


  7. Default Gravatar
    EllyJune 3, 2014

    Will I qualify for the Ultra Saver interest rate if I deposit $2000 per month via BPAY instead of via the ASP?

    • finder Customer Care
      ShirleyJune 4, 2014Staff

      Hi Elly,

      Thanks for your question.

      Yes, deposit methods can be made through Electronic Funds Transfer (EFT), BPAY, salary credit, periodical payment from an Australian financial institution and Direct Debit.


  8. Default Gravatar
    LPMay 23, 2014

    Can you connect the ultra account to a UHome Loan? And have the sweep work between the home loan and the ultra account?

    Do all questions below relating to savings accounts apply equally to the redraw funds of a home loan?

    Eg. Bpay/Direct debit is greater than the funds in the Ultra account, then funds will be swept from the home loan to cover it?

    • finder Customer Care
      ElizabethMay 26, 2014Staff

      Hi LP,

      Thanks for your question.

      You are able to connect your UBank USaver Ultra Bank Account to your UHomeLoan, but the ‘sweeps’ function cannot be used in connection with your home loan. So, it is only able to be used as a basic transaction and savings account without being able to set a minimum and maximum balance with automatic transfers.

      I hope this has helped.



  9. Default Gravatar
    HarbuckleApril 4, 2014

    Not so much a question as an update on the Ultra conditions. It isn’t mentioned so I thought your readers might like to know that the minimum balance required for the Ultra has been reduced to just $100. Even with a $100 balance, you can still withdraw up to $1000 a day using eftpos or ATM provided you use the ‘credit’ facility rather than savings. Of course you must have the funds available in your Usaver. Win win.

  10. Default Gravatar
    KylieApril 1, 2014

    If I set up a uSaver Ultra and link it to one of my existing uSaver accounts does that mean I no longer have to have the $200 ASP from an external source going into that original uSaver?
    Also, I have three other uSaver accounts. I read somewhere that if you meet the bonus interest criteria on one account it’s applied to all your uSaver accounts. Is that correct? I.e. If I just deposit my monthly salary of >$2k into my uSaver Ultra and keep my total uBank balance <$200k I will get the bonus interest across every uSaver account I have?

    • finder Customer Care
      MarcApril 2, 2014Staff

      Hi Kylie,
      thanks for the question.

      The Ultra account requires you to deposit at least $2,000 into the account per month (e.g your salary) in order to qualify for the bonus rate. This is in addition to your USaver balance staying under $200,000. It should be noted that the Ultra Bonus rate is higher than the regular USaver Savings bonus rate, and the USaver Savings Bonus isn’t given on this account. This account has a sweep function, meaning you set a maximum amount you’d like your transaction account to have in it, and any amounts over this are automatically transferred to your UBank.

      I hope this helps,

    • Default Gravatar
      KylieApril 1, 2014

      And if that is not the case, can I deposit my salary into the uSaver Ultra then set up an ASP to my uSaver accounts to qualify for the bonus interest?

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