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.
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 Direct, 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.
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.
- 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).
- 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.
- 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.
- After a few weeks of good money management, Dave finds his transaction account balance has worked its way up to $1700.
- 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.