UBank USaver Ultra

UBank USaver Ultra

Maximum Variable Rate

2.87

Account Keeping Fee

0

Sign up for the UBank Transaction Account and receive a bonus interest rate.

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

Product details

If you already have a UBank Ultra Saver account, you can boost your savings by signing up for the UBank Ultra Transaction Account. Linked to your savings, this account gives you all you need to conduct your everyday transactions with a linked Visa debit card. Plus, benefit with a free sweep facility so you never have to worry about overdrawing your account.

The USaver Ultra sweep lets you set maximum and minimum spending limits.

Product Name
UBank USaver Ultra
Monthly Account Fee
$0
Debit Card Access
Visa
ATM Withdrawal Fee
$0
Interest Rate p.a.
1.81%
Details
Enjoy no monthly account keeping fees with the USaver Ultra transaction account.
Joint Application
Yes

What are the features of the UBank USaver Ultra Transaction Account?

With the Ultra Transaction Account from UBank you are getting a number of features that make it worth considering.

  • Monthly account keeping fees. You are not charged any fees for monthly maintenance on this account.
  • Interest increase. The interest rate on your USaver account will receive a bonus rate each month that you deposit at least $200 into either account. This deposit must be coming from a non-UBank source, such as a direct credit from your salary.
  • Minimum balance. There is no minimum balance requirement, but if you go above $200,000 combined with the two accounts you will not receive the bonus interest.
  • Linked debit card. Your account will be linked to a Visa debit card featuring Visa payWave. This card will allow to make point of sale purchases under a $100 without having to swipe your card or sign a receipt.
  • Accessibility. Not only does the Visa debit card allow for EFTPOS and online purchases, you can use it to withdraw cash at rediATMs and ATMs in the NAB network.
  • Online banking. You also have unlimited access to your funds through internet and mobile banking.
  • Direct debit. Pay your bills electronically using BPAY and direct debit from your transaction account.
  • Sweep facility. Sweep automatically transfers money between your accounts based on maximum and minimum limits you set when opening the account. It will also keep track of any scheduled transfers and move money from your savings into the transaction account in order to cover the cost. This also works in the other direction, where excess money in the transaction account is automatically sent to your high interest savings account.
  • Terms. You will have to have an established USaver account as well as either a settled UBank home loan or $1 in your USaver account.

Pros

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

Cons

  • UBank has an online presence only

How do I apply for the UBank USaver Ultra Transaction Account?

If the Ultra account provides all you need for your everyday transactions, you can apply by logging in to UBank’s online banking site from your personal computer. Go to the managing tab and click on “new account” and the “USaver Ultra” in order to access the application. You will be asked to meet certain eligibility requirements before UBank will issue this transaction account in your name:

  • Minimum age. Applicants must be at least 18 years of age for this account.
  • Residency requirements. The Ultra Transaction Account is open to all residents of Australia with a residential address.
  • Depository requirements. There is no minimum deposit that you must make, but your Ultra Saver account must have at least $1 inside or you must have settled a home loan with UBank.

Documentation needed to ensure that your application is completed correctly includes:

  • Tax file number. If you haven’t already done so, you will be asked to provide your tax file number (TFN) or TFN exemption code. This is not obligatory, but it does help in making sure that you are being taxed at the correct withholding rate for your earned interest.
  • Identification. To verify your identity you will need information from your Australian driver’s licence or passport.
  • Account information. The account number for your USaver Ultra will be needed in order to link the two accounts and make transfers.

Once the application has been submitted, an Ultra Transaction Account will be opened in your name, and your Visa debit card mailed to the address that you have provided UBank. After you have activated the card you can begin to make your everyday financial transactions through your new account.

Please give information on saving investment rate for $200,000?

If you have a balance greater than $200,000 in this account you will earn the base variable rate of interest which is currently 1.81%.

Is it true you need $10,000 to open one of these accounts? Which ATMs can you use for free?

That’s not true that you need $10 000 to open a UBank USaver Ultra account. You’ll get free unlimited withdrawals from NAB or rediATMS.

Please advise if I can Open the U Saver Ultra Transaction Account if I do not have permanent residency. Also I do not receive a salary, but have accounts with NAB from which I can transfer funds monthly.

To be eligible for a Ubank USaver account, you need to have an Australian residential address and be an Australian resident for taxation purposes.

Can I set up direct debit on my sweeper account eg telstra?

You can set up direct debit with the USaver Ultra. Please note that the sweep facility is used between your USaver and USaver Ultra.

May I ask what happens if your balance tips over the $200,000 maximum?

If the balance of your account is greater than $200,000, you will only receive the USaver base variable rate, currently 1.81% p.a. at the time of writing.

Can one manually transfer from the Ultra account to the Usaver? If not, how long after the Ultra account exceeds its nominated limit will money be swept into the Usaver?

You can manually transfer from your Ultra account to your USaver. The sweep will apply at the end of everyday to ensure that your minimum and maximum amounts for your Ultra are maintained.

Can someone call me to get a ultra account linked to my high interest account and consolidate my other NAB accounts into the Ubank accounts

Unfortunately you’ve come through to finder.com.au, an online comparison service. We don’t have access to any personal information or accounts with UBank. Please speak to the customer service team at UBank, they will be more than happy to help.

I currently have a UBank USaver transaction account. Can I open up a USaver Ultra transaction account and transfer some funds from the USaver into the USaver Ultra if I apply to open this new account on-line? My understanding is that you must be an existing customer of UBank with an active USaver account with (required deposit) and if you meet the criteria set out for opening the USaver Ultra account then all is okay. Is there a minimum amount you need to have in the USaver Ultra or need to make a monthly deposit to receive the bonus interest rate?

On the UBank website it states that to qualify for the bonus rate you need to,

  • “Deposit $2,000 or more per month from an external source into your Ultra or nominated USaver account. This can be as simple as depositing your salary.”
  • “Maintain a total balance of not more than $200,000 including USaver and USaver Ultra, inclusive of all joint accounts.”
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