Last updated on October 20th, 2019
UBank is not your ordinary bank. It is a branchless bank that operates online only. Therefore, UBank has to bear less traditional costs in comparison to its competitors. Do you realize what that means? The bank passes on all these saved costs to its customers. It passes them to YOU! Hence, making UBank USaver Australia a famous choice amongst individuals to deposit their money in. All you need is an Internet or a mobile phone connection like Spectrum voice. After that, you can make transactions from the ease of your home. Talking of the USaver account, it offers some of the best rates in the country. And being a part of NAB adds an extra advantage to UBank.
Owing to this, UBank offers rates that are backed up by real Australian support. Because it can take advantage of the financial strength of one of the most well-established banks in Australia. With over 400k customer base and $14 Bn in managed funds, you can trust UBank with your savings!
However, the service of opening a saving account is not the only product that the bank offers. You can choose from a wide range of products.
Products Offered by UBank
- UHomeLoan- It comes with a very easy to fill application process. It would not take you more than fifteen minutes to get through the first step of filling the application. Apart from the ease of applying, UBank does not charge you an annual or an application fee if you opt for variable rate home loan. Flexibility and convenience just serve as added bonuses if you apply for UHomeLoan.
- Term Deposit- Plan for the future with UBank’s term deposit plan that does not have fees no matter what. And the bank offers a lucrative interest rate of up to 2.75% p.a. depending on the time frame that you choose to deposit the money for. Moreover, the bank gives you the flexibility to choose from 1, 3, 4, 6, 9 or 12-month term for deposits.
However, if you want to earn a monthly profit, UBank brings to you two options of UBank Usaver Saving Accounts to choose from.
UBank USaver Saving Account
The UBank USaver is an online high-interest savings account that comes with the following features:
When you apply for a savings account with UBank, it does not charge you any fees. Which means all your savings belong to you only. The bank does not share your savings with you.
Daily Interest Calculation
UBank USaver Interest Rate starts from 1.81% p.a. And the bank calculates profit on your deposited amount on daily basis (applying the interest rate). You then receive an accumulated amount of profit once every month.
Opening a savings account with UBank means that you get the flexibility of transferring money. And that too to any eligible Australian bank account. Moreover, you get a 24/7 access to your account via Internet banking and the UBank’s mobile app.
Ease of Use
Nothing better than a bank account that you can operate from the comfort of your home. Because no one likes to spare time from the busy schedule to take a trip to a bank. From account opening process to making transactions, UBank provides you with easy online services. You can also keep a track of all your account activity by using the online savings tool.
No Minimum Balance
There is no floor as to the amount of money that you should have in your account to open and maintain it. Normally, the banks ask you to deposit a minimum amount in your savings account before you open one. UBank does not put any such conditions. However, the maximum balance for which the customer can earn a profit on is $ 5 Million.
If you wish to earn an Interest rate higher than 1.81% p.a. then you can opt for the USaver Reach account. The following table provides a summary of the features of both accounts:
|Eligibility||Above 18 Years Old||Between 18-29 Years Old|
|Maximum Investment||$ 5 Million||$ 5 Thousand|
|Base Variable Rate||1.81% p.a.||2.31% p.a.|
On another note, how would you feel if you could make convenient transactions via your saving account? Blessed is the word you are looking for at this point, no? Well, UBank has a product to satisfy this need of yours as well.
USaver Ultra Transaction Account
You have an option to add the USaver Ultra account to your USaver savings account. This account offers you the following features:
No monthly fees
Like other banks, UBank won’t charge you any fees to maintain a USaver Ultra Transaction account with it.
One reason that will encourage you to opt for the ultra-transaction account is the extra interest that you can earn. You will be astonished to learn that adding this account can earn you a bonus 1.06% p.a. Interest. However, there are certain criteria that you need to fulfill to be eligible for the bonus rate:
- You should hold a USaver Ultra account
- You should deposit a minimum amount of $200 during the month into your USaver Ultra or its linked USaver Savings account. But this should be done from a non-UBank account.
- You should maintain a total balance of not more than $200,000 at any point in time. This includes USaver and USaver Ultra accounts.
With sweep technology, you do not have to worry about making transactions. It ensures that you have the money in your hand 24/7 in your transaction account. To your surprise, this is done automatically. The technology automatically moves money between your savings and transaction accounts. The money moved will match the limit that you have set.
And if you think that someday you require more money than the limit that you have set, don’t worry. You can always trust Sweep with moving money from your savings account in real time. And the best part is that you won’t be overdrawn.
No overseas fees
If all these features were not enough, UBank gave you another reason to consider it. The bank will not charge you any fee for using your ATM to make transactions overseas. Neither will it charge you any extra amount for making an online purchase from an overseas merchant.
It is very easy to open a transaction account as well. You just need to make sure that you have an active UBank USaver savings account. And the account has a minimum deposit of $1. If you meet these criteria, you can fill in an online form to open the account.
Hence, opening UBank Usaver savings or transaction accounts is hassle-free and pretty straightforward. However, a common concern among many individuals is regarding the security of their money. You do not need to worry about that as well. Because the government guarantee covers up to $ 250,000 per person, per institution.
There is no reason for you to not open an account with UBank. Apart from the ease of operating and high-Interest rates, the customer service provided by the bank is very efficient as well. Just like Spectrum Customer care service which is known for friendly customer care reps. UBank’s reps can compete with them in courtesy and professionalism any day!