UBank savings account reviews

UBank

How are UBank savings accounts rated by the Mozo community?

82%

Overall Mozo Community rating: 8.2 out of 10

UBank savings accounts

Overall rating: 8.2 (88 reviews)*

Last reviewed: 03 March 2015


  1. Overall customer rating
  1. Price
  1. Features
  1. Customer service
  1. Convenience
  1. Trust

* based on reviews in the past 12 months

Reviews: 524

Thumbs up: 497 | Thumbs down: 27

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Featured savings account from UBank

  • USaver Reach (18 to 29 year-olds only)
  • interest rate

    0%(for $5,000 and over)

  • account fee

    $0.00


Other savings accounts

  • Online Saver
  • special rate

    3.25%(for $0 and over)

  • interest rate

    2.25%(for $0 and over)

  • Go to site
     
  • UniSaver
  • interest rate

    0.05%(for $0 to $20,000)

  • account fee

    $0.00

  • Go to site
     

Compare all savings accounts

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Recent UBank savings account reviews

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  • High interest rate

    1. Overall customer rating
    2. (Reviewed 16 days ago)

    High interest rate is its best feature.  Full review 

    High interest rate is its best feature.


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    UBank savings account reviewed by Michael from Queensland

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  • Great interest rate and great service

    1. Overall customer rating
    2. (Reviewed 16 days ago)

    I love the fact the interest rate is competitive, and you always get great customer service. Downside is that it's all online with no branches, so may not be suitable for people who make a lot of over-the-counter transactions.  Full review 

    I love the fact the interest rate is competitive, and you always get great customer service. Downside is that it's all online with no branches, so may not be suitable for people who make a lot of over-the-counter transactions.


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    UBank savings account reviewed by Michelle from Tasmania

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  • Great interest savings account.

    1. Overall customer rating
    2. (Reviewed 22 days ago)

    Ubank has one of the best savings interest rates around. They are easy to use any time of the day through the website, don't charge any fees and I can withdraw or deposit as much as I like.  Full review 

    Ubank has one of the best savings interest rates around. They are easy to use any time of the day through the website, don't charge any fees and I can withdraw or deposit as much as I like.


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    UBank savings account reviewed by Roland from Tasmania

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  • Online only, high interest savings. No branches.

    1. Overall customer rating
    2. (Reviewed about 1 month ago)

    Ubank is an online only bank, that offers me a high interest rate savings account which is great. One of the highest rates around. Downside to being online only is that there are no physical branches, so if I want to make a deposit, I had to se...  Full review 

    Ubank is an online only bank, that offers me a high interest rate savings account which is great. One of the highest rates around. Downside to being online only is that there are no physical branches, so if I want to make a deposit, I had to set up a NAB account to transfer across. Free to set up, but a minor nuisance. Overall, easy to use with my weekly pay being deposited straight in and interest added on the first day of each month.


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    UBank savings account reviewed by Josh from New South Wales

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  • Easy online banking.

    1. Overall customer rating
    2. (Reviewed about 1 month ago)

    UBank makes banking easy - online facility is easy to manage, and has good notification features.  Full review 

    UBank makes banking easy - online facility is easy to manage, and has good notification features.


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    UBank savings account reviewed by Kerrie from New South Wales

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  • A bit of a rip off

    1. Overall customer rating
    2. (Reviewed 4 months ago)

    UBANK had great interest rates but without me noticing I am hardly getting any interest now and switching to another account with them still gives very little interest. You only get 2.25 if you have more than $5000 saved.  Full review 

    UBANK had great interest rates but without me noticing I am hardly getting any interest now and switching to another account with them still gives very little interest. You only get 2.25 if you have more than $5000 saved.


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    UBank savings account reviewed by Elle from Queensland

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  • Great for internet-savvy users

    1. Overall customer rating
    2. (Reviewed 4 months ago)

    I like this bank and savings account as it's given me the discipline to really begin to save now that I'm working after graduating last year. The online system makes it easy to use too!  Full review 

    I like this bank and savings account as it's given me the discipline to really begin to save now that I'm working after graduating last year. The online system makes it easy to use too!


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    UBank savings account reviewed by Gemma from Queensland

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  • Awesome interest

    1. Overall customer rating
    2. (Reviewed 5 months ago)

    Ubank has the best transaction account interest there is.  Full review 

    Ubank has the best transaction account interest there is.


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    UBank savings account reviewed by Doug from Western Australia

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  • Good online rates

    1. Overall customer rating
    2. (Reviewed 5 months ago)

    Better online saving rates than other banks.  Full review 

    Better online saving rates than other banks.


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    UBank savings account reviewed by Charleene from Victoria

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  • Great no fuss bank

    1. Overall customer rating
    2. (Reviewed 6 months ago)

    I love this bank. They always have the best interest rates and because they are online or on the phone there are no fees. I forgot I had this account and was presently surprised to log in and have a bonus $250 interest.  Full review 

    I love this bank. They always have the best interest rates and because they are online or on the phone there are no fees. I forgot I had this account and was presently surprised to log in and have a bonus $250 interest.


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    UBank savings account reviewed by Natajshia from South Australia

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  • Good interest rate

    1. Overall customer rating
    2. (Reviewed 6 months ago)

    Good customer service.  Full review 

    Good customer service.


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    UBank savings account reviewed by Michael from Victoria

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  • Great savings account

    1. Overall customer rating
    2. (Reviewed 7 months ago)

    UBank are a great online banking alternative, giving good interest rates in a difficult market. The account is easy to use for transferring funds, etc. It is a great account for savings!  Full review 

    UBank are a great online banking alternative, giving good interest rates in a difficult market. The account is easy to use for transferring funds, etc. It is a great account for savings!


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    UBank savings account reviewed by Carole from Victoria

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  • Good

    1. Overall customer rating
    2. (Reviewed 7 months ago)

    SMS confirmations cannot be changed, meaning whilst overseas, you need to have your phone roaming.  Full review 

    SMS confirmations cannot be changed, meaning whilst overseas, you need to have your phone roaming.


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    UBank savings account reviewed by Justin from Victoria

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  • Great rates and easy to use

    1. Overall customer rating
    2. (Reviewed 7 months ago)

    I love Ubank. So easy to set up an account. Great rates for deposits and very easy to use web site.  Full review 

    I love Ubank. So easy to set up an account. Great rates for deposits and very easy to use web site.


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    UBank savings account reviewed by Bruce from New South Wales

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  • Best interest rate

    1. Overall customer rating
    2. (Reviewed 7 months ago)

    Ubank has the best interest rate compared to all other banks. Both up and down side of the bank is that no physical branches exist and hence everything is done online or by phone.  Full review 

    Ubank has the best interest rate compared to all other banks. Both up and down side of the bank is that no physical branches exist and hence everything is done online or by phone.


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    UBank savings account reviewed by Jin from South Australia

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  • I reached my savings goal sooner with UBank

    1. Overall customer rating
    2. (Reviewed 8 months ago)

    I have had my savings account for a year and never received so much interest from any other bank. Now I have saved up enough for a deposit for an apartment in my dream location. Only negative is that there's no branches to ask any questions. But s...  Full review 

    I have had my savings account for a year and never received so much interest from any other bank. Now I have saved up enough for a deposit for an apartment in my dream location. Only negative is that there's no branches to ask any questions. But since I rarely go anyway, it doesn't affect me too much.


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    UBank savings account reviewed by Olivia from Victoria

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  • Amazing rate... if you work for it

    1. Overall customer rating
    2. (Reviewed 8 months ago)

    Ubank has the best interest rates available for savings accounts. Unfortunately to get the best rates, they make you suffer their confusing 'interest rate bonus' policies. These involve everything from new accounts, 'sweeps' and limits. Ubank shou...  Full review 

    Ubank has the best interest rates available for savings accounts. Unfortunately to get the best rates, they make you suffer their confusing 'interest rate bonus' policies. These involve everything from new accounts, 'sweeps' and limits. Ubank should be everyone's first choice, but the sure make you work for your money!


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    UBank savings account reviewed by Robert from Victoria

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  • Competitive interest rate and an innovative system

    1. Overall customer rating
    2. (Reviewed 9 months ago)

    I like the Usaver because it offers a competitive interest rate and suits my needs. I find it easier to save with an online banking service because it has an "out of sight, out of mind" aspect to it and I forget that the money is there - so I don'...  Full review 

    I like the Usaver because it offers a competitive interest rate and suits my needs. I find it easier to save with an online banking service because it has an "out of sight, out of mind" aspect to it and I forget that the money is there - so I don't spend it.


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    UBank savings account reviewed by Vivienne from Australian Capital Territory

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  • If you're happy online, this is the bank for you

    1. Overall customer rating
    2. (Reviewed 11 months ago)

    Ubank's pros for me are also its cons. The fact that it is completely run online and has no brick and mortar locations is great for my lifestyle because I travel a lot and knowing I can do, more or less, all of my banking needs from any location p...  Full review 

    Ubank's pros for me are also its cons. The fact that it is completely run online and has no brick and mortar locations is great for my lifestyle because I travel a lot and knowing I can do, more or less, all of my banking needs from any location puts my mind at ease. However, occasionally I feel like it can be hard to find a timely or easily understandable answer if I was to have a question, because there's no real human element, which can be reassuring and more comprehensible. I would say Ubank's products are without a doubt the best on the market for savings accounts, but if you like face-to-face contact and being able to go in and "see" your money - it's probably not for you.


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    UBank savings account reviewed by Andrew from Queensland

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  • Nightmare

    1. Overall customer rating
    2. (Reviewed 12 months ago)

    Absolute nightmare! Website constantly having issues and online verification rarely functioning. Keep in mind you cannot just go into a branch if you have an issue. I have not been able to access my money since I deposited it a few weeks ago due t...  Full review 

    Absolute nightmare! Website constantly having issues and online verification rarely functioning. Keep in mind you cannot just go into a branch if you have an issue. I have not been able to access my money since I deposited it a few weeks ago due to issues on their end verifying my husband's account. Because it is a joint account, I cannot touch my own money! Of course everything, even ID verification via Australia Post takes 3-5 business days. Avoid Ubank like the plague!


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    UBank savings account reviewed by Marie

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  • Beware of Ubank

    1. Overall customer rating
    2. (Reviewed about 1 year ago)

    Headline interest rate is attractive and account is all good until you have a problem - once you have a problem, customer service is terrible. As soon as I can actually get my money out of my account, I will be closing the account down and going s...  Full review 

    Headline interest rate is attractive and account is all good until you have a problem - once you have a problem, customer service is terrible. As soon as I can actually get my money out of my account, I will be closing the account down and going somewhere else.


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    UBank savings account reviewed by Graham from Western Australia

    1 person found this review helpful – do you? Yes flag

  • Great interest returns. Easy website to navigate

    1. Overall customer rating
    2. (Reviewed over 1 year ago)

    Great bank, great online site and interest.  Full review 

    Great bank, great online site and interest.


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    UBank savings account reviewed by Verity from South Australia

    2 people found this review helpful – do you? Yes flag

  • Great saving strategy and awesome customer service

    1. Overall customer rating
    2. (Reviewed over 1 year ago)

    This is an online bank which is simple to set up and use. If you need assistance they are only a phone call away and always friendly and eager to help. They even suggest great ways to save.  Full review 

    This is an online bank which is simple to set up and use. If you need assistance they are only a phone call away and always friendly and eager to help. They even suggest great ways to save.


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    UBank savings account reviewed by Vivienne from South Australia

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  • Great provider highly recommend

    1. Overall customer rating
    2. (Reviewed over 1 year ago)

    Pros: Great interest rates. Great security. Easy to use. Cons: Need 10k to open ultra acc. Transferring money overseas is difficult.  Full review 

    Pros: Great interest rates. Great security. Easy to use. Cons: Need 10k to open ultra acc. Transferring money overseas is difficult.


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    UBank savings account reviewed by Phillip from Victoria

    1 person found this review helpful – do you? Yes flag

  • Great place to build savings up. Excellent product

    1. Overall customer rating
    2. (Reviewed over 1 year ago)

    Great savings account. Easy to set up and use. Great interest rate.  Full review 

    Great savings account. Easy to set up and use. Great interest rate.


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    UBank savings account reviewed by a Mozo reviewer from Victoria

    1 person found this review helpful – do you? Yes flag

What type of savings account are you looking for?

  • Apply now for savings accounts
  • special rate* 4.00%

    p.a. for customers who also have an Orange Everyday bank account and deposit $1,000 each month from an external source.

    standard interest rate 2.50%
    ING DIRECT Savings Maximiser
  • special rate* 3.85%

    Bonus rate for the first 4 months if you link to an ME Bank EveryDay Transaction Account within the first 14 days

    standard interest rate 2.50%
    ME Bank Online Savings Account
  • special rate* 3.75%

    Minimum deposit of $200 excluding interest and no withdrawals in the month

    standard interest rate 0.01%
    Bankwest Hero Saver

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