UBank savings account reviews

UBank

How are UBank savings accounts rated by the Mozo community?

81%

Overall Mozo Community rating: 8.1 out of 10

UBank savings accounts

Overall rating: 8.1 (75 reviews)*

Last reviewed: 21 October 2014


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

* based on reviews in the past 12 months

Reviews: 503

Thumbs up: 477 | Thumbs down: 26

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Featured savings account from UBank

  • USaver with Ultra Transaction Account
  • special rate

    4.02%(for $0 to $200,000)

  • interest rate

    2.96%(for $0 to $5,000,000)

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Recent UBank savings account reviews

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  • Awesome interest

    1. Overall customer rating
    2. (Reviewed about 1 month 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 about 1 month 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 about 2 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 about 2 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 3 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 3 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 3 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 3 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 3 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 4 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 5 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 7 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 8 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 9 months 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

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  • Great interest returns. Easy website to navigate

    1. Overall customer rating
    2. (Reviewed 11 months 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

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  • Great saving strategy and awesome customer service

    1. Overall customer rating
    2. (Reviewed about 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 about 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

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  • Great place to build savings up. Excellent product

    1. Overall customer rating
    2. (Reviewed about 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

  • VERY EASY TO USE

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

    Its very easy to transfer money to linked accounts. The interest rate is about the best you can find in Australia. I think it is a very secure account.  Full review 

    Its very easy to transfer money to linked accounts. The interest rate is about the best you can find in Australia. I think it is a very secure account.


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    UBank savings account reviewed by a Mozo reviewer from New South Wales

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

  • Consistently good

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

    Ubank is great!!! I have had other savings accounts in the past; NAB isaver, ING savings maximiser, but i always seem to go back to ubank. Reliable, always a good rate, encouraging, has a pig flying around :). Very safe. The only issue I have ha...  Full review 

    Ubank is great!!! I have had other savings accounts in the past; NAB isaver, ING savings maximiser, but i always seem to go back to ubank. Reliable, always a good rate, encouraging, has a pig flying around :). Very safe. The only issue I have had with them was related to customer service, where a mistake was made when we went to open a joint account with my fiancee and they decided not to do our tax correctly so we paid too much. Then they didn't admit to the mistake and pretended it was our fault so they didn't want to reimburse the tax we overpaid. The way it was handled was not good and I moved the account over to ING for their honeymoon period. So, I guess the moral of that story is check everything with tax numbers etc with online accounts, as they are definitely good but just have to try to prevent issues, as it may be hard to unravel. For them, improving customer service would probably be something they should be looking into. I would recommend highly....keep checking your account though to make sure tax is taken out right :)


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    UBank savings account reviewed by A&d from Queensland

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

  • Awesome

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

    The call centre staff are great, very helpful and knowledgable. Have a great range of products and their interest rates are awesome. Overall I one very happy customer so much so that I am moving my mortgage to them in the next couple of months.  Full review 

    The call centre staff are great, very helpful and knowledgable. Have a great range of products and their interest rates are awesome. Overall I one very happy customer so much so that I am moving my mortgage to them in the next couple of months.


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    UBank savings account reviewed by a Mozo reviewer from Northern Territory

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

  • Easy application, great service, high credit

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

    I have not regretted moving my savings into this bank. It was a very simple online process to set up, in which, when I had problems and called the bank they were very quick to answer my call and had my issues dealt with extremely efficiently. This...  Full review 

    I have not regretted moving my savings into this bank. It was a very simple online process to set up, in which, when I had problems and called the bank they were very quick to answer my call and had my issues dealt with extremely efficiently. This savings account also has an amazing interest rate with suitable terms as conditions. They are also backed by a major bank which makes me feel safer about my savings being with them. I couldn't be happier, and wish I had found them a lot quicker!


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    UBank savings account reviewed by a Mozo reviewer from Victoria

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

  • Competitive and friendly service

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

    Accessible by online easy to view products and account balances. You can't access funds fast which restricts impulse buying - this is a good thing.  Full review 

    Accessible by online easy to view products and account balances. You can't access funds fast which restricts impulse buying - this is a good thing.


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    UBank savings account reviewed by a Mozo reviewer from New South Wales

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

  • Very competitive rates and easy to transact with.

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

    Ubank for me offers competitive rates, easy and quick access to my money, and a great online platform. I have been pleasantly surprised at the quality of service from an "online" provider. Generally the contact has been very helpful, and responsiv...  Full review 

    Ubank for me offers competitive rates, easy and quick access to my money, and a great online platform. I have been pleasantly surprised at the quality of service from an "online" provider. Generally the contact has been very helpful, and responsive. No real cons to speak of for me.


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    UBank savings account reviewed by a Mozo reviewer from Tasmania

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

  • High interest rate, low fees, convenient.

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

    High interest rate, low fees, convenient - what's not to love! And the comfort of knowing I can access quickly and easily if I need to rather than locking away in term deposits.  Full review 

    High interest rate, low fees, convenient - what's not to love! And the comfort of knowing I can access quickly and easily if I need to rather than locking away in term deposits.


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    UBank savings account reviewed by a Mozo reviewer from Victoria

    3 people 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%

    No withdrawals in the month. Bonus rate for first 4 months, reverting to 2.70% bonus rate after

    standard interest rate 0.00%
    HSBC Serious Saver
  • special rate 4.00%

    Minimum deposit of $200 and no withdrawals in the month

    standard interest rate 0.01%
    Bankwest Hero Saver
  • special rate 4.02%

    Bonus interest only applies on funds held in linked USaver account if $200 deposited into either account in the month.

    standard interest rate 2.96%
    UBank USaver with Ultra Transaction Account

Reviewers may receive a voucher from Mozo in exchange for their review. Vouchers are given to all reviewers who meet our review guidelines regardless of the sentiment of their reviews.