4.91%
5.51%
UBank is a new direct bank which is backed by NAB, one of Australia’s big four banks. UBank launched in 2008 with a competitive term deposit product, which customers can apply for and manage online. As a direct bank, UBank doesn’t have a branch network but it does have a 24-hour, seven day a week ‘person to person’ phone banking centre for those wanting to speak to a real person. Cost savings are passed onto customers in the form of higher rates and lower fees. UBank now has a range of competitive term deposits, super and savings accounts. In 2011, it launched UHomeloan for refinancing its first home loan product.
Mozo People's Choice Awards. As voted by the Australian money public. Our Community of 23,000 reviewers gave this provider the thumbs up.
| Product Type | Overall | Price | Features | Service | Convenience | Trust |
|---|---|---|---|---|---|---|
| UBank savings accounts |
8.5
Based on 144 UBank savings account reviews |
9.2 | 7.3 | 8.1 | 7.7 | 8.3 |
Read UBank savings account reviews by the Mozo community
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Fee free banking with the best interest rate.
I don't want a savings account where I have to pay fees in return for frilly features or extras. I just want simple, convenient banking with the best interest rate available, and the USaver is it. It doesn't cost me a cent, and I'm currently getti... Full review
I don't want a savings account where I have to pay fees in return for frilly features or extras. I just want simple, convenient banking with the best interest rate available, and the USaver is it. It doesn't cost me a cent, and I'm currently getting 6.01% interest each month. It's very easy to get money in and out, and I feel secure about having a large amount of money in there. There are only two downsides, as far as I can see. The first is that there's no branch support available - I do like to know I can speak to someone face to face if things go wrong. But their customer service has been prompt and excellent every time I've used it. The other slight inconvenience is that it's exclusively internet banking - which is fine, as they make it easy to transfer money out when you need it, but it would be really good to have a debit card.
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Excellent rates and very userfriendly website
I love my Usaver account because it has a higher interest rate than any other account that I could find. The website is really user-friendly and easy to navigate. I especially like the use of the graph on the main page. Full review
I love my Usaver account because it has a higher interest rate than any other account that I could find. The website is really user-friendly and easy to navigate. I especially like the use of the graph on the main page.
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Good rates, not much else
Dislike that there is no mobile app, and also a paper statement gets sent every 6 months, and cannot be cancelled. This is stupid for an online only account. Full review
Dislike that there is no mobile app, and also a paper statement gets sent every 6 months, and cannot be cancelled. This is stupid for an online only account.
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Banking of the future!
Very easy to sign up to and start my account online. No crazy forms to complete and the best part is not having to physically go into the bank. This is especially handy when also trying to manage a newborn. Once my application was lodged the pe... Full review
Very easy to sign up to and start my account online. No crazy forms to complete and the best part is not having to physically go into the bank. This is especially handy when also trying to manage a newborn. Once my application was lodged the personalised follow up on the phone was excellent. I spoke to a local person who was friendly and knowledgeable, I wasn't shuffled around to a thousand different departments to get an answer and I wasn't kept on hold waiting for a long time either. I now also have a term deposit with UBank due to their excellent rate at the time and the bonus 0.1% loyalty offer. This is hard to beat from any other institution - and I shopped around!! Also gives me peace of mind knowing it's backed by the NAB bank.
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Great rates, security and customer service
I can call customer service 24/7 and never get an o/s call centre. The security is extremely tight. They have the best interest rates. Full review
I can call customer service 24/7 and never get an o/s call centre. The security is extremely tight. They have the best interest rates.
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Great rates and easy to use
Ubank made it simple to set up my new savings account. It also allows to setup a saving goal and helps monitor your progress. you can also have several different goals at one time for holidays, presents etc. Full review
Ubank made it simple to set up my new savings account. It also allows to setup a saving goal and helps monitor your progress. you can also have several different goals at one time for holidays, presents etc.
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Great rates, service but a bit fiddlier than Rabo
This offers a great interest rate but there is a bit of gymnastics involved in the way that you have to make sure that you have a ASP (automatic savings plan) set up which puts $200 into your account during the month on a particular date. You... Full review
This offers a great interest rate but there is a bit of gymnastics involved in the way that you have to make sure that you have a ASP (automatic savings plan) set up which puts $200 into your account during the month on a particular date. You can actually remove this money from your account the next day but it needs to go in every month with this plan. Also you have to make sure you don't go over $200 000 in the month and if you do, then you lose that high interest and it goes down to a pretty average interest for the whole month. So if you bank quite a bit of money with them (close to $200 000), you have to ensure that it does go over for the ASP deposit in the month ($200) and also when the interests gets put in at the end of the month so i always remove money before the interest gets put in on the last day of the month. The other thing is that it's not particularly friendly to those like me who don't have a cell phone. Unlike Rabo who uses a device to identify you, bank needs to send SMS confirmation numbers to your cell phone for any transfer which means that in my case I have to call them every month to do a transfer at the end of the month. Also when I go overseas this is a problem so I might remove a bigger amount of money to ensure I don't get penalised by going over the limit with interests.
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Good free service for those wanting to save!
It's free, and a high interest rate is given! Also, you can connect accounts across different banks, and transfer your money to other accounts if you wish to withdraw. That is probably the only negative, that you can't directly withdraw money from... Full review
It's free, and a high interest rate is given! Also, you can connect accounts across different banks, and transfer your money to other accounts if you wish to withdraw. That is probably the only negative, that you can't directly withdraw money from this account, but there are no fees associated with moving money around, so that's definitely a pro.
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The best rate (a first love); easy online mobility
You don't get a second chance at first impression - that's how UBank "captured" my savings even by merely offering 0.1% more interest than its competitors at all times. All other details can be ironed out. Ongoing support will determine long term ... Full review
You don't get a second chance at first impression - that's how UBank "captured" my savings even by merely offering 0.1% more interest than its competitors at all times. All other details can be ironed out. Ongoing support will determine long term loyalty which UBank continues to do.
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Maximise on their high interest rate all year
These guys have got the highest interest rates around for an online savings account. Other institutions' high interest rates are only for an introductory period, but uBank's high rates are all year, as long as you consistently save a minimum amoun... Full review
These guys have got the highest interest rates around for an online savings account. Other institutions' high interest rates are only for an introductory period, but uBank's high rates are all year, as long as you consistently save a minimum amount every month. Online transactions are very easily done once you've linked your accounts - however they do take 24-48 hours to go through. The other thing to be wary is their limit on withdrawals ($20k daily). You may want to plan ahead and give them a call to discuss this if you plan to make huge withdrawals. They don't have a branch, but they can be easily contacted especially during business hours. However during odd hours (like 11pm), I was on hold for over 30 minutes before giving up. These are just very minor limitations given the long term benefits of compounding interest working in your favour.
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The best interest rates makes saving profitable.
This product enables my money to work for me. It maximizes the interest I can receive, so both the bank and I benefit. Full review
This product enables my money to work for me. It maximizes the interest I can receive, so both the bank and I benefit.
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Highest returns with at-call convenience.
The USaver, when accessing the Automatic Savings Plan's bonus interest (0.6% with $200 ASP deposits per month), continuously provides the best variable rate of Australian online savings accounts - the other banks have had competitive introductory ... Full review
The USaver, when accessing the Automatic Savings Plan's bonus interest (0.6% with $200 ASP deposits per month), continuously provides the best variable rate of Australian online savings accounts - the other banks have had competitive introductory or bonus offers at times, but haven't matched its rate over the longer term. Although you can't do BPay with this account, transfers of funds to other banks are usually processed more quickly than most of the other banks I transact with. There's also the security of having NAB's backing. The only downside I've experienced was when I was overseas and called customer service, as advertised on the website, expecting that a transaction authorisation code could be generated manually after passing a security check. However, there was no alternative to sending an SMS, and the phone number I had nominated couldn't access global roaming. The only way to change the phone number was by either sending an SMS to the existing number or by letter to my Australian address, neither of which was viable in my situation when I needed to transfer funds immediately. I ended up incurring a penalty fee through the other bank because I hadn't been able to transfer the funds in time for a direct debit. So if you are going overseas, you need to be able to receive texts on the linked mobile number, or change it before you depart.
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Excellent interest rates and great online portal
An online only high interest savings account, perfect for those that don't want/need/like banks but still want to hide some cash away for a long desired tropical holiday. Full review
An online only high interest savings account, perfect for those that don't want/need/like banks but still want to hide some cash away for a long desired tropical holiday.
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Fantastic at call rates.
This is a great variable rate for up to 200k. You can earn an extra .5% by depositing $200 per month. It is at call, backed by NAB, so safe, staff are very helpful, SMS functionality, so secure too, but there is no branch. If that is not a problem... Full review
This is a great variable rate for up to 200k. You can earn an extra .5% by depositing $200 per month. It is at call, backed by NAB, so safe, staff are very helpful, SMS functionality, so secure too, but there is no branch. If that is not a problem, then this is a great product.
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Great "at call" interest rate with bonuses
Interest rates are very competitive for an account that is an at call account. Many other institutions require a term deposit for a similar interest rate. The only downside I find which is a minor one is for those who like to talk to in person w... Full review
Interest rates are very competitive for an account that is an at call account. Many other institutions require a term deposit for a similar interest rate. The only downside I find which is a minor one is for those who like to talk to in person when dealing with banks, i.e. no branches. Otherwise phone service (so far) has been exceptional. Calls have been handled quickly, efficiently and most importantly - politely.
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Great rate
Great rate. A bit slow on the transfer of money into the account. This can affect your return if the transfer is a large amount. Full review
Great rate. A bit slow on the transfer of money into the account. This can affect your return if the transfer is a large amount.
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'Best rates and super customer service
My comment is the sum total of my above assessment. Simply the best bank for high interests and simplicity. Simple, clear,reliable and online warm and friendly;-) Full review
My comment is the sum total of my above assessment. Simply the best bank for high interests and simplicity. Simple, clear,reliable and online warm and friendly;-)
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Good Rate and easy to use
It's the ultimate saving account needed for current financial situation as people are saving up for the next big wave and the banks should pass on the highest deposit interest rate. Full review
It's the ultimate saving account needed for current financial situation as people are saving up for the next big wave and the banks should pass on the highest deposit interest rate.
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Best interest rate around
They always make sure they have the highest interest rate. Cons are that there are no ATM's and you have to do all your banking at Australia post. But great for savings account. Full review
They always make sure they have the highest interest rate. Cons are that there are no ATM's and you have to do all your banking at Australia post. But great for savings account.
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Great for saving!
I like that UBank always keep to their promise of the highest interest rates on their savings accounts. The only disadvantage is that you can't get your money immediately if you so require. And with it being an online-only savings account, it does... Full review
I like that UBank always keep to their promise of the highest interest rates on their savings accounts. The only disadvantage is that you can't get your money immediately if you so require. And with it being an online-only savings account, it does not have the convenient advantages of a physical bank.
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