UBank USaver

  • UBank
  • 3.11%(for $0 to $5,000,000)

  • 3.11%(for $200,000 to $5,000,000)

UBank USaver Review

Review updated: 17 July 2014
Review published: 18 March 2013

What's hot:

  • 3.81% special interest rate (*Min monthly deposit requirements)
  • No fees

What's not:

  • No special rate on balances over $200,000

Mozo snapshot:

UBank is a multi-award winner of the Mozo Peoples Choice Awards for Top 5 Savings Accounts and it's easy to see why. The USaver has one of the highest interest rates in the market at 3.81% and no fees. You'll need to deposit at least $200 into the account to get the high special rate but that should be a good incentive to help you whip your savings into shape.

Key features:

The UBank USaver is designed to make you save. There is a standard ongoing 3.11% interest rate but by making monthly direct debit deposits of $200 or more you'll earn a bonus 0.70% for balances up to $200,000. Interest is calculated daily and paid monthly into your USaver account.

There are no monthly fees and no minimum balance requirements but the USaver isn't for multimillionaires. Balances over $5 million don't earn any interest.

Like most high interest savings accounts, the UBank USaver is 100% online so you don't have branch or ATM access. But who needs it when you have a paperless application process and access to phone and online customer service 24/7? UBank is backed by NAB and deposits up to $250,000 are covered under the Government deposit guarantee.

One of the cool features of the USaver account is that if you have more than one savings goal you can split your savings into savings buckets. Say you have a short term goal for the end of the year holiday, and another long term goal of saving for a home deposit. You can separate nicknamed savings objectives to make it easy to focus on your goal and remember what you're saving for.

Who it's good for:

If you like the idea of paperless banking, this account is for you. The application process is quick and totally online and you can receive your statements direct into your inbox.

It also has a great account for anyone who likes to set savings goals and get rewarded for their hard work with a high ongoing interest rate.

Any catches?

If you have more than $200,000 to invest you will find better interest rates in a 6 month or more UBank term deposit.

How are UBank savings accounts rated by the Mozo community?

Product Type Overall Rating Price Features Service Convenience Trust
UBank savings account 8.2 Based on 92
UBank savings account reviews
8.6 7.6 7.4 7.6 8.1

Read UBank savings account reviews by the Mozo community

Latest reviews of UBank USaver

  • Good interest rate

    1. Overall customer rating
    2. (Reviewed 14 days ago)

    With Ubank - USaver with good interest rates, but UAlso pull your hair out at their customer service and difficulty in transferring money. URate? No.  Full review 

    With Ubank - USaver with good interest rates, but UAlso pull your hair out at their customer service and difficulty in transferring money. URate? No.


      1. Price
      1. Features
      1. Customer service
      1. Convenience
      1. Trust
    Less
    UBank savings account review by Natalya from Queensland

    Was this review helpful? Yes flag

  • Great features, easy savings

    1. Overall customer rating
    2. (Reviewed 21 days ago)

    I have a number of USaver accounts and couldn't be happier. They offer great functionality and very good interest rates compared with similar accounts. Accounts are very easy to set up online, and easy to link to your everyday bank account/s. As U...  Full review 

    I have a number of USaver accounts and couldn't be happier. They offer great functionality and very good interest rates compared with similar accounts. Accounts are very easy to set up online, and easy to link to your everyday bank account/s. As UBank is backed by NAB, you can transfer from your USaver in to your NAB account, and the transfer occurs nearly immediately. This is particularly helpful for unexpected expenses and definitely helps with access to your money.


      1. Price
      1. Features
      1. Customer service
      1. Convenience
      1. Trust
    Less
    UBank savings account review by Merryn from Victoria

    Was this review helpful? Yes flag

  • Great features and competitive rates

    1. Overall customer rating
    2. (Reviewed 23 days ago)

    I have been extremely happy with UBank, especially their USaver account. Firstly, the interest rate has consistently been very competitive, and with special offers, I was given 12 months with extra interest on top of the already higher than averag...  Full review 

    I have been extremely happy with UBank, especially their USaver account. Firstly, the interest rate has consistently been very competitive, and with special offers, I was given 12 months with extra interest on top of the already higher than average rate. I have been impressed with the saving tools they provide, including one where you can put in savings goals, and get given an estimate of how long it will take to reach those goals. Also, the user interface on the website it easy to use and provides easy access to the things you may need, like transaction history, or online statements. All of the dealings I have had with the bank whether online or over the phone have been great. Staff have been very helpful, waiting times are short, and I haven't had any trouble getting the information I needed. Then only con is that is it online dependent, so if you are not very technologically savvy, then you may find it hard to use. I would definitely recommend this bank (and have done to friends and family) as it has been a welcome change to the way other banks run.


      1. Price
      1. Features
      1. Customer service
      1. Convenience
      1. Trust
    Less
    UBank savings account review by Ally from New South Wales

    Was this review helpful? Yes flag

  • Great savings account, competitive interest rate!

    1. Overall customer rating
    2. (Reviewed 3 months ago)

    I love my Ubank account! The savings interest rate is super competitive and fees are minimal. Because it's an 'online only' account without a debit card facility, I can't access it as easily (which I prefer when trying to save)! It's easy to compl...  Full review 

    I love my Ubank account! The savings interest rate is super competitive and fees are minimal. Because it's an 'online only' account without a debit card facility, I can't access it as easily (which I prefer when trying to save)! It's easy to complete an online transfer to my everyday account if I do require access to the funds and I can set up as many Ubank saver accounts as I like, which means I can have separate accounts nominated for my holiday, house, car etc! I have recommended this product to friends & family who also love it!


      1. Price
      1. Features
      1. Customer service
      1. Convenience
      1. Trust
    Less
    UBank savings account review by Rhiannon from Queensland

    Was this review helpful? Yes flag

  • Bad

    1. Overall customer rating
    2. (Reviewed 3 months ago)

    Site constantly has issues, and weekend upgrades all the time mean you cannot do your banking or access your money over the weekends - so of course the longer your money is in the account untouched by you - the more money the bank makes from inter...  Full review 

    Site constantly has issues, and weekend upgrades all the time mean you cannot do your banking or access your money over the weekends - so of course the longer your money is in the account untouched by you - the more money the bank makes from interest on your money. Avoid like the plague. As soon as I can actually access my money, I'll be withdrawing it all.


      1. Price
      1. Features
      1. Customer service
      1. Convenience
      1. Trust
    Less
    UBank savings account review by Alison from New South Wales

    Was this review helpful? Yes flag

  • Show more reviews

Rates

Rates
Balances from $0: 3.11%pa.
Balances from $5,000,000: 0.00%pa
Special Rates
Balances from $0: 3.81%pa.
Balances from $200,000: 3.11%pa.
Balances from $5,000,000: 0.00%pa
Special rate conditions
Must set up an automatic savings plan of $200 or more, with the bonus rate applied after first payment

Fees

Account fee
$0.00
Account fee waiver
none
Free transactions per month
unlimited free transactions from phone and internet
Network ATM fee
none
ATM networks
none
Other bank ATM fee
none
Over the counter deposit fee
none
Over the counter withdrawal fee
none
Eftpos fee
none
Phone fee
$0.00
Internet fee
$0.00
Cheque fee
none

Other financial bits

Minimum opening deposit
$0.00
Minimum balance
$0.00
Interest paid
Monthly

Features

Atm access
no
Daily atm withdrawal limit
none
Eftpos card
no
Mastercard debit card
no
Visa debit card
no
Branch access
no
Cheque book
no
Phone banking
yes
Internet banking
yes
Bpay
no
Australia post banking
no
Other restrictions
none
Other benefits
none
Kids ages
none

About UBank

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.

Compare other savings accounts

Popular savings accounts