UBank USaver

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

  • 3.66%(for $0 to $200,000)

UBank USaver Review

Review updated: 14 October 2014
Review published: 18 March 2013

What's hot:

  • 3.66% 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 3.66% 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 2.96% 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 8.1 Based on 75
UBank savings account reviews
8.7 7.5 7.1 7.7 8.1

Read UBank savings account reviews by the Mozo community

Latest reviews of UBank USaver

  • Great interest rate, flexibility and service

    1. Overall customer rating
    2. (Reviewed about 6 hours ago)

    This is the best savings account I've had. It allows me the flexibility to move my money when and to where I need it, while still offering a market-leading interest rate. The customer service, in my experience has been good and the recent addition...  Full review 

    This is the best savings account I've had. It allows me the flexibility to move my money when and to where I need it, while still offering a market-leading interest rate. The customer service, in my experience has been good and the recent addition of a mobile banking app means I am able to conveniently access the account whenever and wherever I want. All transactions so far have been are processed quickly (within 24 hours usually) and successfully. I am very happy. 9/10.


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    UBank savings account review by Michael from Queensland

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  • Great rates

    1. Overall customer rating
    2. (Reviewed 20 days ago)

    Ubank is the best high interest savings account out there, they offer great rates and an easy to use website.  Full review 

    Ubank is the best high interest savings account out there, they offer great rates and an easy to use website.


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    UBank savings account review by Kell from Victoria

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  • Great for now, going to change soon

    1. Overall customer rating
    2. (Reviewed 28 days ago)

    I currently like the account, but they are changing things for the worse. Harder to receive bonus interest!  Full review 

    I currently like the account, but they are changing things for the worse. Harder to receive bonus interest!


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    UBank savings account review by Stuart from Victoria

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  • Good interest rates for saving short term

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

    The internet-only savings account is great! It means savings can build because there is no instant access to the account. UBank doesn't charge any fees, either, so savings can just grow. Their main draw back would be the downtime of the website...  Full review 

    The internet-only savings account is great! It means savings can build because there is no instant access to the account. UBank doesn't charge any fees, either, so savings can just grow. Their main draw back would be the downtime of the website - it can be a real inconvenience if you need access to your money quickly! This seems to happen often enough, but it does seem like the IT is improving. One annoying "feature" is the impossibility of choosing a non-business day to transferring funds out of the account. The day is available to choose, but instead of a warning telling me that the transaction may not occur until the following business day, I have to re-enter all the details then manually select the following business day as the date of the transaction. There is a bonus interest rate if you deposit a minimum each month. They have had some of the best interest rates around, which is why I decided to bank with them in the first place.


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    UBank savings account review by Steph from Western Australia

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  • Very Easy

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

    uBank are great. They have great rates, accounts are free and they don't have to be locked into a term deposit to get great rates.You do need to be a little bit internet savvy, but other than that best online bank on the market.  Full review 

    uBank are great. They have great rates, accounts are free and they don't have to be locked into a term deposit to get great rates.You do need to be a little bit internet savvy, but other than that best online bank on the market.


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    UBank savings account review by Sammy from New South Wales

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Rates

Rates
Balances from $0: 2.96%pa.
Balances from $5,000,000: 0.00%pa
Special Rates
Balances from $0: 3.66%pa.
Balances from $200,000: 2.96%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.

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