UBank USaver

  • UBank
  • 2.71%(for $0 to $5,000,000)

UBank USaver Review

Review updated: 17 February 2015
Review published: 18 March 2013

What's hot:

  • 2.71% standard interest rate
  • 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 base interest rates in the market at 2.71% and no fees. 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 2.71% interest rate, with interest 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?

There are better interest rates available for conditional bonus savings accounts and some term deposits.

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 91
UBank savings account reviews
8.8 7.7 7.3 7.6 8.1

Read UBank savings account reviews by the Mozo community

Latest reviews of UBank USaver

  • Efficient, hassle free & competitive interest rate

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

    I thoroughly recommend UBank to my friends, of a similar age bracket. It is always competitive in offering one of the best interest rates on the market. It's login system is easy to use - your login is your email address and not another a...  Full review 

    I thoroughly recommend UBank to my friends, of a similar age bracket. It is always competitive in offering one of the best interest rates on the market. It's login system is easy to use - your login is your email address and not another account number that you are required to remember or look up. You do not receive paper statements that are a waste of time in filing. If you wish to access a hard copy of your statement, you can print it off online. Ubank does not send unnecessary emails or letters informing you of changes in the system. You can access these if you wish to online. Unlike my St George account, I have never been blocked from using Ubank's online services by "System Maintenance" Ubank has a "Savings Goal" application that helps you to make personal goals and track process. The Usaver account displays its debits/credits in graph format, giving the user a pictorial representation of their savings achievements. The site is relatively easy to use, an account is easy to set up and it is hassle free for those who want to save money and not be constantly contacted by their bank.


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    UBank savings account review by Nikki from New South Wales

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  • Easy to use and a fun way to track your spending

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

    I love UBank as I can track my spending, set saving goals, break my savings into separate pools with ease and I now have access to many ATM's throughout Australia with the new card provided to me. Who doesn't love snappy graphics and charts?!  Full review 

    I love UBank as I can track my spending, set saving goals, break my savings into separate pools with ease and I now have access to many ATM's throughout Australia with the new card provided to me. Who doesn't love snappy graphics and charts?!


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    UBank savings account review by Erin from New South Wales

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  • Good for those who don't plan to change details

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

    Savings account has no fees which is great, but if you are one to change your mobile number often, or move house then this is not a bank for you. Without mobile phone sms activated you cannot do anything with your money. They need to send a letter...  Full review 

    Savings account has no fees which is great, but if you are one to change your mobile number often, or move house then this is not a bank for you. Without mobile phone sms activated you cannot do anything with your money. They need to send a letter to your home address and if you have since moved.. then forget it!! grr


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    UBank savings account review by Anonymous from Victoria

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  • Wonderful service when experiencing problems

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

    Bank has always given me great service and has spent time on the phone when experiencing problems with accessing the account through the internet which turned out to be a provider problem.  Full review 

    Bank has always given me great service and has spent time on the phone when experiencing problems with accessing the account through the internet which turned out to be a provider problem.


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    UBank savings account review by Merle from New South Wales

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  • Great at first, but after 6 months not worth it!

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

    At first I was very happy with Ubank as they offered a great interest rate, however they very quickly decreased that interest rate and what got me the most is they only update you of the decreased interest rate on the day that you are supposed to ...  Full review 

    At first I was very happy with Ubank as they offered a great interest rate, however they very quickly decreased that interest rate and what got me the most is they only update you of the decreased interest rate on the day that you are supposed to receive the interest. They have decreased our interest 3 times in less than a year. We have only ever wanted to remove money once and because we had changed our phone number we couldn't get the code to transfer money. We called Ubank and the advisor was extremely rude and unhelpful and said that there was nothing we could do and that we needed to go into a post office to get a form to change our details. We went into the post office and they knew nothing about it. After another call to Ubank we found out we were required to print a form from the Ubank site and then take it to a post office to change our details. It could have been so much easier if it was explained properly the first time. Also I don't believe it should even be that difficult in this day and age. We are looking to changing our savings account as with the decreased interest rate its no longer worth it.


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    UBank savings account review by Madison from Queensland

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  • Show more reviews

Rates

Rates
Balances from $0: 2.71%pa.
Balances from $5,000,000: 0.00%pa
Special Rates
none
Special rate conditions
none

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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