UBank term deposits
UBank's overall rating for term deposits is
8.3(as rated by the Mozo community)
UBank offers the following term deposits
Note that a short term deposit is less than 1 year; therefore a long term deposit is 1 year or more.
| Product | Interest Rate (1 year) |
Interest Rate (30 days) |
Interest Payment Options* | |
|---|---|---|---|---|
| Long-Term Deposit ($1000 to $2000000) | 6.01% | monthly, quarterly, half-yearly, yearly | Go to site | |
| Short-Term Deposit ($1000 to $2000000) | 3.36% | maturity | Go to site |
*Different interest rates apply to different amounts or different interest payment frequencies.
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. As of 2010 UBank has a range of competitive term deposits, super and savings accounts.
Reviews of UBank term deposits
| A Mozo reviewer from New South Wales, an UBank term deposit customer. | 10Overall Rating | ||
| Competitive/great service/ care for customer. Reviewed 14 days ago |
|
| Desmond from New South Wales, an UBank term deposit customer. | 10Overall Rating | ||
| So easy over the phone, easy transfer, really good experience for a change, will do business with them again and again. Reviewed 14 days ago |
|
| M from New South Wales, an UBank term deposit customer. | 1Overall Rating | ||
| I dislike the product. This will be my last Term Deposit with Ubank. Why? Because they have told me they will charge a 95 dollar admin fee if I withdraw my funds early even though I can't find this fee in their Terms & Conditions or on their web site. I am waiting for them to show it to me. Also there is a reasonable deduction based on changes in interest rates (if any) PLUS other unspecified costs ("other components" - what is this??) as explained by Jimmy from Ubank: Hello, Thank you for your message. Please be advised that the pre-payment cost to break a Term Deposit consists of two components: Variable component: As you outlined, this component can vary on every calendar day. Based on what the interest rate for the account is, what the interest rate for the term is at the time of request and what the cost of replacement for the funds are to the financial institution, amongst other components. Fixed component: A $95.00 administration cost, this is fixed. If the total calculated pre-payment cost is greater than the accrued interest, the whole interest earned will be deducted and the principal amount will be transferred. If the total cost is less than the accrued interest, the amount will be deducted and the remaining interest will be transferred with the principal. (truncated) Speak soon, Jimmy J. UBank - A good place for money Reviewed 21 days ago |
|
| Marilyn from New South Wales, an UBank term deposit customer. | 8Overall Rating | ||
| I like the U Bsnk, online bank,as it is accessible and courteous,their interest rates are among the best,and the options when the term is up are negotiable. Reviewed about 1 month ago |
|
| Neil from South Australia, an UBank term deposit customer. | 10Overall Rating | ||
| With the best interest rates. 24/7 phone access and 24/7 online backup and backed by the NAB and government fail safe promise why would anyone go any where else. Even my local NAB branch contact admits it is the best but cannot say that out too loud. Only small problem is when one tries to open a joint T/D account the security checks get a little overpowering even though a joint savings account is held with the same bank. Still better to be safe than sorry I suppose ! Reviewed 3 months ago |
|
How are other UBank products rated by the Mozo community?
| Product Type | Overall | Price | Features | Service | Convenience | Trust |
|---|---|---|---|---|---|---|
| Overall | 8.3 | 9.3 | 7.0 | 8.0 | 7.6 | 8.4 |
| UBank term deposits | 8.3 30 REVIEWS | 9.3 | 7.0 | 8.0 | 7.6 | 8.4 |
| UBank savings accounts | 8.7 115 REVIEWS | 9.3 | 7.8 | 7.9 | 8.2 | 8.3 |
Other providers of term deposits
With so many different term deposits on the market now, it's a tough call to pick the best one. Mozo is Australia's online money info zone, with all the objective information you need to make the right term deposit choice. You can find and compare UBank term deposits with Mozo or check out these other providers.
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