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UBank Short-Term Deposit ($1000 to $2000000)

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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. As of 2010 UBank has a range of competitive term deposits, super and savings accounts.

               		 
UBank's logo
   
 

Customer ratingsclick to open

    UBank Short-Term Deposit ($1000 to $2000000)
Overall Customer Rating 8.3#4 BASED ON
30 REVIEWS
Price rating 9.3
Features rating 7.0
Service rating 8.0
Convenience rating 7.6
Trust rating 8.4
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Ratesclick to open

    UBank Short-Term Deposit ($1000 to $2000000)
Interest Payment Options
(different interest rates apply to different amounts or different interest payment frequencies)		 maturity
30 days 3.36%
60 days  
90 days 5.61%
120 days  
150 days  
180 days 6.41%
270 days 5.00%
1 year  
13 months  
2 years  
3 years  
4 years  
5 years  
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Feesclick to open

    UBank Short-Term Deposit ($1000 to $2000000)
Partial early withdrawal penalty reduced interest.
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Other financial bitsclick to open

    UBank Short-Term Deposit ($1000 to $2000000)
Minimum deposit $1,000
Maximum deposit $2,000,000
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Featuresclick to open

    UBank Short-Term Deposit ($1000 to $2000000)
Interest payment options direct credit
Interest paid to another financial institution Yes
Automatic rollover Yes
Other restrictions  
Other benefits If you reinvest at the end of your term, UBank adds a 0.10% loyalty bonus to the new interest rate.
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Most recent 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  
  • 10Pricing
  • 0Product Features
  • 10Customer Service
  • -Convenience
  • 10Trust

 

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  
  • 10Pricing
  • 7Product Features
  • 10Customer Service
  • 9Convenience
  • 10Trust

 

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  
  • 2Pricing
  • 0Product Features
  • 1Customer Service
  • 0Convenience
  • 2Trust

 

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  
  • 9Pricing
  • 8Product Features
  • 8Customer Service
  • 8Convenience
  • 8Trust

 

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  
  • 10Pricing
  • 10Product Features
  • 9Customer Service
  • 10Convenience
  • 10Trust

See all UBank term deposit reviews

Find more term deposits by visiting our compare term deposits page.

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