UBank named Australia’s best online bank
Since its founding in 2008, UBank has made a name for itself with its competitive rates and innovative approach to banking. And it continues to impress, earning the title of Australia’s best online bank in the 2021 Mozo Experts Choice Awards.
This year, our team of judges assessed 89 different Australian financial institutions to determine which ones offered the best value across the broadest range of products. Among online banks, UBank was the clear standout.
Not only was it recognised for its range of home loans, we were also wowed by its everyday banking products, including a savings account which consistently ranks among the best value offers on the market.
While UBank doesn’t have any branches, its local support teams are on hand to help whether online or over the phone. And the savings on overhead costs are then passed onto customers in the form of more generous rates.
Its exclusively online presence has also allowed UBank to carve out a reputation for innovation, particularly in the savings accounts it offers and in its streamlined online application processes.
And like all banks in Australia, funds held with UBank are protected by the Financial Claims Scheme — a government initiative which guarantees deposits up to $250,000 per customer in the event that a bank, credit union or building society goes under.
So whether you’re looking to refinance your home loan or you’re after a more generous interest rate on your savings account, UBank is well worth a look. We’ve included a selection of standout products below.
- 1.85% p.a. 3-year fixed (2.24% p.a. comparison rate*)
- Free extra repayments up to $20,000 per year
- Competitive rates for range of fixed terms
The UHomeLoan (Fixed) lets you choose from 1, 3 or 5 year terms, with interest rates starting from 1.75% p.a. (2.31% p.a. comparison rate*). You’ll be able to borrow between $100,000 and $2,000,000, and the usual $395 establishment fee will be waived if you settle your loan by 30 September 2022. While you’ll have the ability to make extra repayments, an annual limit of $20,000 applies and there is no redraw facility.
USave with USpend Transaction Account
- 1.10% p.a. ongoing bonus rate
- Innovative sweep function
- Easy to manage via app
UBank’s innovative sweeps function automatically moves money between your USave account and your USpend transaction account to help you get the most out of your savings. And as long as you deposit at least $200 into either account each month, you’ll receive an ongoing bonus rate of 1.10% p.a. on your USave funds, putting it among the more generous savings accounts in our database. It was these features and more that saw UBank recognised in the Regular Saver category in this year’s Mozo Experts Choice Awards.
UHomeLoan Discount Offer
- 2.34% p.a. variable rate (2.34% p.a. comparison rate*)
- Free extra repayments and redraw facility
- No upfront or ongoing fees
The UHomeLoan Discount Offer comes with a variable rate of 2.34% p.a. (2.34% p.a. comparison rate*), and with no upfront or ongoing fees, you’ll be able to focus all your hard-earned cash towards paying off your loan. You can also make extra repayments without penalty, and if you ever want to recover those funds, a redraw facility is available. This year, the UHomeLoan Discount Offer was awarded two Mozo Experts Choice Awards for Best Low Cost Home Loan and Best Split Home Loan.
UHomeLoan Investor Extra Offer
- 2.74% p.a. variable rate (2.74% p.a. comparison rate*)
- Free extra repayments
- No upfront or ongoing fees
The UHomeLoan is also available for investors, with variable rates as low as 2.74% p.a. (2.74% p.a. comparison rate*) for those making principal and interest repayments and 2.60% p.a. rate (2.65% p.a. comparison rate*) for interest only repayments. Loan amounts go up to $2 million, and fees have been kept to a minimum. You’ll also have the ability to make free extra repayments (though there is no redraw facility in case you want to retrieve those funds later on).
For more information on the Mozo Experts Choice Awards, along with a full list of this year’s winners, browse our Australia's Best Banking methodology report.
* WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. The comparison rate displayed is for a secured loan with monthly principal and interest repayments for $150,000 over 25 years.
** Initial monthly repayment figures are estimates only, based on the advertised rate, loan amount and term entered. Rates, fees and charges and therefore the total cost of the loan may vary depending on your loan amount, loan term, and credit history. Actual repayments will depend on your individual circumstances and interest rate changes.
^See information about the Mozo Experts Choice Bank Account Awards
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