Account fee
$0.00
Payment options
Apple Pay, Google Pay, PayID, Samsung Pay, Fitbit Pay, Garmin Pay
Interest rate
0% p.a.

Mozo editorial review ubank Spend Account - last updated: 16 June 2022

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What's hot
  • 2022 Mozo Experts Choice Award winner
  • No monthly account fee
  • Multiple payment options (Apple Pay, Google Pay, PayID, Samsung Pay, Fitbit Pay, Garmin Pay)
  • Zero foreign transaction and ATM withdrawal fees
What's not
  • No branch access (app only)
Mozo snapshot

If you love the convenience of everyday banking with your smartphone, then look no further than the Spend Account from ubank. With this transaction account, you’ll be able to transfer money and make regular purchases with either a linked Visa Debit Card or a digital wallet, including Apple Pay, Google Pay, PayID, Samsung Pay, Fitbit Pay.

What’s more, the ubank Spend Account doesn’t charge you any ongoing monthly fees to keep it open, which is just one more reason why it took out a 2022 Mozo Experts Choice Bank Accounts and Savings Award in the Exceptional Everyday Account category (on top of UBank's 2022 banking MECA win for Best Essential Banking).

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Key features

Starting with everyday transaction account basics, the ubank Spend Account has no minimum opening deposits or minimum balance requirements – and you won’t have to worry about any ongoing monthly service fees. 

Because the Spend Account is completely app-based and accessible only through an iOS or Android app, it doesn't offer any branch access, so it will suit users who prefer to do their banking on their smartphone rather than through a traditional brick and mortar bank. 

With the Spend Account, you won’t even need to bring your physical debit card with you while you shop. That’s because the account lets you pay with your smartphone after you link it to any of the following digital wallets: Apple Pay, Google Pay, Samsung Pay, Fitbit Pay, Garmin Pay.

The account is also compatible with PayID, which means you’ll be able to transfer money almost instantly to friends and family with other eligible accounts. 

If you’re in need of physical cash, the Spend Account lets users withdraw a maximum $2,000 a day from the ATM, though remember that ATM operator fees may apply. 

The ubank card could also be a handy travel companion, as it gives you access to international ATMs at no extra cost (ATM provider fees may apply though) and you'll be able to make international transactions – whether that's on holiday overseas or during an online shopping spree – without a fee! 

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Who is it good for

The Spend Account is a good choice for tech-savvy Aussies who want to bank and make transactions with their smartphone and digital wallets, without having to worry about any pesky monthly service fees. 

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Any catches

Just bear in mind that you might be charged an ATM fee with your ubank debit card unless you withdraw money at a major bank (ANZ, Commbank, NAB, Westpac) ATM. 

The Spend Account also has a $2,000 ATM daily withdrawal limit, so you’ll need to plan in advance if you’re going to make any big purchases.

Details

Rates and fees information correct as at 6 July 2022. Mozo has robust processes to ensure our site is updated to reflect the latest information from providers. There may be the odd occasion where updates are delayed, so please confirm information before purchasing.
Rates

Balances from $0: 0.00% p.a.

n/a

n/a

Fees

$0.00

n/a

Unlimited eftpos, debit, ATM, and banking app transactions using internet banking or the ubank iOS or Android app.

$0.00

none

$0.00

n/a

n/a

$0.00

n/a

$0.00

n/a

$0.00

0%

$0.00 monthly

Other financial bits

$0.00

$0.00

Features

$2,000.00

no

no

yes

no

no

no

no

Bank and saving new account sign up only accessible through iOS or Android app.

none

Atm card

none

none

none

Debit card

$0.00

$0.00

0%

Payment options

Apple Pay, Google Pay, PayID, Samsung Pay, Fitbit Pay, Garmin Pay

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About ubank